Kornitzer Capital Management Inc. KS Boosts Stock Position in Clearwater Analytics Holdings, Inc. $CWAN

Kornitzer Capital Management Inc. KS grew its position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 6.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 427,950 shares of the company’s stock after purchasing an additional 26,585 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.15% of Clearwater Analytics worth $9,385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of CWAN. Apollon Wealth Management LLC lifted its holdings in shares of Clearwater Analytics by 3.9% in the 1st quarter. Apollon Wealth Management LLC now owns 12,341 shares of the company’s stock worth $331,000 after acquiring an additional 459 shares during the last quarter. Huntleigh Advisors Inc. raised its position in Clearwater Analytics by 1.9% in the 1st quarter. Huntleigh Advisors Inc. now owns 32,211 shares of the company’s stock worth $863,000 after purchasing an additional 595 shares during the period. Redwood Investments LLC lifted its stake in Clearwater Analytics by 0.8% in the first quarter. Redwood Investments LLC now owns 74,651 shares of the company’s stock worth $2,001,000 after purchasing an additional 608 shares during the last quarter. Cerity Partners LLC boosted its position in Clearwater Analytics by 7.3% during the first quarter. Cerity Partners LLC now owns 11,598 shares of the company’s stock valued at $311,000 after buying an additional 793 shares during the period. Finally, KLP Kapitalforvaltning AS grew its stake in shares of Clearwater Analytics by 2.2% during the first quarter. KLP Kapitalforvaltning AS now owns 41,300 shares of the company’s stock valued at $1,107,000 after buying an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 50.10% of the company’s stock.

Insiders Place Their Bets

In other Clearwater Analytics news, insider Subi Sethi sold 7,434 shares of Clearwater Analytics 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 $131,433.12. Following the sale, the insider directly owned 226,980 shares of the company’s stock, valued at approximately $4,013,006.40. The trade was a 3.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Souvik Das sold 5,327 shares of the stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $17.68, for a total value of $94,181.36. Following the completion of the transaction, the chief technology officer directly owned 136,066 shares of the company’s stock, valued at $2,405,646.88. This represents a 3.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 143,602 shares of company stock valued at $2,756,283 over the last ninety days. 3.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CWAN. Zacks Research raised Clearwater Analytics from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 4th. Wall Street Zen downgraded Clearwater Analytics from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. The Goldman Sachs Group raised Clearwater Analytics from a “neutral” rating to a “buy” rating and set a $27.00 price objective for the company in a research note on Monday, August 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Clearwater Analytics in a research note on Wednesday, September 17th. Finally, Weiss Ratings raised shares of Clearwater Analytics from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.67.

Clearwater Analytics Stock Performance

Shares of CWAN stock opened at $19.02 on Friday. The firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 5.21 and a beta of 0.69. The stock has a fifty day moving average of $19.06 and a 200 day moving average of $21.11. Clearwater Analytics Holdings, Inc. has a 52 week low of $17.15 and a 52 week high of $35.71. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44.

Clearwater Analytics (NYSE:CWAN) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $181.94 million during the quarter, compared to the consensus estimate of $174.16 million. Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%.The firm’s revenue for the quarter was up 70.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 earnings per share. As a group, research analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 3rd that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to reacquire up to 1.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Clearwater Analytics Profile

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.