State Street Corp Trims Stake in Clarivate Plc (NYSE:CLVT)

State Street Corp lessened its holdings in shares of Clarivate Plc (NYSE:CLVT) by 1.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,370,609 shares of the company’s stock after selling 110,321 shares during the period. State Street Corp owned about 1.04% of Clarivate worth $52,331,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. Nisa Investment Advisors LLC purchased a new stake in Clarivate in the 2nd quarter valued at about $26,000. Truist Financial Corp purchased a new stake in shares of Clarivate in the second quarter valued at approximately $63,000. KBC Group NV grew its stake in Clarivate by 33.2% in the third quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after purchasing an additional 2,549 shares in the last quarter. Forum Financial Management LP purchased a new position in Clarivate during the 2nd quarter worth $75,000. Finally, Headlands Technologies LLC raised its position in Clarivate by 749.2% during the 2nd quarter. Headlands Technologies LLC now owns 14,632 shares of the company’s stock valued at $83,000 after purchasing an additional 12,909 shares in the last quarter. Institutional investors own 85.72% of the company’s stock.

Insider Activity

In related news, insider Bar Veinstein sold 60,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total value of $420,000.00. Following the completion of the transaction, the insider now directly owns 916,583 shares of the company’s stock, valued at $6,416,081. This trade represents a 6.14 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael J. Angelakis bought 1,500,000 shares of the company’s stock in a transaction on Wednesday, November 20th. The shares were bought at an average cost of $5.11 per share, for a total transaction of $7,665,000.00. Following the transaction, the director now owns 1,500,000 shares in the company, valued at $7,665,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 23.14% of the company’s stock.

Clarivate Price Performance

CLVT opened at $4.90 on Friday. The firm has a market capitalization of $3.48 billion, a PE ratio of -2.46 and a beta of 1.12. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The business’s 50-day moving average is $5.72 and its two-hundred day moving average is $6.05. Clarivate Plc has a 1 year low of $4.25 and a 1 year high of $9.60.

Clarivate (NYSE:CLVT) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.19. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. The firm had revenue of $622.20 million for the quarter, compared to the consensus estimate of $640.81 million. During the same quarter in the previous year, the firm earned $0.18 EPS. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. Research analysts anticipate that Clarivate Plc will post 0.63 earnings per share for the current fiscal year.

Clarivate declared that its Board of Directors has initiated a share buyback program on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Barclays dropped their price target on Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. William Blair downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada reduced their price target on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.10.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.