Clarivate PLC (NYSE:CLVT) Stock Has Average Target Price of $3.02

Clarivate PLC (NYSE:CLVT) has been assigned an average recommendation of “Reduce” from the eight analysts that are covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $3.02.

A number of brokerages have commented on CLVT. William Blair lowered Clarivate to a “market perform” rating in a report on Thursday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research report on Monday, September 21st. Barclays dropped their price objective on Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Thursday, July 30th. The Goldman Sachs Group cut their price objective on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st.

Insider Activity at Clarivate

In related news, Director Kenneth L. Cornick purchased 650,000 shares of Clarivate stock in a transaction dated Thursday, August 6th. The shares were bought at an average cost of $1.86 per share, for a total transaction of $1,209,000.00. Following the purchase, the director owned 1,750,000 shares in the company, valued at approximately $3,255,000. This trade represents a 59.09% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Snyder sold 2,489,618 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the transaction, the director owned 3,856,597 shares of the company’s stock, valued at approximately $7,481,798.18. This represents a 39.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 22.88% of the stock is owned by insiders.

Institutional Investors Weigh In On Clarivate

Several hedge funds have recently modified their holdings of CLVT. Invenomic Capital Management LP lifted its holdings in Clarivate by 3.8% in the fourth quarter. Invenomic Capital Management LP now owns 9,029,414 shares of the company’s stock valued at $30,158,000 after buying an additional 326,369 shares during the period. First Trust Advisors LP increased its stake in shares of Clarivate by 10.3% in the 1st quarter. First Trust Advisors LP now owns 5,522,601 shares of the company’s stock valued at $13,972,000 after acquiring an additional 516,418 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Clarivate by 418.6% in the 1st quarter. Empowered Funds LLC now owns 2,015,829 shares of the company’s stock valued at $5,100,000 after acquiring an additional 1,627,159 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Clarivate by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 1,845,148 shares of the company’s stock worth $4,668,000 after purchasing an additional 24,257 shares during the period. Finally, KBC Group NV bought a new stake in Clarivate in the first quarter valued at $4,118,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

Clarivate Stock Performance

Shares of CLVT opened at $1.76 on Tuesday. The company has a market cap of $1.13 billion, a PE ratio of -3.39 and a beta of 1.40. The firm has a 50-day moving average of $1.85 and a 200-day moving average of $2.18. Clarivate has a one year low of $1.42 and a one year high of $3.87. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85.

Clarivate (NYSE:CLVT) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%. The firm had revenue of $587.30 million for the quarter, compared to the consensus estimate of $589.73 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. The business’s revenue was down 5.5% compared to the same quarter last year. As a group, equities analysts forecast that Clarivate will post 0.67 earnings per share for the current year.

About Clarivate

Clarivate Plc (NYSE:CLVT) is a global information services and analytics company that provides data, software and research tools to organizations in academia, government, life sciences, intellectual property and other knowledge-intensive industries.

Its products and services include Web of Science research and citation databases, Derwent Innovation and other intellectual property solutions, life sciences analytics, and workflow and library-management platforms. Through its ProQuest and Ex Libris offerings, Clarivate also supports academic institutions with research content, library systems, discovery tools and digital resources.

Clarivate serves customers internationally, including universities, research organizations, corporations, publishers, government agencies and patent professionals.