Clearwater Analytics (NYSE:CWAN) Shares Up 5.9% After Analyst Upgrade

Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) shot up 5.9% during trading on Friday after Royal Bank of Canada raised their price target on the stock from $30.00 to $36.00. Royal Bank of Canada currently has an outperform rating on the stock. Clearwater Analytics traded as high as $31.90 and last traded at $31.72. 869,034 shares changed hands during trading, a decline of 62% from the average session volume of 2,278,112 shares. The stock had previously closed at $29.94.

A number of other equities research analysts have also recently issued reports on CWAN. Oppenheimer boosted their target price on shares of Clearwater Analytics from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Morgan Stanley raised shares of Clearwater Analytics from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $30.00 to $34.00 in a research report on Friday, January 17th. DA Davidson raised Clearwater Analytics from a “neutral” rating to a “buy” rating and dropped their price target for the company from $35.00 to $32.00 in a research note on Tuesday, January 14th. Piper Sandler raised Clearwater Analytics from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $28.00 to $36.00 in a research note on Thursday. Finally, UBS Group boosted their price target on Clearwater Analytics from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.80.

Insiders Place Their Bets

In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $25.89, for a total transaction of $1,294,500.00. Following the completion of the transaction, the chief executive officer now owns 615,855 shares of the company’s stock, valued at approximately $15,944,485.95. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James S. Cox sold 18,700 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $26.94, for a total value of $503,778.00. Following the transaction, the chief financial officer now directly owns 279,857 shares of the company’s stock, valued at approximately $7,539,347.58. The trade was a 6.26 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 733,431 shares of company stock valued at $21,444,493. 4.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CWAN. Wellington Management Group LLP increased its stake in shares of Clearwater Analytics by 98.2% in the fourth quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock valued at $163,867,000 after buying an additional 2,950,555 shares during the period. Alliancebernstein L.P. increased its stake in shares of Clearwater Analytics by 66.0% in the fourth quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock valued at $202,931,000 after buying an additional 2,931,445 shares during the period. Vanguard Group Inc. increased its stake in shares of Clearwater Analytics by 13.3% in the fourth quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock valued at $574,607,000 after buying an additional 2,455,844 shares during the period. Norges Bank acquired a new position in shares of Clearwater Analytics in the fourth quarter valued at approximately $59,402,000. Finally, Champlain Investment Partners LLC acquired a new position in shares of Clearwater Analytics in the third quarter valued at approximately $53,559,000. Institutional investors and hedge funds own 50.10% of the company’s stock.

Clearwater Analytics Price Performance

The company has a 50 day moving average price of $28.03 and a 200-day moving average price of $27.14. The company has a quick ratio of 4.66, a current ratio of 4.66 and a debt-to-equity ratio of 0.10. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 8.23 and a beta of 0.72.

Clearwater Analytics (NYSE:CWAN) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.07). Clearwater Analytics had a net margin of 93.97% and a return on equity of 7.11%. The firm had revenue of $126.47 million during the quarter, compared to analyst estimates of $120.34 million. As a group, equities research analysts predict that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

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.