Citigroup Lowers Clarivate (NYSE:CLVT) Price Target to $2.80

Clarivate (NYSE:CLVT) had its price objective lowered by equities researchers at Citigroup from $4.25 to $2.80 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential upside of 8.95% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Morgan Stanley reaffirmed an “underweight” rating and set a $3.00 price objective (down from $5.00) on shares of Clarivate in a research report on Wednesday, December 17th. The Goldman Sachs Group cut Clarivate from a “buy” rating to a “neutral” rating and cut their target price for the company from $4.20 to $3.60 in a research note on Thursday, January 8th. Barclays cut their price objective on shares of Clarivate from $4.00 to $2.40 and set an “underweight” rating on the stock in a research report on Wednesday, February 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a report on Monday, December 29th. Finally, Wall Street Zen lowered shares of Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Five research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $3.22.

Clarivate Stock Up 2.0%

Shares of CLVT stock opened at $2.57 on Wednesday. Clarivate has a 12-month low of $1.66 and a 12-month high of $4.77. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.89. The firm has a fifty day moving average of $2.65 and a 200-day moving average of $3.39. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -8.57 and a beta of 1.55.

Institutional Investors Weigh In On Clarivate

A number of large investors have recently added to or reduced their stakes in CLVT. Bank of New York Mellon Corp boosted its stake in Clarivate by 23.3% in the second quarter. Bank of New York Mellon Corp now owns 2,996,089 shares of the company’s stock valued at $12,883,000 after buying an additional 567,003 shares in the last quarter. AGF Management Ltd. grew its holdings in Clarivate by 20.4% during the 2nd quarter. AGF Management Ltd. now owns 731,048 shares of the company’s stock worth $3,144,000 after acquiring an additional 123,819 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in Clarivate by 19.5% in the second quarter. Edmond DE Rothschild Holding S.A. now owns 9,292,470 shares of the company’s stock valued at $39,958,000 after purchasing an additional 1,514,000 shares during the period. CenterBook Partners LP increased its stake in shares of Clarivate by 74.8% in the second quarter. CenterBook Partners LP now owns 1,230,121 shares of the company’s stock valued at $5,290,000 after buying an additional 526,547 shares during the period. Finally, American Century Companies Inc. increased its position in Clarivate by 24.6% during the 2nd quarter. American Century Companies Inc. now owns 8,267,491 shares of the company’s stock valued at $35,550,000 after purchasing an additional 1,633,837 shares during the period. Institutional investors and hedge funds own 85.72% of the company’s stock.

Clarivate Company Profile

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.