Royal Bank of Canada Increases Clearwater Analytics (NYSE:CWAN) Price Target to $36.00

Clearwater Analytics (NYSE:CWAN) had its price target increased by investment analysts at Royal Bank of Canada from $30.00 to $36.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target suggests a potential upside of 20.00% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley raised shares of Clearwater Analytics from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $30.00 to $34.00 in a report on Friday, January 17th. Oppenheimer raised their price target on shares of Clearwater Analytics from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group raised their price target on shares of Clearwater Analytics from $20.00 to $22.00 and gave the stock a “sell” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their target price on shares of Clearwater Analytics from $35.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and raised their target price for the company from $23.00 to $33.00 in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.60.

Clearwater Analytics Price Performance

CWAN stock traded up $2.96 during trading on Thursday, reaching $30.00. 4,233,781 shares of the company were exchanged, compared to its average volume of 2,050,691. The company has a market cap of $7.41 billion, a P/E ratio of 3,004.50, a PEG ratio of 7.59 and a beta of 0.72. Clearwater Analytics has a 52-week low of $15.62 and a 52-week high of $35.71. The stock’s 50 day moving average price is $28.00 and its 200 day moving average price is $27.04. 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 announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.07). Clearwater Analytics had a net margin of 0.21% and a return on equity of 5.68%. The business had revenue of $126.47 million during the quarter, compared to analysts’ expectations of $120.34 million. As a group, analysts predict that Clearwater Analytics will post 0.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $29.07, for a total value of $113,082.30. Following the transaction, the executive now owns 6,373 shares in the company, valued at approximately $185,263.11. This represents a 37.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sandeep Sahai sold 139,172 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $28.94, for a total transaction of $4,027,637.68. Following the completion of the transaction, the chief executive officer now owns 441,724 shares in the company, valued at approximately $12,783,492.56. This represents a 23.96 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 299,162 shares of company stock worth $8,386,024. 4.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Clearwater Analytics by 13.3% during the 4th quarter. Vanguard Group Inc. now owns 20,879,597 shares of the company’s stock worth $574,607,000 after purchasing an additional 2,455,844 shares during the last quarter. Wasatch Advisors LP increased its stake in shares of Clearwater Analytics by 3.2% during the 3rd quarter. Wasatch Advisors LP now owns 18,135,026 shares of the company’s stock worth $457,909,000 after purchasing an additional 559,564 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Clearwater Analytics by 66.0% during the 4th quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company’s stock worth $202,931,000 after buying an additional 2,931,445 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in shares of Clearwater Analytics by 1.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 6,778,457 shares of the company’s stock worth $171,156,000 after buying an additional 107,210 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Clearwater Analytics by 98.2% in the 4th quarter. Wellington Management Group LLP now owns 5,954,485 shares of the company’s stock valued at $163,867,000 after buying an additional 2,950,555 shares in the last quarter. 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.