Envestnet Portfolio Solutions Inc. Purchases 11,458 Shares of Clearwater Analytics Holdings, Inc. $CWAN

Envestnet Portfolio Solutions Inc. boosted its position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 144.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,399 shares of the company’s stock after acquiring an additional 11,458 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Clearwater Analytics were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Apollon Wealth Management LLC increased its stake in Clearwater Analytics by 3.9% in the first quarter. Apollon Wealth Management LLC now owns 12,341 shares of the company’s stock valued at $331,000 after acquiring an additional 459 shares during the last quarter. Huntleigh Advisors Inc. increased its stake in Clearwater Analytics by 1.9% in the first quarter. Huntleigh Advisors Inc. now owns 32,211 shares of the company’s stock valued at $863,000 after acquiring an additional 595 shares during the last quarter. Redwood Investments LLC increased its stake in Clearwater Analytics by 0.8% in the first quarter. Redwood Investments LLC now owns 74,651 shares of the company’s stock valued at $2,001,000 after acquiring an additional 608 shares during the last quarter. Cerity Partners LLC increased its stake in Clearwater Analytics by 7.3% in the first quarter. Cerity Partners LLC now owns 11,598 shares of the company’s stock valued at $311,000 after acquiring an additional 793 shares during the last quarter. Finally, KLP Kapitalforvaltning AS increased its stake in Clearwater Analytics by 2.2% in the first quarter. KLP Kapitalforvaltning AS now owns 41,300 shares of the company’s stock valued at $1,107,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 50.10% of the company’s stock.

Insider Activity at Clearwater Analytics

In related news, CEO Sandeep Sahai sold 46,962 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $20.12, for a total value of $944,875.44. Following the completion of the transaction, the chief executive officer directly owned 895,663 shares of the company’s stock, valued at $18,020,739.56. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Subi Sethi sold 7,434 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $17.68, for a total transaction of $131,433.12. Following the completion of the transaction, the insider directly owned 226,980 shares of the company’s stock, valued at approximately $4,013,006.40. The trade was a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 143,602 shares of company stock valued at $2,756,283 in the last three months. Corporate insiders own 3.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Royal Bank Of Canada restated an “outperform” rating and set a $36.00 price target on shares of Clearwater Analytics in a research report on Wednesday, September 17th. Weiss Ratings restated a “sell (d+)” rating on shares of Clearwater Analytics in a research report on Wednesday, October 8th. The Goldman Sachs Group upgraded shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Monday, August 11th. Wall Street Zen lowered shares of Clearwater Analytics from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Finally, Zacks Research upgraded shares of Clearwater Analytics from a “strong sell” rating to a “hold” rating in a report on Thursday, September 4th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.67.

Clearwater Analytics Stock Performance

Clearwater Analytics stock opened at $19.01 on Thursday. Clearwater Analytics Holdings, Inc. has a 1-year low of $17.15 and a 1-year high of $35.71. The firm has a market cap of $5.56 billion, a P/E ratio of 11.95, a P/E/G ratio of 5.01 and a beta of 0.69. The firm has a 50-day moving average of $19.07 and a 200-day moving average of $21.16. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 0.44.

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

Clearwater Analytics declared that its Board of Directors has authorized a share buyback plan on Wednesday, September 3rd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 1.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

About Clearwater Analytics

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.