Clearwater Analytics Holdings, Inc. (NYSE:CWAN) Sees Significant Increase in Short Interest

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 6,020,000 shares, an increase of 5.8% from the March 15th total of 5,690,000 shares. Based on an average daily volume of 1,230,000 shares, the days-to-cover ratio is presently 4.9 days. Approximately 6.2% of the company’s shares are sold short.

Wall Street Analyst Weigh In

A number of brokerages have commented on CWAN. JPMorgan Chase & Co. cut Clearwater Analytics from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $24.00 to $22.00 in a research note on Thursday, February 29th. Piper Sandler reissued a “neutral” rating and issued a $20.00 price target on shares of Clearwater Analytics in a research report on Thursday, February 29th. Finally, DA Davidson restated a “buy” rating and set a $24.00 price objective on shares of Clearwater Analytics in a report on Monday, February 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Clearwater Analytics currently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Insiders Place Their Bets

In other news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction on Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $19.74, for a total value of $987,000.00. Following the completion of the sale, the chief executive officer now directly owns 270,838 shares in the company, valued at $5,346,342.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,310,000 shares of company stock worth $275,809,400. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Clearwater Analytics

A number of institutional investors and hedge funds have recently modified their holdings of CWAN. Advisor Group Holdings Inc. grew its stake in Clearwater Analytics by 17.8% in the 1st quarter. Advisor Group Holdings Inc. now owns 6,823 shares of the company’s stock valued at $143,000 after purchasing an additional 1,029 shares during the period. Bank of New York Mellon Corp purchased a new stake in Clearwater Analytics during the first quarter worth about $12,870,000. Citigroup Inc. purchased a new stake in Clearwater Analytics during the first quarter worth about $143,000. BlackRock Inc. raised its position in Clearwater Analytics by 4.6% in the first quarter. BlackRock Inc. now owns 470,328 shares of the company’s stock worth $9,877,000 after acquiring an additional 20,705 shares during the period. Finally, Durable Capital Partners LP boosted its stake in Clearwater Analytics by 11.3% in the first quarter. Durable Capital Partners LP now owns 8,945,959 shares of the company’s stock valued at $187,865,000 after acquiring an additional 908,588 shares during the last quarter. 50.10% of the stock is owned by hedge funds and other institutional investors.

Clearwater Analytics Trading Up 0.4 %

Shares of CWAN stock opened at $16.30 on Thursday. Clearwater Analytics has a 52-week low of $13.02 and a 52-week high of $21.89. The company has a 50-day simple moving average of $17.76 and a two-hundred day simple moving average of $18.95. The company has a debt-to-equity ratio of 0.11, a quick ratio of 5.15 and a current ratio of 5.15. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of -148.18, a PEG ratio of 6.40 and a beta of 0.45.

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.