Principal Financial Group Inc. Sells 3,269 Shares of Clarivate Plc (NYSE:CLVT)

Principal Financial Group Inc. cut its holdings in Clarivate Plc (NYSE:CLVT) by 10.8% during the third quarter, HoldingsChannel reports. The firm owned 27,084 shares of the company’s stock after selling 3,269 shares during the period. Principal Financial Group Inc.’s holdings in Clarivate were worth $192,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of CLVT. Nisa Investment Advisors LLC acquired a new position in Clarivate during the second quarter worth $26,000. Truist Financial Corp acquired a new position in shares of Clarivate during the second quarter worth approximately $63,000. Forum Financial Management LP acquired a new position in Clarivate during the 2nd quarter worth $75,000. Headlands Technologies LLC boosted its holdings in Clarivate by 749.2% in the second quarter. Headlands Technologies LLC now owns 14,632 shares of the company’s stock valued at $83,000 after acquiring an additional 12,909 shares during the last quarter. Finally, Transcend Capital Advisors LLC bought a new position in shares of Clarivate in the 2nd quarter valued at about $86,000. 85.72% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Bar Veinstein sold 120,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $7.00, for a total value of $840,000.00. Following the completion of the transaction, the insider now directly owns 976,583 shares in the company, valued at approximately $6,836,081. This trade represents a 10.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael J. Angelakis acquired 765,000 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were acquired at an average cost of $5.19 per share, with a total value of $3,970,350.00. Following the purchase, the director now directly owns 3,465,000 shares of the company’s stock, valued at $17,983,350. This trade represents a 28.33 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 197,646 shares of company stock worth $1,379,111 in the last quarter. Insiders own 23.14% of the company’s stock.

Clarivate Price Performance

Clarivate stock opened at $5.74 on Tuesday. The stock has a 50-day moving average price of $6.17 and a two-hundred day moving average price of $6.11. The company has a market capitalization of $4.08 billion, a PE ratio of -2.88 and a beta of 1.18. Clarivate Plc has a 12 month low of $4.25 and a 12 month high of $9.60. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84.

Clarivate (NYSE:CLVT) last announced its earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, meeting the consensus estimate of $0.19. The company had revenue of $622.20 million for the quarter, compared to analyst estimates of $640.81 million. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.18 EPS. Analysts expect that Clarivate Plc will post 0.63 EPS for the current year.

Analyst Upgrades and Downgrades

CLVT has been the subject of several analyst reports. Barclays decreased their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada lowered their price target on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 7th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $7.25.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.