Clearwater Analytics (NYSE:CWAN) Price Target Cut to $22.00 by Analysts at Wells Fargo & Company

Clearwater Analytics (NYSE:CWAN) had its price target cut by Wells Fargo & Company from $24.00 to $22.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 29.49% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Clearwater Analytics from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $24.00 to $22.00 in a report on Thursday, February 29th. DA Davidson restated a “buy” rating and issued a $24.00 price objective on shares of Clearwater Analytics in a report on Monday, February 5th. Finally, Piper Sandler reiterated a “neutral” rating and set a $20.00 target price on shares of Clearwater Analytics in a report on Thursday, February 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.00.

Clearwater Analytics Stock Up 7.4 %

Shares of NYSE:CWAN traded up $1.17 during trading on Thursday, hitting $16.99. 481,740 shares of the company’s stock traded hands, compared to its average volume of 1,203,466. The company has a 50-day moving average price of $17.11 and a 200-day moving average price of $18.70. Clearwater Analytics has a 52 week low of $13.02 and a 52 week high of $21.89. The company has a current ratio of 5.15, a quick ratio of 5.15 and a debt-to-equity ratio of 0.11. The company has a market cap of $4.16 billion, a price-to-earnings ratio of -154.45, a price-to-earnings-growth ratio of 6.26 and a beta of 0.50.

Insider Activity

In related news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $16.90, for a total value of $274,625,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Clearwater Analytics news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $16.90, for a total value of $274,625,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Sandeep Sahai sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $19.74, for a total value of $987,000.00. Following the sale, the chief executive officer now owns 270,838 shares of the company’s stock, valued at approximately $5,346,342.12. The disclosure for this sale can be found here. Insiders sold a total of 16,310,000 shares of company stock valued at $275,809,400 over the last three months. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Clearwater Analytics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tower Research Capital LLC TRC increased its position in Clearwater Analytics by 33.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,442 shares of the company’s stock worth $49,000 after acquiring an additional 616 shares during the period. Natixis Advisors L.P. boosted its holdings in Clearwater Analytics by 1.4% in the 4th quarter. Natixis Advisors L.P. now owns 44,198 shares of the company’s stock valued at $885,000 after purchasing an additional 616 shares during the period. KLR Investment Advisors LLC increased its holdings in shares of Clearwater Analytics by 5.0% during the fourth quarter. KLR Investment Advisors LLC now owns 16,939 shares of the company’s stock worth $339,000 after purchasing an additional 801 shares during the period. Eagle Bay Advisors LLC raised its position in shares of Clearwater Analytics by 213.3% in the fourth quarter. Eagle Bay Advisors LLC now owns 1,773 shares of the company’s stock valued at $36,000 after buying an additional 1,207 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in shares of Clearwater Analytics by 389.2% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,947 shares of the company’s stock valued at $34,000 after buying an additional 1,549 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.