Clearwater Analytics (NYSE:CWAN) PT Raised to $28.00 at Royal Bank of Canada

Clearwater Analytics (NYSE:CWAN) had its price target upped by Royal Bank of Canada from $25.00 to $28.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on CWAN. Oppenheimer raised shares of Clearwater Analytics from a market perform rating to an outperform rating and set a $25.00 target price for the company in a research report on Monday, July 8th. Piper Sandler reissued a neutral rating and issued a $23.00 target price on shares of Clearwater Analytics in a research note on Monday, September 9th. Wells Fargo & Company lifted their target price on shares of Clearwater Analytics from $22.00 to $23.00 and gave the company an overweight rating in a report on Thursday, August 1st. Finally, Citigroup began coverage on Clearwater Analytics in a report on Monday, August 19th. They issued a buy rating and a $28.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $23.90.

Clearwater Analytics Price Performance

Clearwater Analytics stock opened at $25.29 on Wednesday. Clearwater Analytics has a 1 year low of $15.62 and a 1 year high of $25.81. The company has a debt-to-equity ratio of 0.11, a quick ratio of 4.78 and a current ratio of 4.78. The firm has a 50 day moving average price of $22.88 and a 200 day moving average price of $19.66. The company has a market cap of $6.21 billion, a price-to-earnings ratio of -316.13, a PEG ratio of 8.54 and a beta of 0.61.

Clearwater Analytics (NYSE:CWAN) last issued its earnings results on Wednesday, July 31st. The company reported $0.10 earnings per share for the quarter, hitting the consensus estimate of $0.10. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The business had revenue of $106.79 million for the quarter, compared to analyst estimates of $105.51 million. During the same period last year, the company posted ($0.03) EPS. The business’s quarterly revenue was up 18.8% on a year-over-year basis. Sell-side analysts predict that Clearwater Analytics will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO James S. Cox sold 18,700 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $24.44, for a total transaction of $457,028.00. Following the completion of the transaction, the chief financial officer now directly owns 227,503 shares in the company, valued at approximately $5,560,173.32. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO James S. Cox sold 18,700 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $24.44, for a total value of $457,028.00. Following the completion of the sale, the chief financial officer now owns 227,503 shares of the company’s stock, valued at approximately $5,560,173.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Souvik Das sold 25,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $18.92, for a total transaction of $473,000.00. Following the completion of the sale, the chief technology officer now owns 10,453 shares in the company, valued at approximately $197,770.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,897,118 shares of company stock worth $247,319,596. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Blair William & Co. IL boosted its holdings in shares of Clearwater Analytics by 1.6% in the 2nd quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock valued at $786,000 after buying an additional 680 shares during the period. Arizona State Retirement System lifted its holdings in Clearwater Analytics by 2.1% in the second quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock worth $757,000 after acquiring an additional 828 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in Clearwater Analytics by 268.8% in the first quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock valued at $30,000 after acquiring an additional 1,234 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Clearwater Analytics by 389.2% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,947 shares of the company’s stock valued at $34,000 after purchasing an additional 1,549 shares during the last quarter. Finally, RiverPark Advisors LLC raised its position in shares of Clearwater Analytics by 33.1% during the 2nd quarter. RiverPark Advisors LLC now owns 7,140 shares of the company’s stock worth $132,000 after purchasing an additional 1,774 shares during the period. Institutional investors and hedge funds own 50.10% of the company’s stock.

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.