Clarivate PLC (NYSE:CLVT) Receives $3.22 Average Target Price from Analysts

Shares of Clarivate PLC (NYSE:CLVT) have been assigned a consensus recommendation of “Reduce” from the eight research firms that are covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $3.2167.

A number of equities analysts have recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. Citigroup decreased their price target on Clarivate from $4.25 to $2.80 and set a “neutral” rating for the company in a research report on Wednesday, March 4th. Morgan Stanley reiterated an “underweight” rating and set a $3.00 price target (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. The Goldman Sachs Group cut Clarivate from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $4.20 to $3.60 in a research report on Thursday, January 8th. Finally, Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th.

Clarivate Trading Down 0.6%

Shares of CLVT stock opened at $2.35 on Friday. Clarivate has a 52-week low of $1.66 and a 52-week high of $4.77. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.84 and a current ratio of 0.84. The company has a 50-day simple moving average of $2.39 and a two-hundred day simple moving average of $3.17. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -7.82 and a beta of 1.55.

Hedge Funds Weigh In On Clarivate

Several institutional investors have recently added to or reduced their stakes in the stock. Atairos Partners GP Inc. increased its holdings in Clarivate by 195.3% during the fourth quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock worth $34,177,000 after buying an additional 6,767,667 shares during the last quarter. First Trust Advisors LP purchased a new position in Clarivate in the fourth quarter valued at about $16,721,000. Norges Bank bought a new position in shares of Clarivate during the 2nd quarter valued at approximately $19,273,000. Balyasny Asset Management L.P. grew its position in shares of Clarivate by 827.6% during the 3rd 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. Finally, Bank of America Corp DE increased its stake in shares of Clarivate by 506.9% during the 2nd quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after purchasing an additional 2,397,670 shares during the last quarter. 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.