Oppenheimer Cuts Clearwater Analytics (NYSE:CWAN) Price Target to $36.00

Clearwater Analytics (NYSE:CWAN) had its price objective decreased by Oppenheimer from $40.00 to $36.00 in a research report released on Wednesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other equities research analysts have also issued reports on CWAN. Wells Fargo & Company decreased their price target on Clearwater Analytics from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. The Goldman Sachs Group initiated coverage on Clearwater Analytics in a research note on Monday, May 19th. They set a “neutral” rating and a $26.00 price target for the company. Piper Sandler decreased their price target on Clearwater Analytics from $36.00 to $28.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. UBS Group raised their price target on Clearwater Analytics from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada raised their price target on Clearwater Analytics from $30.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Clearwater Analytics Price Performance

NYSE:CWAN opened at $22.06 on Wednesday. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 8.23 and a beta of 0.77. Clearwater Analytics has a 1 year low of $17.63 and a 1 year high of $35.71. The business has a 50 day simple moving average of $23.03 and a 200-day simple moving average of $26.37. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.66 and a quick ratio of 4.66.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.01. The business had revenue of $126.86 million during the quarter, compared to analyst estimates of $125.11 million. Clearwater Analytics had a return on equity of 7.11% and a net margin of 93.97%. The company’s revenue for the quarter was up 23.5% on a year-over-year basis. During the same period last year, the company earned $0.10 EPS. Equities analysts forecast that Clearwater Analytics will post 0.18 EPS for the current year.

Insider Buying and Selling at Clearwater Analytics

In related news, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $26.58, for a total transaction of $497,046.00. Following the completion of the sale, the chief financial officer now directly owns 358,502 shares in the company, valued at $9,528,983.16. This represents a 4.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kathleen A. Corbet sold 12,634 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $23.66, for a total value of $298,920.44. Following the sale, the director now directly owns 14,498 shares in the company, valued at approximately $343,022.68. The trade was a 46.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,034 shares of company stock valued at $3,598,245 in the last ninety days. Corporate 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. Wellington Management Group LLP grew its stake in Clearwater Analytics by 98.2% in the fourth quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock valued at $163,867,000 after purchasing an additional 2,950,555 shares during the last quarter. Alliancebernstein L.P. grew its stake in Clearwater Analytics by 66.0% in the fourth quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock valued at $202,931,000 after purchasing an additional 2,931,445 shares during the last quarter. Vanguard Group Inc. grew its stake in Clearwater Analytics by 13.3% in the fourth quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock valued at $574,607,000 after purchasing an additional 2,455,844 shares during the last quarter. Norges Bank purchased a new position in Clearwater Analytics in the fourth quarter valued at about $59,402,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in Clearwater Analytics in the first quarter valued at about $56,648,000. 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.