Clearwater Analytics (NYSE:CWAN) Posts Quarterly Earnings Results, Hits Estimates

Clearwater Analytics (NYSE:CWAN) posted its quarterly earnings data on Wednesday. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10, Briefing.com reports. Clearwater Analytics had a positive return on equity of 3.61% and a negative net margin of 1.14%. The business had revenue of $106.79 million during the quarter, compared to analysts’ expectations of $105.51 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. The firm’s revenue was up 18.8% compared to the same quarter last year. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Clearwater Analytics Price Performance

NYSE CWAN traded down $0.09 during trading hours on Friday, reaching $23.43. 1,308,910 shares of the company’s stock were exchanged, compared to its average volume of 1,474,635. The stock has a market cap of $5.76 billion, a PE ratio of -294.75, a price-to-earnings-growth ratio of 7.64 and a beta of 0.57. Clearwater Analytics has a one year low of $15.62 and a one year high of $23.67. The firm has a fifty day moving average of $19.31 and a 200-day moving average of $18.45. The company has a current ratio of 5.59, a quick ratio of 5.59 and a debt-to-equity ratio of 0.11.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CWAN. JPMorgan Chase & Co. cut their price objective on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Thursday, May 2nd. Piper Sandler upped their price target on Clearwater Analytics from $20.00 to $23.00 and gave the company a “neutral” rating in a report on Thursday. Wells Fargo & Company upped their price target on Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $19.00 price target on shares of Clearwater Analytics in a report on Thursday, May 2nd. Finally, Oppenheimer raised Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 price target for the company in a report on Monday, July 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $22.36.

Insider Buying and Selling

In related news, Director Warburg Pincus Llc sold 7,000,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $19.71, for a total transaction of $137,970,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Clearwater Analytics news, insider Scott Stanley Erickson sold 118,204 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $20.10, for a total transaction of $2,375,900.40. Following the transaction, the insider now owns 3,315 shares of the company’s stock, valued at approximately $66,631.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Warburg Pincus Llc sold 7,000,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $19.71, for a total value of $137,970,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,233,244 shares of company stock worth $142,594,162 in the last three months. Insiders own 2.10% of the company’s stock.

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.