Principal Financial Group Inc. Cuts Position in Clarivate Plc (NYSE:CLVT)

Principal Financial Group Inc. reduced its stake in shares of Clarivate Plc (NYSE:CLVT) by 10.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,084 shares of the company’s stock after selling 3,269 shares during the quarter. Principal Financial Group Inc.’s holdings in Clarivate were worth $192,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC purchased a new position in Clarivate in the second quarter worth $26,000. Truist Financial Corp purchased a new position in Clarivate during the 2nd quarter worth $63,000. Forum Financial Management LP acquired a new position in Clarivate during the 2nd quarter valued at about $75,000. Headlands Technologies LLC raised its stake in Clarivate by 749.2% in the second quarter. Headlands Technologies LLC now owns 14,632 shares of the company’s stock valued at $83,000 after buying an additional 12,909 shares during the last quarter. Finally, Transcend Capital Advisors LLC acquired a new stake in Clarivate in the second quarter worth about $86,000. Institutional investors own 85.72% of the company’s stock.

Insiders Place Their Bets

In other news, insider Bar Veinstein sold 120,000 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $7.00, for a total transaction of $840,000.00. Following the sale, the insider now owns 976,583 shares of the company’s stock, valued at approximately $6,836,081. This trade represents a 10.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael J. Angelakis acquired 1,500,000 shares of Clarivate stock in a transaction on Wednesday, November 20th. The stock was purchased at an average price of $5.11 per share, with a total value of $7,665,000.00. Following the purchase, the director now owns 1,500,000 shares of the company’s stock, valued at $7,665,000. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have sold 197,646 shares of company stock valued at $1,379,111 in the last ninety days. 23.14% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CLVT has been the subject of several research analyst reports. Barclays decreased their price objective 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 downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada cut their target price on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.25.

Clarivate Price Performance

Shares of CLVT opened at $5.74 on Tuesday. The business’s 50-day moving average is $6.17 and its two-hundred day moving average is $6.11. The company has a market capitalization of $4.08 billion, a P/E ratio of -2.88 and a beta of 1.18. Clarivate Plc has a fifty-two week low of $4.25 and a fifty-two week high of $9.60. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88.

Clarivate (NYSE:CLVT) last posted its earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting 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 for the quarter, compared to analyst estimates of $640.81 million. During the same period last year, the company earned $0.18 earnings per share. Clarivate’s revenue for the quarter was down 3.9% compared to the same quarter last year. Research analysts predict that Clarivate Plc will post 0.63 earnings per share for the current year.

Clarivate Company 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.