Renaissance Technologies LLC Cuts Position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Renaissance Technologies LLC reduced its stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 76.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 208,800 shares of the company’s stock after selling 664,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Clearwater Analytics were worth $3,867,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its position in shares of Clearwater Analytics by 1.8% during the second quarter. Envestnet Asset Management Inc. now owns 282,880 shares of the company’s stock valued at $5,239,000 after buying an additional 4,879 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Clearwater Analytics by 42.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 166,882 shares of the company’s stock worth $3,091,000 after acquiring an additional 49,804 shares in the last quarter. William Blair Investment Management LLC lifted its position in Clearwater Analytics by 0.6% during the second quarter. William Blair Investment Management LLC now owns 10,430,794 shares of the company’s stock valued at $193,178,000 after acquiring an additional 66,528 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Clearwater Analytics in the second quarter valued at approximately $527,000. Finally, Quest Partners LLC grew its holdings in Clearwater Analytics by 22.2% in the second quarter. Quest Partners LLC now owns 11,117 shares of the company’s stock worth $206,000 after purchasing an additional 2,017 shares during the last quarter. Institutional investors own 50.10% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CWAN. Oppenheimer upgraded 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. Piper Sandler reaffirmed a “neutral” rating and issued a $23.00 price objective on shares of Clearwater Analytics in a research report on Monday, September 9th. Citigroup started coverage on shares of Clearwater Analytics in a research report on Monday, August 19th. They set a “buy” rating and a $28.00 target price on the stock. Royal Bank of Canada lifted their price objective on shares of Clearwater Analytics from $25.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company raised their target price 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 equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.78.

Insiders Place Their Bets

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

Clearwater Analytics Stock Performance

NYSE CWAN opened at $25.20 on Friday. Clearwater Analytics Holdings, Inc. has a fifty-two week low of $15.62 and a fifty-two week high of $26.02. The company has a debt-to-equity ratio of 0.11, a quick ratio of 4.78 and a current ratio of 4.78. The firm has a market capitalization of $6.21 billion, a P/E ratio of -315.00, a PEG ratio of 9.30 and a beta of 0.61. The stock has a 50-day simple moving average of $23.47 and a two-hundred day simple moving average of $19.96.

Clearwater Analytics (NYSE:CWAN) last released 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 business had revenue of $106.79 million for 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%. The business’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) EPS. On average, equities analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.14 earnings per share for the current year.

Clearwater Analytics 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.