Clearwater Analytics (NYSE:CWAN) Receives New Coverage from Analysts at Citigroup

Citigroup initiated coverage on shares of Clearwater Analytics (NYSE:CWAN) in a report released on Monday morning, Marketbeat reports. The firm issued a buy rating and a $28.00 target price on the stock.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Clearwater Analytics from $22.00 to $20.00 and set a neutral rating on the stock in a research report on Thursday, May 2nd. Morgan Stanley reiterated an equal weight rating and issued a $19.00 price objective on shares of Clearwater Analytics in a research note on Thursday, May 2nd. Piper Sandler raised their target price on Clearwater Analytics from $20.00 to $23.00 and gave the stock a neutral rating in a research report on Thursday, August 1st. Wells Fargo & Company boosted their target price on Clearwater Analytics from $22.00 to $23.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Finally, Oppenheimer upgraded Clearwater Analytics from a market perform rating to an outperform rating and set a $25.00 price target for the company in a research note on Monday, July 8th. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Clearwater Analytics presently has a consensus rating of Moderate Buy and an average target price of $23.45.

Clearwater Analytics Stock Performance

CWAN stock opened at $24.32 on Monday. The company has a quick ratio of 5.59, a current ratio of 5.59 and a debt-to-equity ratio of 0.11. The firm has a market cap of $5.97 billion, a PE ratio of -303.94, a P/E/G ratio of 9.19 and a beta of 0.57. The business has a 50 day moving average of $20.51 and a 200-day moving average of $18.89. Clearwater Analytics has a 12-month low of $15.62 and a 12-month high of $24.88.

Clearwater Analytics (NYSE:CWAN) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.10. The firm had revenue of $106.79 million during the quarter, compared to the consensus estimate of $105.51 million. Clearwater Analytics had a positive return on equity of 3.61% and a negative net margin of 1.14%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. As a group, sell-side analysts expect that Clearwater Analytics will post 0.13 earnings per share for the current year.

Insider Activity

In related news, insider Scott Stanley Erickson sold 118,204 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $20.10, for a total transaction of $2,375,900.40. Following the sale, the insider now owns 3,315 shares of the company’s stock, valued at approximately $66,631.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Scott Stanley Erickson sold 118,204 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $20.10, for a total transaction of $2,375,900.40. Following the completion of the transaction, the insider now directly owns 3,315 shares in the company, valued at $66,631.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Subi Sethi sold 21,497 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $24.30, for a total value of $522,377.10. Following the completion of the sale, the insider now directly owns 81,812 shares in the company, valued at approximately $1,988,031.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,264,691 shares of company stock worth $345,095,448. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Clearwater Analytics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wasatch Advisors LP grew its position in Clearwater Analytics by 35.6% in the first quarter. Wasatch Advisors LP now owns 16,391,308 shares of the company’s stock worth $289,962,000 after acquiring an additional 4,304,286 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Clearwater Analytics by 36.6% during the 4th quarter. Vanguard Group Inc. now owns 12,912,046 shares of the company’s stock valued at $258,628,000 after purchasing an additional 3,461,158 shares during the last quarter. William Blair Investment Management LLC raised its holdings in shares of Clearwater Analytics by 42.5% during the 1st quarter. William Blair Investment Management LLC now owns 10,364,266 shares of the company’s stock valued at $183,344,000 after buying an additional 3,090,352 shares in the last quarter. Hood River Capital Management LLC bought a new stake in Clearwater Analytics in the 2nd quarter worth approximately $43,280,000. Finally, Bamco Inc. NY boosted its stake in Clearwater Analytics by 30.8% in the first quarter. Bamco Inc. NY now owns 5,359,172 shares of the company’s stock worth $94,804,000 after buying an additional 1,262,150 shares in the last quarter. 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.