Clearwater Analytics (NYSE:CWAN) Shares Gap Up on Earnings Beat

Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $28.58, but opened at $32.86. Clearwater Analytics shares last traded at $33.85, with a volume of 508,491 shares trading hands.

The company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. The business had revenue of $115.83 million during the quarter, compared to the consensus estimate of $113.37 million. Clearwater Analytics had a negative net margin of 1.14% and a positive return on equity of 3.55%.

Analyst Ratings Changes

A number of research analysts have weighed in on CWAN shares. Royal Bank of Canada lifted their price target on shares of Clearwater Analytics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. Wells Fargo & Company lifted their price target on shares of Clearwater Analytics from $23.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. upgraded shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $23.00 to $33.00 in a research note on Thursday. Citigroup started coverage on shares of Clearwater Analytics in a research note on Monday, August 19th. They set a “buy” rating and a $28.00 target price for the company. Finally, Oppenheimer boosted their target price on shares of Clearwater Analytics from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Clearwater Analytics presently has an average rating of “Moderate Buy” and a consensus target price of $29.44.

Insider Transactions at Clearwater Analytics

In other news, CRO Scott Stanley Erickson sold 3,890 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $23.75, for a total value of $92,387.50. Following the completion of the transaction, the executive now directly owns 4,844 shares of the company’s stock, valued at $115,045. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Clearwater Analytics news, CRO Scott Stanley Erickson sold 3,890 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $23.75, for a total transaction of $92,387.50. Following the sale, the executive now owns 4,844 shares in the company, valued at $115,045. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO James S. Cox sold 13,700 shares of Clearwater Analytics stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $23.64, for a total value of $323,868.00. Following the completion of the transaction, the chief financial officer now owns 232,503 shares in the company, valued at approximately $5,496,370.92. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,864,693 shares of company stock valued at $45,128,342 over the last ninety days. 3.46% of the stock is currently owned by insiders.

Institutional Trading of Clearwater Analytics

Institutional investors have recently added to or reduced their stakes in the company. Pathstone Holdings LLC raised its position in shares of Clearwater Analytics by 6.1% in the third quarter. Pathstone Holdings LLC now owns 94,970 shares of the company’s stock worth $2,398,000 after acquiring an additional 5,432 shares during the period. Lindenwold Advisors INC acquired a new position in shares of Clearwater Analytics in the 3rd quarter worth approximately $239,000. Swiss National Bank lifted its holdings in shares of Clearwater Analytics by 8.5% in the 3rd quarter. Swiss National Bank now owns 312,900 shares of the company’s stock worth $7,901,000 after acquiring an additional 24,600 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Clearwater Analytics by 16.3% during the 3rd quarter. Thrivent Financial for Lutherans now owns 75,148 shares of the company’s stock worth $1,898,000 after buying an additional 10,518 shares in the last quarter. Finally, Natixis Advisors LLC lifted its holdings in Clearwater Analytics by 59.2% during the 3rd quarter. Natixis Advisors LLC now owns 71,260 shares of the company’s stock worth $1,799,000 after buying an additional 26,506 shares in the last quarter. Institutional investors own 50.10% of the company’s stock.

Clearwater Analytics Stock Performance

The stock’s 50-day simple moving average is $25.64 and its 200 day simple moving average is $21.85. 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 company has a market capitalization of $8.07 billion, a PE ratio of -1,638.50, a P/E/G ratio of 9.53 and a beta of 0.61.

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.