DA Davidson Reaffirms Buy Rating for Clearwater Analytics (NYSE:CWAN)

Clearwater Analytics (NYSE:CWAN)‘s stock had its “buy” rating reiterated by stock analysts at DA Davidson in a report released on Wednesday,Benzinga reports. They presently have a $30.00 price target on the stock. DA Davidson’s target price suggests a potential upside of 38.86% from the company’s current price.

Other research analysts also recently issued reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Clearwater Analytics in a research report on Monday. Royal Bank Of Canada reissued an “outperform” rating and issued a $36.00 target price on shares of Clearwater Analytics in a research report on Wednesday, September 17th. UBS Group lowered their target price on Clearwater Analytics from $35.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, November 6th. Morgan Stanley reiterated an “overweight” rating and set a $27.00 price target on shares of Clearwater Analytics in a research note on Monday, November 24th. Finally, JPMorgan Chase & Co. lowered their price objective on Clearwater Analytics from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.56.

Clearwater Analytics Stock Performance

Shares of Clearwater Analytics stock traded up $0.71 during trading hours on Wednesday, hitting $21.61. 3,175,724 shares of the company’s stock traded hands, compared to its average volume of 4,007,985. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 5.73 and a beta of 0.67. Clearwater Analytics has a 12-month low of $15.73 and a 12-month high of $32.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.97 and a quick ratio of 1.97. The company has a fifty day simple moving average of $19.23 and a 200-day simple moving average of $20.35.

Clearwater Analytics (NYSE:CWAN) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). Clearwater Analytics had a return on equity of 2.77% and a net margin of 61.28%.The company had revenue of $205.11 million during the quarter, compared to analysts’ expectations of $203.66 million. During the same period last year, the firm posted $0.14 earnings per share. Clearwater Analytics’s quarterly revenue was up 77.1% compared to the same quarter last year. Equities research analysts anticipate that Clearwater Analytics will post 0.18 EPS for the current fiscal year.

Clearwater Analytics declared that its board has authorized a share buyback plan on Wednesday, September 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 1.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Clearwater Analytics

In other news, CTO Souvik Das sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $21.59, for a total value of $215,900.00. Following the completion of the transaction, the chief technology officer directly owned 96,186 shares in the company, valued at approximately $2,076,655.74. This trade represents a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Scott Stanley Erickson sold 4,505 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $17.68, for a total transaction of $79,648.40. Following the sale, the executive directly owned 19,552 shares in the company, valued at $345,679.36. This trade represents a 18.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 113,302 shares of company stock valued at $2,217,826. Company insiders own 3.31% of the company’s stock.

Institutional Investors Weigh In On Clearwater Analytics

Several large investors have recently added to or reduced their stakes in CWAN. Vanguard Group Inc. increased its stake in Clearwater Analytics by 21.9% in the 3rd quarter. Vanguard Group Inc. now owns 33,261,349 shares of the company’s stock worth $599,370,000 after acquiring an additional 5,967,798 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Clearwater Analytics by 108.7% in the third quarter. Wellington Management Group LLP now owns 17,793,701 shares of the company’s stock worth $320,642,000 after purchasing an additional 9,268,950 shares during the last quarter. Wasatch Advisors LP lifted its position in Clearwater Analytics by 3.0% during the second quarter. Wasatch Advisors LP now owns 9,567,391 shares of the company’s stock valued at $209,813,000 after purchasing an additional 274,664 shares during the last quarter. Bamco Inc. NY lifted its position in Clearwater Analytics by 25.9% during the third quarter. Bamco Inc. NY now owns 7,675,038 shares of the company’s stock valued at $138,304,000 after purchasing an additional 1,580,323 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in Clearwater Analytics by 83.5% in the 3rd quarter. Blair William & Co. IL now owns 7,134,647 shares of the company’s stock worth $128,566,000 after buying an additional 3,245,986 shares in the last quarter. Institutional investors 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.