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

Clearwater Analytics (NYSE:CWAN) had its price target increased by analysts at Royal Bank of Canada from $25.00 to $28.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 9.46% from the company’s previous close.

CWAN has been the subject of several other research reports. Citigroup initiated coverage on Clearwater Analytics in a research report on Monday, August 19th. They issued a “buy” rating and a $28.00 target price for the company. Wells Fargo & Company lifted their price objective on shares of Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. 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, Piper Sandler reaffirmed a “neutral” rating and set a $23.00 price target on shares of Clearwater Analytics in a research note on Monday, September 9th. 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, the stock has an average rating of “Moderate Buy” and an average target price of $23.90.

Clearwater Analytics Stock Up 1.7 %

Shares of NYSE:CWAN opened at $25.58 on Wednesday. The stock has a 50-day simple moving average of $22.75 and a 200-day simple moving average of $19.59. The stock has a market capitalization of $6.29 billion, a P/E ratio of -319.75, a PEG ratio of 8.54 and a beta of 0.61. Clearwater Analytics has a 1 year low of $15.62 and a 1 year high of $25.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 4.78 and a current ratio of 4.78.

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

Insiders Place Their Bets

In other news, CFO James S. Cox sold 11,275 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $18.92, for a total value of $213,323.00. Following the sale, the chief financial officer now owns 232,503 shares in the company, valued at approximately $4,398,956.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO James S. Cox sold 11,275 shares of Clearwater Analytics stock in a transaction that occurred on Monday, July 15th. The stock was 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 in the company, valued at approximately $4,398,956.76. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO James S. Cox sold 14,850 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $22.02, for a total value of $326,997.00. Following the sale, the chief financial officer now directly owns 232,503 shares in the company, valued at $5,119,716.06. The disclosure for this sale can be found here. Insiders sold a total of 10,897,118 shares of company stock valued at $247,319,596 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Cim LLC acquired a new stake in shares of Clearwater Analytics during the 2nd quarter worth approximately $163,000. Sanctuary Advisors LLC acquired a new stake in Clearwater Analytics in the second quarter worth $300,000. Ghisallo Capital Management LLC bought a new stake in Clearwater Analytics in the second quarter valued at $4,630,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Clearwater Analytics during the second quarter valued at $805,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Clearwater Analytics during the second quarter worth about $91,000. 50.10% of the stock is currently owned by institutional investors.

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.