Clearwater Analytics (NYSE:CWAN) Price Target Raised to $28.00 at Royal Bank of Canada

Clearwater Analytics (NYSE:CWAN) had its price objective lifted by Royal Bank of Canada from $25.00 to $28.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other research analysts also recently commented on the stock. Piper Sandler reissued a neutral rating and set a $23.00 price target on shares of Clearwater Analytics in a research note on Monday, September 9th. Wells Fargo & Company boosted their price target on shares of Clearwater Analytics from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Thursday, August 1st. Citigroup assumed coverage on Clearwater Analytics in a research note on Monday, August 19th. They set a buy rating and a $28.00 price objective on the stock. Finally, Oppenheimer raised Clearwater Analytics from a market perform rating to an outperform rating and set a $25.00 target price for the company in a research note on Monday, July 8th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Clearwater Analytics presently has an average rating of Moderate Buy and a consensus target price of $23.90.

Clearwater Analytics Stock Performance

Clearwater Analytics stock opened at $25.15 on Wednesday. Clearwater Analytics has a fifty-two week low of $15.62 and a fifty-two week high of $25.42. The company has a debt-to-equity ratio of 0.11, a quick ratio of 4.78 and a current ratio of 4.78. The stock has a market cap of $6.18 billion, a P/E ratio of -314.38, a price-to-earnings-growth ratio of 8.54 and a beta of 0.61. The firm’s fifty day moving average price is $22.61 and its 200-day moving average price is $19.55.

Clearwater Analytics (NYSE:CWAN) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. The firm had revenue of $106.79 million during the quarter, compared to analyst estimates of $105.51 million. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The company’s revenue was up 18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.03) earnings per share. On average, equities research analysts expect that Clearwater Analytics will post 0.14 earnings per share for the current fiscal year.

Insider Transactions at Clearwater Analytics

In related news, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $19.50, for a total transaction of $75,855.00. Following the completion of the transaction, the executive now owns 4,844 shares in the company, valued at $94,458. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CRO Scott Stanley Erickson sold 3,890 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $19.50, for a total transaction of $75,855.00. Following the transaction, the executive now owns 4,844 shares in the company, valued at $94,458. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Warburg Pincus Llc sold 9,000,000 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $22.41, for a total transaction of $201,690,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,897,118 shares of company stock worth $247,319,596. 2.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Clearwater Analytics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blair William & Co. IL boosted its holdings in shares of Clearwater Analytics by 1.6% during the 2nd quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock valued at $786,000 after buying an additional 680 shares in the last quarter. Arizona State Retirement System grew its holdings in Clearwater Analytics by 2.1% in the second quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock worth $757,000 after purchasing an additional 828 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Clearwater Analytics by 268.8% during the first quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock valued at $30,000 after purchasing an additional 1,234 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Clearwater Analytics by 389.2% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,947 shares of the company’s stock valued at $34,000 after purchasing an additional 1,549 shares during the last quarter. Finally, RiverPark Advisors LLC boosted its position in shares of Clearwater Analytics by 33.1% in the 2nd quarter. RiverPark Advisors LLC now owns 7,140 shares of the company’s stock worth $132,000 after purchasing an additional 1,774 shares in the last quarter. 50.10% of the stock is owned by hedge funds and other institutional investors.

About Clearwater Analytics

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.