Clearwater Analytics (NYSE:CWAN) Sets New 52-Week High Following Analyst Upgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWAN)’s stock price reached a new 52-week high during mid-day trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $25.00 to $28.00. Royal Bank of Canada currently has an outperform rating on the stock. Clearwater Analytics traded as high as $25.27 and last traded at $25.22, with a volume of 1231728 shares traded. The stock had previously closed at $24.72.

A number of other research firms have also commented on CWAN. Citigroup assumed coverage on Clearwater Analytics in a report on Monday, August 19th. They issued a “buy” rating and a $28.00 price target for the company. Piper Sandler restated a “neutral” rating and issued a $23.00 target price on shares of Clearwater Analytics in a research note on Monday, September 9th. Wells Fargo & Company upped their price target on Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, Oppenheimer upgraded shares of Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 price objective for the company in a research report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.90.

Insider Activity

In other Clearwater Analytics news, Director Galibier Purchaser, Llc sold 1,784,316 shares of Clearwater Analytics stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $24.18, for a total transaction of $43,144,760.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Warburg Pincus Llc sold 9,000,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $22.41, for a total value of $201,690,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Galibier Purchaser, Llc sold 1,784,316 shares of Clearwater Analytics stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $24.18, for a total transaction of $43,144,760.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,897,118 shares of company stock worth $247,319,596. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Wasatch Advisors LP increased its stake in shares of Clearwater Analytics by 35.6% in the first quarter. Wasatch Advisors LP now owns 16,391,308 shares of the company’s stock worth $289,962,000 after buying an additional 4,304,286 shares during the period. Vanguard Group Inc. increased its position in shares of Clearwater Analytics by 17.2% in the first quarter. Vanguard Group Inc. now owns 15,131,505 shares of the company’s stock valued at $267,676,000 after acquiring an additional 2,219,459 shares during the period. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Clearwater Analytics by 1.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,374,673 shares of the company’s stock valued at $210,659,000 after acquiring an additional 128,402 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Clearwater Analytics by 0.6% during the second quarter. William Blair Investment Management LLC now owns 10,430,794 shares of the company’s stock worth $193,178,000 after purchasing an additional 66,528 shares during the period. Finally, Conestoga Capital Advisors LLC grew its stake in shares of Clearwater Analytics by 2.5% in the second quarter. Conestoga Capital Advisors LLC now owns 6,671,247 shares of the company’s stock worth $123,551,000 after purchasing an additional 165,000 shares during the last quarter. Hedge funds and other institutional investors own 50.10% of the company’s stock.

Clearwater Analytics Stock Performance

The business has a fifty day moving average of $22.47 and a 200-day moving average of $19.51. The company has a market cap of $6.20 billion, a PE ratio of -309.06, a P/E/G ratio of 8.54 and a beta of 0.61. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.11.

Clearwater Analytics (NYSE:CWAN) last posted its earnings results on Wednesday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.10. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The firm had revenue of $106.79 million for the quarter, compared to analysts’ expectations of $105.51 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The business’s revenue was up 18.8% compared to the same quarter last year. Equities research analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.14 earnings per share 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.