Clearwater Analytics (NYSE:CWAN) Sets New 12-Month High Following Analyst Upgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) reached a new 52-week high during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $25.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Clearwater Analytics traded as high as $25.27 and last traded at $25.22, with a volume of 1231728 shares traded. The stock had previously closed at $24.72.

Several other analysts have also recently weighed in on the company. Wells Fargo & Company upped their price objective on Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Piper Sandler reaffirmed a “neutral” rating and issued a $23.00 price objective on shares of Clearwater Analytics in a research note on Monday, September 9th. Oppenheimer upgraded Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective on the stock in a research note on Monday, July 8th. Finally, Citigroup assumed coverage on Clearwater Analytics in a report on Monday, August 19th. They issued a “buy” rating and a $28.00 target price for the company. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.90.

Insider Activity

In other news, Director Galibier Purchaser, Llc sold 1,784,316 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $24.18, for a total value of $43,144,760.88. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CRO Scott Stanley Erickson sold 3,890 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $19.50, for a total transaction of $75,855.00. Following the transaction, the executive now directly owns 4,844 shares in the company, valued at approximately $94,458. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Galibier Purchaser, Llc sold 1,784,316 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $24.18, for a total transaction of $43,144,760.88. The disclosure for this sale can be found here. Insiders have sold a total of 10,897,118 shares of company stock worth $247,319,596 over the last ninety days. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Clearwater Analytics

A number of hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Clearwater Analytics by 46.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 699,887 shares of the company’s stock valued at $14,019,000 after acquiring an additional 221,492 shares in the last quarter. Thornburg Investment Management Inc. increased its stake in shares of Clearwater Analytics by 31.7% in the 1st quarter. Thornburg Investment Management Inc. now owns 331,285 shares of the company’s stock worth $5,860,000 after acquiring an additional 79,707 shares in the last quarter. California State Teachers Retirement System lifted its position in Clearwater Analytics by 22.3% during the 1st quarter. California State Teachers Retirement System now owns 131,341 shares of the company’s stock valued at $2,323,000 after acquiring an additional 23,971 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in Clearwater Analytics during the first quarter worth about $825,000. Finally, Brown Capital Management LLC boosted its stake in Clearwater Analytics by 17.5% during the fourth quarter. Brown Capital Management LLC now owns 3,534,992 shares of the company’s stock worth $70,806,000 after acquiring an additional 527,622 shares in the last quarter. Hedge funds and other institutional investors own 50.10% of the company’s stock.

Clearwater Analytics Trading Up 1.7 %

The stock’s fifty day simple moving average is $22.75 and its two-hundred day simple moving average is $19.59. The firm has a market cap of $6.29 billion, a PE ratio of -319.75, a PEG ratio of 8.54 and a beta of 0.61. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 0.11.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The firm had revenue of $106.79 million during the quarter, compared to analyst estimates of $105.51 million. During the same quarter in the previous year, the firm earned ($0.03) EPS. Clearwater Analytics’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, sell-side analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.14 EPS for the current fiscal year.

About Clearwater Analytics

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.