Royal Bank of Canada Reiterates Sector Perform Rating for Clarivate (NYSE:CLVT)

Clarivate (NYSE:CLVT)‘s stock had its “sector perform” rating restated by analysts at Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $6.00 target price on the stock. Royal Bank of Canada’s price objective indicates a potential upside of 23.84% from the stock’s previous close.

CLVT has been the subject of a number of other research reports. William Blair downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Barclays cut their target price on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Clarivate has a consensus rating of “Hold” and a consensus target price of $7.10.

Clarivate Stock Performance

Shares of CLVT opened at $4.85 on Thursday. The firm has a 50-day moving average of $5.12 and a 200-day moving average of $5.79. Clarivate has a one year low of $4.22 and a one year high of $9.07. The company has a market cap of $3.44 billion, a PE ratio of -5.05 and a beta of 1.17. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88.

Clarivate announced that its board has initiated a share repurchase program on Monday, December 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 12.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Clarivate

Several hedge funds and other institutional investors have recently bought and sold shares of CLVT. Price T Rowe Associates Inc. MD raised its stake in Clarivate by 53.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock worth $141,107,000 after purchasing an additional 9,691,104 shares in the last quarter. Norges Bank acquired a new stake in Clarivate in the 4th quarter worth about $27,764,000. Clarkston Capital Partners LLC raised its stake in Clarivate by 8.1% in the 4th quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock worth $359,328,000 after purchasing an additional 5,319,535 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Clarivate in the 4th quarter worth about $19,172,000. Finally, Atairos Partners GP Inc. acquired a new stake in Clarivate in the 4th quarter worth about $17,602,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

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.