Clarivate (NYSE:CLVT) Board of Directors Declares Share Repurchase Plan

Clarivate (NYSE:CLVT) declared that its board has approved a share buyback plan on Monday, December 16th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Clarivate Stock Performance

CLVT stock opened at $5.46 on Wednesday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -2.74 and a beta of 1.12. Clarivate has a 12 month low of $4.25 and a 12 month high of $9.60. The firm has a 50 day moving average of $5.79 and a two-hundred day moving average of $6.07.

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

Wall Street Analysts Forecast Growth

CLVT has been the topic of a number of recent research reports. Barclays reduced their price target on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. Royal Bank of Canada cut their price objective on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 7th. Finally, William Blair cut shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.10.

Insider Buying and Selling at Clarivate

In other news, Director Michael J. Angelakis acquired 1,500,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was acquired at an average price of $5.11 per share, for a total transaction of $7,665,000.00. Following the transaction, the director now directly owns 1,500,000 shares in the company, valued at approximately $7,665,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Bar Veinstein sold 60,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $7.00, for a total value of $420,000.00. Following the transaction, the insider now owns 916,583 shares of the company’s stock, valued at approximately $6,416,081. This trade represents a 6.14 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 22.77% of the company’s stock.

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.