Clearwater Analytics (NYSE:CWAN) Posts Earnings Results, Beats Expectations By $0.01 EPS

Clearwater Analytics (NYSE:CWAN) announced its quarterly earnings results on Wednesday. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01, Briefing.com reports. The company had revenue of $102.70 million during the quarter, compared to the consensus estimate of $100.55 million. Clearwater Analytics had a negative net margin of 3.90% and a positive return on equity of 1.26%. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 earnings per share. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Clearwater Analytics Price Performance

Shares of NYSE CWAN traded up $0.49 during midday trading on Friday, reaching $17.67. The stock had a trading volume of 1,563,888 shares, compared to its average volume of 1,079,200. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.15 and a current ratio of 5.15. Clearwater Analytics has a 12-month low of $13.02 and a 12-month high of $21.89. The stock has a 50-day moving average of $17.01 and a 200-day moving average of $18.68. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of -220.75, a price-to-earnings-growth ratio of 6.82 and a beta of 0.50.

Insider Buying and Selling

In other Clearwater Analytics news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $16.90, for a total value of $274,625,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of Clearwater Analytics stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sandeep Sahai sold 50,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $19.74, for a total transaction of $987,000.00. Following the transaction, the chief executive officer now directly owns 270,838 shares of the company’s stock, valued at $5,346,342.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,310,000 shares of company stock valued at $275,809,400. Company insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CWAN. JPMorgan Chase & Co. reduced their target price on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley reiterated an “equal weight” rating and issued a $19.00 price objective on shares of Clearwater Analytics in a report on Thursday. Wells Fargo & Company dropped their price target on shares of Clearwater Analytics from $24.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday. DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Clearwater Analytics in a research report on Monday, February 5th. Finally, Piper Sandler restated a “neutral” rating and issued a $20.00 target price on shares of Clearwater Analytics in a report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Clearwater Analytics currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.70.

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.