Clarivate (NYSE:CLVT) Updates FY24 Earnings Guidance

Clarivate (NYSE:CLVT) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.70 to $0.80 for the period, compared to the consensus estimate of $0.74. The company issued revenue guidance of $2.57 billion to $2.67 billion, compared to the consensus revenue estimate of $2.61 billion. Clarivate also updated its FY 2024 guidance to 0.700-0.800 EPS.

Clarivate Trading Down 5.9 %

CLVT stock traded down $0.32 during midday trading on Wednesday, hitting $5.08. 9,403,830 shares of the company’s stock were exchanged, compared to its average volume of 4,357,402. The stock has a market capitalization of $3.39 billion, a PE ratio of -3.06, a P/E/G ratio of 4.38 and a beta of 1.15. Clarivate has a 1-year low of $4.98 and a 1-year high of $9.60. The business has a 50-day simple moving average of $5.89 and a two-hundred day simple moving average of $6.96. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.03.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results 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 negative net margin of 39.29% and a positive return on equity of 10.11%. The company had revenue of $650.30 million during the quarter, compared to analysts’ expectations of $651.94 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, sell-side analysts predict that Clarivate will post 0.62 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank of Canada decreased their target price on Clarivate from $8.00 to $7.00 and set a sector perform rating for the company in a research report on Wednesday. The Goldman Sachs Group reduced their price objective on shares of Clarivate from $8.50 to $7.50 and set a buy rating for the company in a research report on Thursday, May 9th. Finally, Barclays lowered their price target on shares of Clarivate from $6.00 to $5.00 and set an underweight rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $7.56.

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.