Royal Bank of Canada Boosts Clearwater Analytics (NYSE:CWAN) Price Target to $28.00

Clearwater Analytics (NYSE:CWAN) had its target price increased by Royal Bank of Canada from $25.00 to $28.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

CWAN has been the topic of a number of other research reports. Piper Sandler reaffirmed a neutral rating and set a $23.00 price target on shares of Clearwater Analytics in a report on Monday, September 9th. Citigroup initiated coverage on shares of Clearwater Analytics in a research report on Monday, August 19th. They issued a buy rating and a $28.00 target price for the company. Oppenheimer upgraded shares of Clearwater Analytics from a market perform rating to an outperform rating and set a $25.00 target price for the company in a research note on Monday, July 8th. Finally, Wells Fargo & Company raised their price target on Clearwater Analytics from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Clearwater Analytics currently has a consensus rating of Moderate Buy and an average price target of $23.90.

Clearwater Analytics Price Performance

Shares of CWAN opened at $25.29 on Wednesday. The company has a market capitalization of $6.21 billion, a P/E ratio of -316.13, a price-to-earnings-growth ratio of 8.54 and a beta of 0.61. Clearwater Analytics has a twelve month low of $15.62 and a twelve month high of $25.81. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $22.88 and a 200 day moving average of $19.64.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $105.51 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The company’s revenue was up 18.8% on a year-over-year basis. As a group, equities research analysts anticipate that Clearwater Analytics will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Clearwater Analytics

In other 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 transaction of $201,690,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO James S. Cox sold 11,275 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $18.92, for a total value of $213,323.00. Following the completion of the transaction, the chief financial officer now owns 232,503 shares of the company’s stock, valued at approximately $4,398,956.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Warburg Pincus Llc sold 9,000,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $22.41, for a total value of $201,690,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,897,118 shares of company stock valued at $247,319,596. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Clearwater Analytics

Several institutional investors have recently made changes to their positions in the business. Blair William & Co. IL lifted its holdings in Clearwater Analytics by 1.6% in the 2nd quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock worth $786,000 after purchasing an additional 680 shares in the last quarter. Arizona State Retirement System raised its position in shares of Clearwater Analytics by 2.1% during the second quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock valued at $757,000 after buying an additional 828 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Clearwater Analytics by 268.8% in the first quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock worth $30,000 after buying an additional 1,234 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in shares of 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 acquiring an additional 1,549 shares during the last quarter. Finally, RiverPark Advisors LLC grew its stake in Clearwater Analytics by 33.1% during the second quarter. RiverPark Advisors LLC now owns 7,140 shares of the company’s stock valued at $132,000 after acquiring an additional 1,774 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.