Clearwater Analytics (NYSE:CWAN) Board Announces Share Repurchase Program

Clearwater Analytics (NYSE:CWAN) announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 3rd, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 1.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

CWAN has been the topic of several recent research reports. The Goldman Sachs Group raised shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 price target on the stock in a report on Monday, August 11th. Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the company an “overweight” rating in a research note on Tuesday, June 24th. DA Davidson reduced their price objective on shares of Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating on the stock in a research note on Tuesday, August 12th. Finally, Oppenheimer reduced their price objective on shares of Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. Nine investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $32.67.

Clearwater Analytics Stock Performance

NYSE:CWAN opened at $20.14 on Thursday. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44. The company has a market cap of $5.89 billion, a P/E ratio of 12.67, a P/E/G ratio of 4.86 and a beta of 0.73. Clearwater Analytics has a fifty-two week low of $17.98 and a fifty-two week high of $35.71. The firm’s 50 day moving average is $20.89 and its two-hundred day moving average is $23.40.

Clearwater Analytics (NYSE:CWAN) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $181.94 million for the quarter, compared to analysts’ expectations of $174.16 million. Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%.The business’s revenue for the quarter was up 70.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. Analysts expect that Clearwater Analytics will post 0.18 EPS for the current year.

Insider Transactions at Clearwater Analytics

In other news, CEO Sandeep Sahai sold 46,962 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $20.12, for a total value of $944,875.44. Following the completion of the sale, the chief executive officer owned 895,663 shares of the company’s stock, valued at $18,020,739.56. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James S. Cox sold 11,275 shares of the stock in a transaction on Friday, August 15th. The stock was sold at an average price of $19.42, for a total transaction of $218,960.50. Following the completion of the sale, the chief financial officer directly owned 343,964 shares of the company’s stock, valued at $6,679,780.88. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders sold 266,748 shares of company stock valued at $5,755,414 over the last 90 days. Corporate insiders own 3.31% of the company’s stock.

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.