Geode Capital Management LLC Has $51.44 Million Position in Clarivate Plc (NYSE:CLVT)

Geode Capital Management LLC increased its position in shares of Clarivate Plc (NYSE:CLVT) by 8.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,243,336 shares of the company’s stock after buying an additional 571,289 shares during the quarter. Geode Capital Management LLC owned 1.02% of Clarivate worth $51,443,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Clarivate in the 2nd quarter worth approximately $2,251,000. Cerity Partners LLC boosted its stake in Clarivate by 82.5% during the third quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock worth $1,436,000 after buying an additional 91,384 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Clarivate by 112.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,040,426 shares of the company’s stock valued at $7,387,000 after buying an additional 551,838 shares during the period. Baupost Group LLC MA raised its stake in shares of Clarivate by 27.2% in the 2nd quarter. Baupost Group LLC MA now owns 38,929,635 shares of the company’s stock valued at $221,510,000 after buying an additional 8,331,233 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in shares of Clarivate by 37.5% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 6,249,260 shares of the company’s stock worth $35,558,000 after acquiring an additional 1,704,761 shares during the period. 85.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Michael J. Angelakis bought 1,500,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was bought at an average price of $5.11 per share, for a total transaction of $7,665,000.00. Following the completion of the transaction, the director now directly owns 1,500,000 shares in the company, valued at $7,665,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bar Veinstein sold 60,000 shares of the firm’s stock in a transaction dated 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 owns 916,583 shares in the company, valued at approximately $6,416,081. This represents a 6.14 % decrease in their position. The disclosure for this sale can be found here. 22.77% of the stock is owned by corporate insiders.

Clarivate Stock Performance

NYSE:CLVT opened at $4.98 on Monday. The stock has a market capitalization of $3.54 billion, a P/E ratio of -2.50 and a beta of 1.12. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84. Clarivate Plc has a 1 year low of $4.25 and a 1 year high of $9.60. The firm has a 50 day moving average of $5.68 and a 200-day moving average of $6.05.

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, meeting the consensus estimate of $0.19. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The firm had revenue of $622.20 million during the quarter, compared to the consensus estimate of $640.81 million. During the same quarter in the previous year, the company posted $0.18 EPS. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Clarivate Plc will post 0.63 EPS for the current fiscal year.

Clarivate declared that its Board of Directors has initiated a stock repurchase plan on Monday, December 16th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 12.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CLVT. Barclays dropped their price target on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Royal Bank of Canada decreased their price target on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. One equities 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.10.

Clarivate 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.