Clearwater Analytics (NYSE:CWAN) Shares Gap Up on Strong Earnings

Clearwater Analytics Holdings, Inc. (NYSE:CWAN)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $28.58, but opened at $32.86. Clearwater Analytics shares last traded at $33.85, with a volume of 508,491 shares.

The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%. The company had revenue of $115.83 million for the quarter, compared to the consensus estimate of $113.37 million.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Piper Sandler increased their target price on shares of Clearwater Analytics from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday. Morgan Stanley boosted their target price on Clearwater Analytics from $20.00 to $30.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Royal Bank of Canada upped their price target on Clearwater Analytics from $25.00 to $28.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 18th. Oppenheimer lifted their price objective on Clearwater Analytics from $25.00 to $31.00 and gave the company an “outperform” rating in a research note on Monday, October 7th. Finally, Citigroup initiated coverage on Clearwater Analytics in a report on Monday, August 19th. They set a “buy” rating and a $28.00 target price for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.67.

Insider Buying and Selling

In other Clearwater Analytics news, Director Galibier Purchaser, Llc sold 1,784,316 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $24.18, for a total transaction of $43,144,760.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Clearwater Analytics news, Director Galibier Purchaser, Llc sold 1,784,316 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $24.18, for a total transaction of $43,144,760.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Scott Stanley Erickson sold 3,890 shares of Clearwater Analytics stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $23.75, for a total value of $92,387.50. Following the completion of the sale, the executive now owns 4,844 shares in the company, valued at approximately $115,045. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,864,693 shares of company stock valued at $45,128,342 over the last three months. 3.46% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CWAN. Swiss National Bank increased its position in Clearwater Analytics by 8.5% during the third quarter. Swiss National Bank now owns 312,900 shares of the company’s stock worth $7,901,000 after buying an additional 24,600 shares in the last quarter. Thrivent Financial for Lutherans boosted its holdings in Clearwater Analytics by 16.3% in the third quarter. Thrivent Financial for Lutherans now owns 75,148 shares of the company’s stock valued at $1,898,000 after acquiring an additional 10,518 shares during the last quarter. Natixis Advisors LLC lifted its position in Clearwater Analytics by 59.2% during the third quarter. Natixis Advisors LLC now owns 71,260 shares of the company’s stock valued at $1,799,000 after buying an additional 26,506 shares in the last quarter. Connable Office Inc. acquired a new position in shares of Clearwater Analytics during the third quarter worth about $201,000. Finally, Royce & Associates LP purchased a new position in Clearwater Analytics in the 3rd quarter worth approximately $1,868,000. 50.10% of the stock is currently owned by institutional investors and hedge funds.

Clearwater Analytics Stock Up 18.4 %

The firm’s 50 day moving average price is $25.48 and its two-hundred day moving average price is $21.78. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $8.34 billion, a PE ratio of -1,429.50, a P/E/G ratio of 9.53 and a beta of 0.61.

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.