Clearwater Analytics (NYSE:CWAN) Receives “Outperform” Rating from Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Clearwater Analytics (NYSE:CWAN) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $36.00 target price on the stock.

Other research analysts also recently issued reports about the company. The Goldman Sachs Group raised Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a report on Monday, August 11th. Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the company an “overweight” rating in a report on Tuesday, June 24th. DA Davidson decreased their price target on Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Zacks Research raised Clearwater Analytics from a “strong sell” rating to a “hold” rating in a report on Thursday, September 4th. Finally, Oppenheimer decreased their price target on Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.67.

Clearwater Analytics Price Performance

Shares of NYSE CWAN opened at $19.16 on Wednesday. The business’s 50 day moving average price is $20.41 and its 200 day moving average price is $22.73. The firm has a market cap of $5.60 billion, a P/E ratio of 12.05, a P/E/G ratio of 4.86 and a beta of 0.73. Clearwater Analytics has a 52 week low of $17.98 and a 52 week high of $35.71. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44.

Clearwater Analytics (NYSE:CWAN) last issued its earnings results on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $181.94 million during the quarter, compared to analysts’ expectations of $174.16 million. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. Clearwater Analytics’s quarterly revenue was up 70.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 EPS. On average, sell-side analysts expect that Clearwater Analytics will post 0.18 earnings per share for the current year.

Clearwater Analytics announced that its Board of Directors has initiated a stock buyback plan on Wednesday, September 3rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CEO Sandeep Sahai sold 46,962 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $20.12, for a total value of $944,875.44. Following the completion of the sale, the chief executive officer directly owned 895,663 shares in the company, valued at $18,020,739.56. This represents a 4.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Souvik Das sold 10,000 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $20.57, for a total value of $205,700.00. Following the transaction, the chief technology officer owned 121,549 shares of the company’s stock, valued at approximately $2,500,262.93. This represents a 7.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 219,323 shares of company stock worth $4,652,514 in the last three months. 3.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Clearwater Analytics

A number of hedge funds have recently modified their holdings of CWAN. Norges Bank purchased a new position in shares of Clearwater Analytics during the 2nd quarter worth $106,504,000. Hood River Capital Management LLC purchased a new position in shares of Clearwater Analytics during the 2nd quarter worth $99,105,000. Vanguard Group Inc. grew its holdings in shares of Clearwater Analytics by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company’s stock worth $623,001,000 after purchasing an additional 2,366,715 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Clearwater Analytics during the 1st quarter worth $56,648,000. Finally, Nuveen LLC purchased a new position in shares of Clearwater Analytics during the 1st quarter worth $53,894,000. 50.10% of the stock is currently owned by hedge funds and other institutional investors.

Clearwater Analytics Company Profile

Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.