Clarivate (NYSE:CLVT) to Buyback $500.00 million in Shares

Clarivate (NYSE:CLVT) declared that its board has authorized a stock buyback plan on Monday, December 16th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 12.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CLVT shares. Barclays reduced their price target 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. Royal Bank of Canada decreased their target price on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. Finally, William Blair downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.10.

Clarivate Price Performance

Shares of CLVT opened at $5.50 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $3.91 billion, a PE ratio of -2.76 and a beta of 1.12. The firm’s 50 day moving average price is $5.81 and its 200 day moving average price is $6.07. Clarivate has a twelve month low of $4.25 and a twelve month high of $9.60.

Clarivate (NYSE:CLVT) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. The business had revenue of $622.20 million for the quarter, compared to the consensus estimate of $640.81 million. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. Clarivate’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. As a group, research analysts expect that Clarivate will post 0.63 EPS for the current fiscal year.

Insider Transactions at Clarivate

In other news, Director Michael J. Angelakis purchased 1,500,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was bought at an average cost of $5.11 per share, for a total transaction of $7,665,000.00. Following the completion of the acquisition, the director now directly owns 1,500,000 shares of the company’s stock, valued at approximately $7,665,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Bar Veinstein sold 60,000 shares of Clarivate stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $7.00, for a total value of $420,000.00. Following the completion of the transaction, the insider now owns 916,583 shares in the company, valued at $6,416,081. The trade was a 6.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 22.77% of the stock is currently owned by corporate insiders.

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.