Royal Bank of Canada Cuts Clarivate (NYSE:CLVT) Price Target to $7.00

Clarivate (NYSE:CLVT) had its target price lowered by Royal Bank of Canada from $8.00 to $7.00 in a research note published on Wednesday morning, Benzinga reports. The firm currently has a sector perform rating on the stock.

Separately, The Goldman Sachs Group decreased their price objective on Clarivate from $8.50 to $7.50 and set a buy rating for the company in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Clarivate has a consensus rating of Hold and an average target price of $7.75.

Clarivate Stock Performance

Shares of CLVT remained flat at $5.69 during midday trading on Wednesday. The stock had a trading volume of 8,002,078 shares, compared to its average volume of 4,404,263. Clarivate has a 12-month low of $4.97 and a 12-month high of $9.60. The company’s 50-day moving average is $5.88 and its two-hundred day moving average is $6.90. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 1.03. The firm has a market cap of $3.80 billion, a PE ratio of -3.43, a price-to-earnings-growth ratio of 4.38 and a beta of 1.15.

Clarivate (NYSE:CLVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.18 by $0.02. Clarivate had a positive return on equity of 10.11% and a negative net margin of 39.29%. The firm had revenue of $650.30 million during the quarter, compared to analyst estimates of $651.94 million. During the same quarter in the prior year, the business posted $0.16 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Clarivate will post 0.62 EPS for the current year.

Hedge Funds Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Edgestream Partners L.P. raised its stake in shares of Clarivate by 800.8% during the 2nd quarter. Edgestream Partners L.P. now owns 650,660 shares of the company’s stock valued at $3,702,000 after buying an additional 578,430 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Clarivate by 19.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 14,752,994 shares of the company’s stock valued at $83,945,000 after buying an additional 2,409,470 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of Clarivate by 37.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 6,249,260 shares of the company’s stock valued at $35,558,000 after buying an additional 1,704,761 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its stake in shares of Clarivate by 31.5% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 9,726,504 shares of the company’s stock valued at $55,344,000 after buying an additional 2,332,388 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in shares of Clarivate by 27.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 344,577 shares of the company’s stock valued at $1,961,000 after buying an additional 74,412 shares during the last quarter. Hedge funds and other institutional investors own 85.72% of the company’s stock.

About Clarivate

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.