Millennium Management LLC Has $38.14 Million Position in Clearwater Analytics Holdings, Inc. $CWAN

Millennium Management LLC grew its stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,423,156 shares of the company’s stock after acquiring an additional 112,482 shares during the period. Millennium Management LLC owned 0.50% of Clearwater Analytics worth $38,141,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Zevenbergen Capital Investments LLC grew its stake in Clearwater Analytics by 48.6% in the first quarter. Zevenbergen Capital Investments LLC now owns 909,429 shares of the company’s stock valued at $24,373,000 after purchasing an additional 297,414 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Clearwater Analytics during the 1st quarter valued at about $314,000. Vanguard Group Inc. lifted its holdings in shares of Clearwater Analytics by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company’s stock valued at $623,001,000 after buying an additional 2,366,715 shares during the last quarter. Yorktown Management & Research Co Inc bought a new stake in shares of Clearwater Analytics in the 1st quarter valued at approximately $409,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Clearwater Analytics in the fourth quarter worth approximately $8,580,000. 50.10% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Clearwater Analytics news, CTO Souvik Das sold 10,000 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the completion of the sale, the chief technology officer directly owned 132,549 shares of the company’s stock, valued at $2,650,980. This represents a 7.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Sandeep Sahai sold 46,962 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $20.12, for a total transaction of $944,875.44. Following the transaction, the chief executive officer directly owned 895,663 shares of the company’s stock, valued at $18,020,739.56. This represents a 4.98% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 266,748 shares of company stock valued at $5,755,414. 3.31% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on CWAN. DA Davidson reduced their target price on shares of Clearwater Analytics from $36.00 to $34.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. The Goldman Sachs Group raised shares of 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. Zacks Research raised shares of Clearwater Analytics from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 4th. Oppenheimer reduced their price target on Clearwater Analytics from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Wednesday, June 11th. Finally, Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the stock an “overweight” rating in a research note on Tuesday, June 24th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.67.

Clearwater Analytics Stock Down 0.8%

Clearwater Analytics stock opened at $20.25 on Wednesday. The firm has a market cap of $5.92 billion, a price-to-earnings ratio of 12.74, a P/E/G ratio of 5.17 and a beta of 0.73. The firm has a fifty day moving average price of $20.75 and a two-hundred day moving average price of $23.14. Clearwater Analytics Holdings, Inc. has a fifty-two week low of $17.98 and a fifty-two week high of $35.71. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.02 and a quick ratio of 2.02.

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

Clearwater Analytics announced that its Board of Directors has approved a share buyback program on Wednesday, September 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 1.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Clearwater Analytics Company 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.