Clearwater Analytics (NYSE:CWAN) Sets New 1-Year High After Analyst Upgrade

Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) reached a new 52-week high on Wednesday after Royal Bank of Canada raised their price target on the stock from $25.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Clearwater Analytics traded as high as $25.27 and last traded at $25.22, with a volume of 1231728 shares. The stock had previously closed at $24.72.

Other equities research analysts also recently issued reports about the company. Piper Sandler reaffirmed a “neutral” rating and set a $23.00 price objective on shares of Clearwater Analytics in a report on Monday, September 9th. Citigroup initiated coverage on Clearwater Analytics in a research note on Monday, August 19th. They issued a “buy” rating and a $28.00 price target on the stock. Wells Fargo & Company increased their price objective on Clearwater Analytics from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Oppenheimer raised Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a report on Monday, July 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Clearwater Analytics presently has an average rating of “Moderate Buy” and a consensus price target of $23.90.

Insider Activity

In other news, CTO Souvik Das sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $18.92, for a total transaction of $473,000.00. Following the transaction, the chief technology officer now directly owns 10,453 shares in the company, valued at $197,770.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Warburg Pincus Llc sold 9,000,000 shares of Clearwater Analytics stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $22.41, for a total value of $201,690,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Souvik Das sold 25,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $18.92, for a total value of $473,000.00. Following the sale, the chief technology officer now directly owns 10,453 shares of the company’s stock, valued at $197,770.76. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,897,118 shares of company stock worth $247,319,596. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Clearwater Analytics

Several institutional investors have recently modified their holdings of CWAN. Advisors Asset Management Inc. increased its stake in shares of Clearwater Analytics by 268.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock valued at $30,000 after acquiring an additional 1,234 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Clearwater Analytics by 389.2% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,947 shares of the company’s stock worth $34,000 after purchasing an additional 1,549 shares during the last quarter. Amalgamated Bank acquired a new position in Clearwater Analytics during the second quarter worth $90,000. Point72 Asset Management L.P. bought a new position in Clearwater Analytics in the second quarter valued at $91,000. Finally, RiverPark Advisors LLC lifted its stake in Clearwater Analytics by 361.0% in the first quarter. RiverPark Advisors LLC now owns 5,366 shares of the company’s stock valued at $95,000 after acquiring an additional 4,202 shares during the last quarter. Institutional investors and hedge funds own 50.10% of the company’s stock.

Clearwater Analytics Trading Up 1.7 %

The stock has a market cap of $6.29 billion, a price-to-earnings ratio of -319.75, a P/E/G ratio of 8.54 and a beta of 0.61. The business has a 50-day simple moving average of $22.75 and a two-hundred day simple moving average of $19.59. The company has a debt-to-equity ratio of 0.11, a current ratio of 4.78 and a quick ratio of 4.78.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The firm had revenue of $106.79 million for the quarter, compared to analysts’ expectations of $105.51 million. During the same quarter last year, the business earned ($0.03) EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Equities analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.14 EPS for the current fiscal year.

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.