Clearwater Analytics (NYSE:CWAN) Earns Outperform Rating from Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of Clearwater Analytics (NYSE:CWAN) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $36.00 price target on the stock.

CWAN has been the subject of a number of other research reports. DA Davidson dropped their price target on Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. Oppenheimer lowered their target price on Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Piper Sandler set a $27.00 target price on Clearwater Analytics and gave the stock an “overweight” rating in a research note on Tuesday, June 24th. The Goldman Sachs Group raised Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 target price for the company in a research note on Monday, August 11th. Finally, Zacks Research raised Clearwater Analytics from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.67.

Clearwater Analytics Trading Down 5.7%

Shares of Clearwater Analytics stock opened at $18.20 on Wednesday. The firm has a 50-day moving average of $20.28 and a 200-day moving average of $22.58. The stock has a market cap of $5.32 billion, a PE ratio of 11.45, a PEG ratio of 4.89 and a beta of 0.73. Clearwater Analytics has a 52-week low of $17.98 and a 52-week high of $35.71. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $181.94 million during the quarter, compared to analyst estimates of $174.16 million. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. The firm’s revenue for the quarter was up 70.4% compared to the same quarter last year. During the same period last year, the firm earned $0.10 EPS. As a group, sell-side analysts forecast that Clearwater Analytics will post 0.18 EPS for the current year.

Clearwater Analytics announced that its board has authorized a share buyback program on Wednesday, September 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 1.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $22.50, for a total value of $420,750.00. Following the completion of the transaction, the chief financial officer directly owned 348,964 shares in the company, valued at approximately $7,851,690. This represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sandeep Sahai sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $22.15, for a total transaction of $1,107,500.00. Following the completion of the transaction, the chief executive officer owned 895,663 shares of the company’s stock, valued at approximately $19,838,935.45. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 219,323 shares of company stock valued at $4,652,514. Insiders own 3.31% of the company’s stock.

Hedge Funds Weigh In On Clearwater Analytics

Several institutional investors and hedge funds have recently added to or reduced their stakes in CWAN. Apollon Wealth Management LLC boosted its holdings in Clearwater Analytics by 3.9% in the first quarter. Apollon Wealth Management LLC now owns 12,341 shares of the company’s stock valued at $331,000 after acquiring an additional 459 shares during the last quarter. Huntleigh Advisors Inc. increased its position in Clearwater Analytics by 1.9% during the 1st quarter. Huntleigh Advisors Inc. now owns 32,211 shares of the company’s stock valued at $863,000 after purchasing an additional 595 shares during the period. Redwood Investments LLC increased its position in Clearwater Analytics by 0.8% during the 1st quarter. Redwood Investments LLC now owns 74,651 shares of the company’s stock valued at $2,001,000 after purchasing an additional 608 shares during the period. Abacus FCF Advisors LLC increased its position in Clearwater Analytics by 2.8% during the 1st quarter. Abacus FCF Advisors LLC now owns 25,140 shares of the company’s stock valued at $674,000 after purchasing an additional 682 shares during the period. Finally, Bessemer Group Inc. increased its position in Clearwater Analytics by 84.6% during the 2nd quarter. Bessemer Group Inc. now owns 1,545 shares of the company’s stock valued at $35,000 after purchasing an additional 708 shares during the period. 50.10% of the stock is currently owned by institutional investors and hedge funds.

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.