Clearwater Analytics (NYSE:CWAN) Shares Gap Up Following Analyst Upgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWAN)’s share price gapped up before the market opened on Thursday after Royal Bank of Canada raised their price target on the stock from $30.00 to $36.00. The stock had previously closed at $27.04, but opened at $31.77. Royal Bank of Canada currently has an outperform rating on the stock. Clearwater Analytics shares last traded at $30.08, with a volume of 2,487,770 shares trading hands.

CWAN has been the subject of a number of other reports. Piper Sandler raised shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $28.00 to $36.00 in a research note on Thursday. DA Davidson raised shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and lowered their price target for the company from $35.00 to $32.00 in a report on Tuesday, January 14th. Oppenheimer increased their price target on shares of Clearwater Analytics from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $23.00 to $33.00 in a report on Thursday, November 7th. Finally, Wells Fargo & Company lifted their price objective on shares of Clearwater Analytics from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Clearwater Analytics presently has an average rating of “Moderate Buy” and an average target price of $33.60.

Insider Buying and Selling at Clearwater Analytics

In other news, CEO Sandeep Sahai sold 139,172 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $28.94, for a total transaction of $4,027,637.68. Following the completion of the transaction, the chief executive officer now directly owns 441,724 shares of the company’s stock, valued at $12,783,492.56. The trade was a 23.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James S. Cox sold 18,700 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $29.65, for a total transaction of $554,455.00. Following the transaction, the chief financial officer now directly owns 214,044 shares of the company’s stock, valued at $6,346,404.60. The trade was a 8.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 299,162 shares of company stock valued at $8,386,024 in the last quarter. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Clearwater Analytics

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Clearwater Analytics by 13.3% during the fourth quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock valued at $574,607,000 after buying an additional 2,455,844 shares during the period. Wasatch Advisors LP grew its position in Clearwater Analytics by 3.2% during the third quarter. Wasatch Advisors LP now owns 18,135,026 shares of the company’s stock valued at $457,909,000 after buying an additional 559,564 shares during the period. Alliancebernstein L.P. grew its position in Clearwater Analytics by 66.0% during the fourth quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock valued at $202,931,000 after buying an additional 2,931,445 shares during the period. Conestoga Capital Advisors LLC grew its position in Clearwater Analytics by 1.6% during the third quarter. Conestoga Capital Advisors LLC now owns 6,778,457 shares of the company’s stock valued at $171,156,000 after buying an additional 107,210 shares during the period. Finally, Wellington Management Group LLP grew its position in Clearwater Analytics by 98.2% during the fourth quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock valued at $163,867,000 after buying an additional 2,950,555 shares during the period. 50.10% of the stock is currently owned by institutional investors.

Clearwater Analytics Price Performance

The firm’s 50-day moving average is $27.99 and its 200-day moving average is $27.05. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.66 and a quick ratio of 4.66. The company has a market capitalization of $7.36 billion, a P/E ratio of 2,982.28, a price-to-earnings-growth ratio of 7.59 and a beta of 0.72.

Clearwater Analytics (NYSE:CWAN) last announced its earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.07). The business had revenue of $126.47 million for the quarter, compared to the consensus estimate of $120.34 million. Clearwater Analytics had a net margin of 0.21% and a return on equity of 5.68%. Analysts predict that Clearwater Analytics Holdings, Inc. will post 0.14 EPS for the current fiscal year.

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.