Clearwater Analytics (NYSE:CWAN) Shares Gap Up Following Strong Earnings

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $28.58, but opened at $32.86. Clearwater Analytics shares last traded at $33.85, with a volume of 508,491 shares trading hands.

The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $115.83 million for the quarter, compared to analysts’ expectations of $113.37 million. Clearwater Analytics had a negative net margin of 1.14% and a positive return on equity of 3.55%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group upped their target price on Clearwater Analytics from $20.00 to $22.00 and gave the stock a “sell” rating in a research report on Thursday. Morgan Stanley lifted their price objective on Clearwater Analytics from $20.00 to $30.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Piper Sandler boosted their price target on Clearwater Analytics from $23.00 to $28.00 and gave the stock a “neutral” rating in a research report on Thursday. Wells Fargo & Company upped their target price on Clearwater Analytics from $23.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Citigroup initiated coverage on Clearwater Analytics in a report on Monday, August 19th. They issued a “buy” rating and a $28.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.44.

Insider Transactions at Clearwater Analytics

In related news, CFO James S. Cox sold 13,700 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $23.64, for a total transaction of $323,868.00. Following the completion of the transaction, the chief financial officer now directly owns 232,503 shares in the company, valued at $5,496,370.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO James S. Cox sold 13,700 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $23.64, for a total value of $323,868.00. Following the transaction, the chief financial officer now directly owns 232,503 shares in the company, valued at approximately $5,496,370.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $26.16, for a total transaction of $489,192.00. Following the sale, the chief financial officer now directly owns 224,044 shares in the company, valued at approximately $5,860,991.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,864,693 shares of company stock valued at $45,128,342. 3.46% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Clearwater Analytics

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Clearwater Analytics by 17.2% during the first quarter. Vanguard Group Inc. now owns 15,131,505 shares of the company’s stock valued at $267,676,000 after purchasing an additional 2,219,459 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Clearwater Analytics by 1.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,374,673 shares of the company’s stock valued at $210,659,000 after buying an additional 128,402 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Clearwater Analytics by 0.6% in the 2nd quarter. William Blair Investment Management LLC now owns 10,430,794 shares of the company’s stock worth $193,178,000 after acquiring an additional 66,528 shares in the last quarter. Conestoga Capital Advisors LLC grew its stake in Clearwater Analytics by 1.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 6,778,457 shares of the company’s stock valued at $171,156,000 after acquiring an additional 107,210 shares in the last quarter. Finally, Bamco Inc. NY increased its holdings in shares of Clearwater Analytics by 30.8% in the 1st quarter. Bamco Inc. NY now owns 5,359,172 shares of the company’s stock valued at $94,804,000 after purchasing an additional 1,262,150 shares during the period. 50.10% of the stock is owned by institutional investors and hedge funds.

Clearwater Analytics Trading Up 14.7 %

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 stock has a market cap of $8.07 billion, a price-to-earnings ratio of -1,638.50, a price-to-earnings-growth ratio of 9.53 and a beta of 0.61. The company’s 50 day simple moving average is $25.64 and its two-hundred day simple moving average is $21.85.

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.