Clearwater Analytics (NYSE:CWAN) Shares Gap Down on Analyst Downgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWANGet Rating)’s share price gapped down before the market opened on Thursday after Oppenheimer lowered their price target on the stock from $25.00 to $18.00. The stock had previously closed at $12.81, but opened at $12.28. Oppenheimer currently has a buy rating on the stock. Clearwater Analytics shares last traded at $12.24, with a volume of 110 shares.

A number of other research firms have also recently weighed in on CWAN. Morgan Stanley decreased their price objective on shares of Clearwater Analytics from $28.00 to $22.00 and set an “equal weight” rating for the company in a research report on Thursday, March 3rd. Credit Suisse Group decreased their price objective on shares of Clearwater Analytics from $28.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, March 3rd. Wells Fargo & Company decreased their price objective on shares of Clearwater Analytics from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Finally, Royal Bank of Canada decreased their price objective on shares of Clearwater Analytics from $29.00 to $27.00 and set an “outperform” rating for the company in a research report on Thursday, March 3rd. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.89.

In other Clearwater Analytics news, CEO Sandeep Sahai acquired 2,355 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The shares were purchased at an average price of $11.99 per share, for a total transaction of $28,236.45. Following the completion of the purchase, the chief executive officer now directly owns 33,131 shares in the company, valued at $397,240.69. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Morris Kochansky acquired 2,201 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The shares were acquired at an average price of $11.99 per share, for a total transaction of $26,389.99. Following the purchase, the insider now owns 3,976 shares of the company’s stock, valued at $47,672.24. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 547,123 shares of company stock worth $7,373,738.

Large investors have recently made changes to their positions in the business. UBS Asset Management Americas Inc. acquired a new stake in shares of Clearwater Analytics in the third quarter valued at approximately $7,683,000. Advisor Group Holdings Inc. increased its stake in shares of Clearwater Analytics by 5,694.0% in the fourth quarter. Advisor Group Holdings Inc. now owns 5,794 shares of the company’s stock valued at $133,000 after purchasing an additional 5,694 shares during the period. HM Payson & Co. bought a new position in shares of Clearwater Analytics in the fourth quarter valued at approximately $179,000. Squarepoint Ops LLC bought a new position in shares of Clearwater Analytics in the third quarter valued at approximately $3,462,000. Finally, Northern Trust Corp bought a new position in shares of Clearwater Analytics in the fourth quarter valued at approximately $1,405,000. Institutional investors own 21.08% of the company’s stock.

The firm’s fifty day moving average price is $15.67 and its 200-day moving average price is $18.12. The company has a quick ratio of 12.03, a current ratio of 12.03 and a debt-to-equity ratio of 0.18.

Clearwater Analytics (NYSE:CWANGet Rating) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.02. The company had revenue of $70.78 million during the quarter, compared to the consensus estimate of $70.02 million. On average, analysts anticipate that Clearwater Analytics Holdings, Inc. will post -0.03 EPS for the current fiscal year.

About Clearwater Analytics (NYSE:CWAN)

Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities. The company offers investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions.

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