Clearwater Analytics’ (CWAN) “Buy” Rating Reiterated at DA Davidson

DA Davidson reissued their buy rating on shares of Clearwater Analytics (NYSE:CWAN) in a report issued on Wednesday morning,Benzinga reports. DA Davidson currently has a $30.00 price objective on the stock.

Several other brokerages have also issued reports on CWAN. UBS Group reduced their target price on Clearwater Analytics from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, November 6th. Royal Bank Of Canada restated an “outperform” rating and set a $36.00 price target on shares of Clearwater Analytics in a research note on Wednesday, September 17th. Weiss Ratings restated a “hold (c)” rating on shares of Clearwater Analytics in a report on Monday. Wall Street Zen cut shares of Clearwater Analytics from a “hold” rating to a “sell” rating in a research note on Saturday, November 22nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Clearwater Analytics from $28.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $29.56.

Clearwater Analytics Trading Down 0.2%

NYSE CWAN opened at $21.79 on Wednesday. Clearwater Analytics has a 52 week low of $15.73 and a 52 week high of $32.00. The company has a 50 day moving average price of $19.47 and a 200 day moving average price of $20.36. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 0.42. The firm has a market cap of $6.38 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 5.75 and a beta of 0.67.

Clearwater Analytics (NYSE:CWAN) last announced its earnings results on Wednesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02). The firm had revenue of $205.11 million during the quarter, compared to analyst estimates of $203.66 million. Clearwater Analytics had a net margin of 61.28% and a return on equity of 2.77%. Clearwater Analytics’s revenue was up 77.1% on a year-over-year basis. During the same quarter last year, the business earned $0.14 earnings per share. As a group, sell-side analysts forecast that Clearwater Analytics will post 0.18 EPS for the current fiscal year.

Clearwater Analytics announced that its board has approved a stock repurchase plan on Wednesday, September 3rd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Clearwater Analytics

In related news, CTO Souvik Das sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $21.59, for a total transaction of $215,900.00. Following the sale, the chief technology officer directly owned 96,186 shares of the company’s stock, valued at $2,076,655.74. This trade represents a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James S. Cox sold 29,700 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $22.00, for a total value of $653,400.00. Following the completion of the sale, the chief financial officer owned 333,983 shares in the company, valued at approximately $7,347,626. This represents a 8.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 113,302 shares of company stock valued at $2,217,826. 3.31% of the stock is owned by insiders.

Hedge Funds Weigh In On Clearwater Analytics

Several institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc raised its position in Clearwater Analytics by 189.3% during the third quarter. Versant Capital Management Inc now owns 1,565 shares of the company’s stock worth $28,000 after acquiring an additional 1,024 shares during the period. First Horizon Advisors Inc. boosted its holdings in Clearwater Analytics by 278.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,523 shares of the company’s stock worth $33,000 after buying an additional 1,121 shares during the last quarter. Essex Investment Management Co. LLC increased its stake in Clearwater Analytics by 54.9% during the 3rd quarter. Essex Investment Management Co. LLC now owns 1,806 shares of the company’s stock worth $33,000 after buying an additional 640 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of Clearwater Analytics by 84.6% in the second quarter. Bessemer Group Inc. now owns 1,545 shares of the company’s stock valued at $35,000 after acquiring an additional 708 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Clearwater Analytics in the third quarter worth approximately $36,000. Hedge funds and other institutional investors own 50.10% of the company’s stock.

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.