Clarivate PLC (NYSE:CLVT) Receives $4.28 Average Target Price from Brokerages

Clarivate PLC (NYSE:CLVT) has been assigned an average recommendation of “Reduce” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $4.2750.

A number of equities analysts recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. The Goldman Sachs Group downgraded Clarivate from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $4.20 to $3.60 in a report on Thursday, January 8th. Wall Street Zen upgraded Clarivate from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley restated an “underweight” rating and set a $3.00 price objective (down from $5.00) on shares of Clarivate in a research note on Wednesday, December 17th.

Clarivate Trading Up 3.8%

NYSE CLVT opened at $2.16 on Thursday. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of -3.79 and a beta of 1.51. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.87 and a quick ratio of 0.87. Clarivate has a 12 month low of $1.94 and a 12 month high of $5.16. The company’s fifty day moving average price is $3.21 and its two-hundred day moving average price is $3.65.

Insider Transactions at Clarivate

In other Clarivate news, insider Bar Veinstein sold 309,902 shares of Clarivate stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $3.74, for a total value of $1,159,033.48. Following the completion of the transaction, the insider directly owned 848,811 shares in the company, valued at $3,174,553.14. The trade was a 26.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth L. Cornick bought 100,000 shares of the stock in a transaction dated Monday, November 10th. The shares were bought at an average cost of $3.45 per share, with a total value of $345,000.00. Following the completion of the acquisition, the director directly owned 1,100,000 shares of the company’s stock, valued at approximately $3,795,000. The trade was a 10.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 23.18% of the company’s stock.

Institutional Trading of Clarivate

Hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in Clarivate during the 2nd quarter worth $19,273,000. Balyasny Asset Management L.P. boosted its holdings in shares of Clarivate by 827.6% during the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after acquiring an additional 4,356,232 shares during the period. Bank of America Corp DE grew its position in shares of Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after acquiring an additional 2,397,670 shares during the last quarter. Man Group plc grew its position in shares of Clarivate by 228.1% during the second quarter. Man Group plc now owns 3,091,139 shares of the company’s stock worth $13,292,000 after acquiring an additional 2,148,943 shares during the last quarter. Finally, LSV Asset Management acquired a new stake in shares of Clarivate in the 3rd quarter worth about $8,072,000. Institutional investors own 85.72% of the company’s stock.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.