Clearwater Analytics (NYSE:CWAN) Posts Quarterly Earnings Results, Meets Expectations

Clearwater Analytics (NYSE:CWAN) announced its earnings results on Wednesday. The company reported $0.10 EPS for the quarter, hitting the consensus estimate of $0.10, Briefing.com reports. The company had revenue of $106.79 million for the quarter, compared to analysts’ expectations of $105.51 million. Clearwater Analytics had a positive return on equity of 3.61% and a negative net margin of 1.14%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.03) earnings per share. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Clearwater Analytics Trading Down 2.9 %

NYSE:CWAN traded down $0.68 during mid-day trading on Friday, hitting $22.84. The company had a trading volume of 674,538 shares, compared to its average volume of 1,470,460. Clearwater Analytics has a fifty-two week low of $15.62 and a fifty-two week high of $23.55. The business’s fifty day moving average is $19.22 and its two-hundred day moving average is $18.41. The company has a current ratio of 5.59, a quick ratio of 5.59 and a debt-to-equity ratio of 0.11.

Analyst Ratings Changes

Several analysts have recently commented on the company. Morgan Stanley restated an “equal weight” rating and set a $19.00 target price on shares of Clearwater Analytics in a report on Thursday, May 2nd. Oppenheimer upgraded Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 target price on the stock in a report on Monday, July 8th. Piper Sandler upped their price target on Clearwater Analytics from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. cut their price target on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. Finally, Wells Fargo & Company upped their price target on Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.36.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, insider Scott Stanley Erickson sold 118,204 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $20.10, for a total value of $2,375,900.40. Following the transaction, the insider now owns 3,315 shares of the company’s stock, valued at $66,631.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Clearwater Analytics news, insider Scott Stanley Erickson sold 118,204 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $20.10, for a total value of $2,375,900.40. Following the completion of the sale, the insider now directly owns 3,315 shares in the company, valued at $66,631.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James S. Cox sold 6,275 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $20.10, for a total value of $126,127.50. Following the completion of the sale, the chief financial officer now owns 235,962 shares of the company’s stock, valued at $4,742,836.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,233,244 shares of company stock valued at $142,594,162. 2.10% of the stock is currently owned by company insiders.

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.