Brokerages Set Clarivate Plc (NYSE:CLVT) Price Target at $7.10

Clarivate Plc (NYSE:CLVT) has been assigned a consensus rating of “Hold” from the six research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $7.10.

A number of research firms have recently commented on CLVT. Barclays dropped their price target on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 target price on shares of Clarivate in a research report on Thursday.

Institutional Investors Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently bought and sold shares of CLVT. Price T Rowe Associates Inc. MD increased its stake in shares of 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 valued at $141,107,000 after buying an additional 9,691,104 shares during the period. Norges Bank bought a new position in Clarivate in the fourth quarter valued at about $27,764,000. Clarkston Capital Partners LLC boosted its holdings in Clarivate by 8.1% in the fourth quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock valued at $359,328,000 after acquiring an additional 5,319,535 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Clarivate in the fourth quarter worth about $19,172,000. Finally, Atairos Partners GP Inc. bought a new stake in Clarivate during the 4th quarter worth about $17,602,000. 85.72% of the stock is owned by institutional investors and hedge funds.

Clarivate Price Performance

CLVT opened at $4.85 on Thursday. The company has a 50 day moving average of $5.12 and a two-hundred day moving average of $5.80. Clarivate has a 52-week low of $4.22 and a 52-week high of $9.07. The company has a market cap of $3.35 billion, a P/E ratio of -5.05 and a beta of 1.17. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88.

Clarivate announced that its Board of Directors has authorized a stock buyback program on Monday, December 16th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 12.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

About Clarivate

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.