Clearwater Analytics’ (CWAN) Outperform Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Clearwater Analytics (NYSE:CWAN) in a research report report published on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has a $36.00 target price on the stock.

Several other analysts also recently commented on the stock. Oppenheimer dropped their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Wednesday, June 11th. DA Davidson decreased their price target on shares of Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group raised shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Monday, August 11th. Piper Sandler set a $27.00 price target on shares of Clearwater Analytics and gave the stock an “overweight” rating in a research note on Tuesday, June 24th. Finally, Zacks Research raised shares of Clearwater Analytics from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Clearwater Analytics Stock Performance

Shares of CWAN stock opened at $18.20 on Wednesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02. The company has a market capitalization of $5.32 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 4.89 and a beta of 0.73. The company’s 50 day moving average price is $20.28 and its two-hundred day moving average price is $22.58. Clearwater Analytics has a 52 week low of $17.98 and a 52 week high of $35.71.

Clearwater Analytics (NYSE:CWAN) last announced its earnings results on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $181.94 million for the quarter, compared to analyst estimates of $174.16 million. Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%.The business’s quarterly revenue was up 70.4% on a year-over-year basis. During the same quarter last year, the business posted $0.10 earnings per share. On average, analysts expect that Clearwater Analytics will post 0.18 earnings per share for the current fiscal year.

Clearwater Analytics declared that its board has authorized a stock repurchase plan on Wednesday, September 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to repurchase up to 1.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CFO James S. Cox sold 18,700 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $7,851,690. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sandeep Sahai sold 50,000 shares of the firm’s stock in a transaction 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 directly owned 895,663 shares of the company’s stock, valued at $19,838,935.45. This represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 219,323 shares of company stock valued at $4,652,514 over the last three months. Corporate insiders own 3.31% of the company’s stock.

Institutional Investors Weigh In On Clearwater Analytics

Several hedge funds have recently added to or reduced their stakes in CWAN. Norges Bank acquired a new stake in Clearwater Analytics during the 2nd quarter valued at $106,504,000. Hood River Capital Management LLC acquired a new stake in Clearwater Analytics during the 2nd quarter valued at $99,105,000. Vanguard Group Inc. lifted its holdings in Clearwater Analytics by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company’s stock valued at $623,001,000 after purchasing an additional 2,366,715 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Clearwater Analytics during the 1st quarter valued at $56,648,000. Finally, Nuveen LLC acquired a new stake in Clearwater Analytics during the 1st quarter valued at $53,894,000. Institutional investors and hedge funds 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.