Clarivate (NYSE:CLVT) Updates FY 2024 Earnings Guidance

Clarivate (NYSE:CLVT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 0.740. The company issued revenue guidance of $2.6 billion-$2.7 billion, compared to the consensus revenue estimate of $2.6 billion. Clarivate also updated its FY24 guidance to $0.70 to $0.80 EPS.

Clarivate Price Performance

Clarivate stock remained flat at $5.69 during mid-day trading on Friday. The company’s stock had a trading volume of 8,002,078 shares, compared to its average volume of 4,404,263. The company has a 50 day moving average price of $5.88 and a 200 day moving average price of $6.94. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $3.80 billion, a P/E ratio of -3.42, a PEG ratio of 4.38 and a beta of 1.15. Clarivate has a 52-week low of $4.97 and a 52-week high of $9.60.

Clarivate (NYSE:CLVT) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. Clarivate had a positive return on equity of 10.11% and a negative net margin of 39.29%. The firm had revenue of $650.30 million for the quarter, compared to the consensus estimate of $651.94 million. During the same quarter in the previous year, the business earned $0.16 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. On average, analysts expect that Clarivate will post 0.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities 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 on the stock in a report on Wednesday. The Goldman Sachs Group decreased their target price on Clarivate from $8.50 to $7.50 and set a buy rating on the stock in a report on Thursday, May 9th. Finally, Barclays decreased their target price on Clarivate from $6.00 to $5.00 and set an underweight rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $7.75.

Clarivate Company Profile

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.