Clearwater Analytics (NYSE:CWAN) Sets New 1-Year High on 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 traded. The stock had previously closed at $24.72.

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

Insider Activity

In related news, Director Warburg Pincus Llc sold 9,000,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were 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. In other Clearwater Analytics news, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $24.44, for a total transaction of $457,028.00. Following the transaction, the chief financial officer now owns 227,503 shares in the company, valued at approximately $5,560,173.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Warburg Pincus Llc sold 9,000,000 shares of Clearwater Analytics stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $22.41, for a total transaction of $201,690,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 10,897,118 shares of company stock worth $247,319,596 over the last 90 days. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blair William & Co. IL increased its position in Clearwater Analytics by 1.6% during the second quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock valued at $786,000 after acquiring an additional 680 shares during the last quarter. Arizona State Retirement System increased its position in shares of Clearwater Analytics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock valued at $757,000 after purchasing an additional 828 shares during the last quarter. Advisors Asset Management Inc. lifted 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 worth $30,000 after purchasing an additional 1,234 shares during the period. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Clearwater Analytics by 389.2% in the 1st 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 period. Finally, RiverPark Advisors LLC boosted its holdings in shares of Clearwater Analytics by 33.1% in the second quarter. RiverPark Advisors LLC now owns 7,140 shares of the company’s stock worth $132,000 after buying an additional 1,774 shares during the last quarter. Institutional investors own 50.10% of the company’s stock.

Clearwater Analytics Price Performance

The company has a debt-to-equity ratio of 0.11, a current ratio of 4.78 and a quick ratio of 4.78. The company has a market capitalization of $6.20 billion, a P/E ratio of -309.06, a price-to-earnings-growth ratio of 8.54 and a beta of 0.61. The firm’s 50-day moving average is $22.47 and its 200-day moving average is $19.51.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10. The firm had revenue of $106.79 million during the quarter, compared to analyst estimates of $105.51 million. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. Clearwater Analytics’s revenue was up 18.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.03) EPS. Analysts predict that Clearwater Analytics Holdings, Inc. will post 0.14 EPS for the current fiscal year.

Clearwater Analytics Company Profile

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.