Principal Financial Group Inc. trimmed its position in shares of Clarivate Plc (NYSE:CLVT – Free Report) by 10.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor 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 filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV grew its stake in shares of Clarivate by 33.2% in the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock valued at $73,000 after buying an additional 2,549 shares during the period. Truist Financial Corp acquired a new position in Clarivate in the second quarter valued at approximately $63,000. Pitcairn Co. purchased a new position in Clarivate in the third quarter worth approximately $100,000. Empowered Funds LLC acquired a new stake in Clarivate during the third quarter worth $101,000. Finally, Headlands Technologies LLC raised its position 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 purchasing an additional 12,909 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Clarivate
In other news, Director Michael J. Angelakis purchased 765,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were purchased at an average price of $5.19 per share, for a total transaction of $3,970,350.00. Following the purchase, the director now directly owns 3,465,000 shares of the company’s stock, valued at $17,983,350. This represents a 28.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bar Veinstein sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total value of $420,000.00. Following the completion of the sale, the insider now owns 916,583 shares of the company’s stock, valued at approximately $6,416,081. This represents a 6.14 % decrease in their position. The disclosure for this sale can be found here. Insiders own 22.77% of the company’s stock.
Clarivate Stock Performance
Clarivate (NYSE:CLVT – Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 EPS 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 positive return on equity of 9.69% and a negative net margin of 50.00%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 EPS. On average, sell-side analysts anticipate that Clarivate Plc will post 0.63 earnings per share for the current fiscal year.
Clarivate declared that its Board of Directors has authorized a stock repurchase plan on Monday, December 16th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 12.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on CLVT. Royal Bank of Canada lowered their price target on Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a report on Thursday, November 7th. Barclays lowered 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. 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 analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Clarivate currently has a consensus rating of “Hold” and a consensus price target of $7.10.
Check Out Our Latest Analysis on Clarivate
Clarivate 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.
Further Reading
- Five stocks we like better than Clarivate
- What Investors Need to Know About Upcoming IPOs
- Disney: Forging a 3-Headed Sports Streaming Giant With Fubo Deal
- Retail Stocks Investing, Explained
- How Buffett’s Best and Worst Stock Bets Have Fared 5 Years Later
- High Flyers: 3 Natural Gas Stocks for March 2022
- Bill Ackman’s Bold Case for Fannie Mae and Freddie Mac
Want to see what other hedge funds are holding CLVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Clarivate Plc (NYSE:CLVT – Free Report).
Receive News & Ratings for Clarivate Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clarivate and related companies with MarketBeat.com's FREE daily email newsletter.