The Goldman Sachs Group Cuts Clarivate (NYSE:CLVT) Price Target to $2.60

Clarivate (NYSE:CLVT) had its target price decreased by The Goldman Sachs Group from $2.90 to $2.60 in a research note issued to investors on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

CLVT has been the topic of a number of other research reports. Barclays reduced their target price on Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Thursday. Wall Street Zen upgraded Clarivate from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th. Finally, Stifel Nicolaus reduced their price target on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $3.02.

Clarivate Price Performance

Shares of NYSE CLVT opened at $2.00 on Thursday. Clarivate has a 1 year low of $1.66 and a 1 year high of $4.55. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.84. The company’s 50-day moving average is $2.27 and its 200 day moving average is $2.42. The stock has a market capitalization of $1.28 billion, a P/E ratio of -3.86 and a beta of 1.38.

Clarivate (NYSE:CLVT) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. The company had revenue of $587.30 million during the quarter, compared to the consensus estimate of $589.73 million. During the same period in the prior year, the firm earned $0.18 earnings per share. Clarivate’s revenue was down 5.5% on a year-over-year basis. On average, sell-side analysts expect that Clarivate will post 0.65 earnings per share for the current year.

Institutional Investors Weigh In On Clarivate

Hedge funds and other institutional investors have recently bought and sold shares of the business. M&T Bank Corp purchased a new position in shares of Clarivate during the fourth quarter valued at approximately $34,000. PharVision Advisers LLC purchased a new stake in shares of Clarivate in the 3rd quarter worth approximately $45,000. Personal CFO Solutions LLC purchased a new stake in shares of Clarivate in the 1st quarter worth approximately $30,000. FreeGulliver LLC purchased a new stake in shares of Clarivate in the 1st quarter worth approximately $30,000. Finally, Pitcairn Co. bought a new position in Clarivate during the 2nd quarter valued at approximately $52,000. Hedge funds and other institutional investors 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.