Barclays Cuts Clarivate (NYSE:CLVT) Price Target to $2.40

Clarivate (NYSE:CLVT) had its price objective reduced by Barclays from $4.00 to $2.40 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an underweight rating on the stock.

Several other equities research analysts also recently weighed in on CLVT. Royal Bank Of Canada dropped their target price on shares of Clarivate from $5.00 to $3.00 and set a “sector perform” rating for the company in a research report on Wednesday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. Morgan Stanley reissued an “underweight” rating and issued a $3.00 price objective (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. Wall Street Zen raised Clarivate from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Finally, The Goldman Sachs Group lowered Clarivate from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $4.20 to $3.60 in a research report on Thursday, January 8th. Four investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $3.30.

Clarivate Price Performance

Shares of NYSE CLVT opened at $2.30 on Wednesday. The company has a quick ratio of 0.87, a current ratio of 0.84 and a debt-to-equity ratio of 0.89. Clarivate has a fifty-two week low of $1.66 and a fifty-two week high of $4.77. The business has a 50 day moving average price of $2.72 and a two-hundred day moving average price of $3.44. The firm has a market cap of $1.47 billion, a PE ratio of -7.65 and a beta of 1.51.

Insider Activity at Clarivate

In other news, insider Bar Veinstein sold 309,902 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $3.74, for a total transaction of $1,159,033.48. Following the sale, the insider directly owned 848,811 shares in the company, valued at approximately $3,174,553.14. This represents a 26.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 23.18% of the company’s stock.

Hedge Funds Weigh In On Clarivate

Hedge funds and other institutional investors have recently modified their holdings of the company. M&T Bank Corp acquired a new stake in shares of Clarivate in the 4th quarter worth about $34,000. Essex Financial Services Inc. acquired a new stake in shares of Clarivate in the third quarter valued at approximately $41,000. Jump Financial LLC bought a new stake in shares of Clarivate during the fourth quarter valued at approximately $41,000. North Dakota State Investment Board acquired a new position in shares of Clarivate during the fourth quarter worth approximately $42,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in Clarivate in the 4th quarter worth approximately $44,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.