Clearwater Analytics (NYSE:CWAN) Shares Down 4.4% After Analyst Downgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWAN)’s share price fell 4.4% during trading on Wednesday after Oppenheimer lowered their price target on the stock from $40.00 to $36.00. Oppenheimer currently has an outperform rating on the stock. Clearwater Analytics traded as low as $23.00 and last traded at $23.65. 1,719,499 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,826,087 shares. The stock had previously closed at $24.75.

Several other research firms have also commented on CWAN. UBS Group upped their price objective on Clearwater Analytics from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. The Goldman Sachs Group began coverage on Clearwater Analytics in a research report on Monday, May 19th. They issued a “neutral” rating and a $26.00 price objective on the stock. Piper Sandler lowered their price objective on Clearwater Analytics from $36.00 to $28.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Morgan Stanley restated an “overweight” rating and issued a $36.00 price objective (up previously from $34.00) on shares of Clearwater Analytics in a research report on Friday, February 21st. Finally, Royal Bank of Canada upped their target price on Clearwater Analytics from $30.00 to $36.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.00.

Insider Transactions at Clearwater Analytics

In related news, CEO Sandeep Sahai sold 50,000 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $23.09, for a total value of $1,154,500.00. Following the completion of the transaction, the chief executive officer now directly owns 876,754 shares of the company’s stock, valued at approximately $20,244,249.86. This represents a 5.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen A. Corbet sold 12,634 shares of the stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $23.66, for a total value of $298,920.44. Following the completion of the transaction, the director now directly owns 14,498 shares of the company’s stock, valued at approximately $343,022.68. This represents a 46.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 150,034 shares of company stock valued at $3,598,245 in the last three months. 3.31% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in Clearwater Analytics by 10.0% in the 1st quarter. Rhumbline Advisers now owns 259,291 shares of the company’s stock valued at $6,949,000 after purchasing an additional 23,644 shares during the last quarter. Strs Ohio acquired a new stake in shares of Clearwater Analytics in the 1st quarter worth $1,369,000. Acadian Asset Management LLC acquired a new stake in shares of Clearwater Analytics in the 1st quarter worth $1,270,000. Intech Investment Management LLC increased its stake in shares of Clearwater Analytics by 53.9% in the 1st quarter. Intech Investment Management LLC now owns 107,436 shares of the company’s stock worth $2,879,000 after acquiring an additional 37,615 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Clearwater Analytics by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 459,292 shares of the company’s stock worth $12,309,000 after acquiring an additional 6,826 shares during the last quarter. 50.10% of the stock is owned by institutional investors and hedge funds.

Clearwater Analytics Stock Down 1.0%

The firm has a market capitalization of $6.48 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 8.23 and a beta of 0.77. The business has a 50 day simple moving average of $23.03 and a 200-day simple moving average of $26.44. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.66 and a current ratio of 4.66.

Clearwater Analytics (NYSE:CWAN) last issued its earnings results on Wednesday, April 30th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Clearwater Analytics had a return on equity of 7.11% and a net margin of 93.97%. The business had revenue of $126.86 million during the quarter, compared to the consensus estimate of $125.11 million. During the same period last year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 23.5% on a year-over-year basis. On average, equities analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Clearwater Analytics Company Profile

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.