Clearwater Analytics (NYSE:CWAN) Sets New 12-Month High on Analyst Upgrade

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) reached a new 52-week high during trading on Thursday after Wells Fargo & Company raised their price target on the stock from $22.00 to $23.00. Wells Fargo & Company currently has an overweight rating on the stock. Clearwater Analytics traded as high as $21.98 and last traded at $21.98, with a volume of 603993 shares trading hands. The stock had previously closed at $19.55.

A number of other research firms also recently weighed in on CWAN. Oppenheimer raised Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 price target on the stock in a research note on Monday, July 8th. Morgan Stanley reaffirmed an “equal weight” rating and set a $19.00 price target on shares of Clearwater Analytics in a research note on Thursday, May 2nd. Finally, JPMorgan Chase & Co. dropped their price target on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.09.

Insider Transactions at Clearwater Analytics

In other news, CRO Scott Stanley Erickson sold 3,890 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $19.50, for a total value of $75,855.00. Following the completion of the sale, the executive now directly owns 4,844 shares of the company’s stock, valued at $94,458. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $19.50, for a total value of $75,855.00. Following the completion of the transaction, the executive now directly owns 4,844 shares of the company’s stock, valued at $94,458. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Subi Sethi sold 18,599 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $19.46, for a total value of $361,936.54. Following the completion of the transaction, the insider now directly owns 77,519 shares of the company’s stock, valued at $1,508,519.74. The disclosure for this sale can be found here. Insiders sold a total of 7,233,244 shares of company stock valued at $142,594,162 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Clearwater Analytics

Several institutional investors have recently modified their holdings of CWAN. Wasatch Advisors LP grew its holdings in shares of Clearwater Analytics by 35.6% in the first quarter. Wasatch Advisors LP now owns 16,391,308 shares of the company’s stock valued at $289,962,000 after acquiring an additional 4,304,286 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Clearwater Analytics by 36.6% in the fourth quarter. Vanguard Group Inc. now owns 12,912,046 shares of the company’s stock valued at $258,628,000 after acquiring an additional 3,461,158 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Clearwater Analytics by 42.5% during the first quarter. William Blair Investment Management LLC now owns 10,364,266 shares of the company’s stock valued at $183,344,000 after purchasing an additional 3,090,352 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Clearwater Analytics by 65.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,387,928 shares of the company’s stock valued at $67,860,000 after purchasing an additional 1,335,802 shares during the period. Finally, Bamco Inc. NY grew its holdings in Clearwater Analytics by 30.8% during the first quarter. Bamco Inc. NY now owns 5,359,172 shares of the company’s stock valued at $94,804,000 after purchasing an additional 1,262,150 shares during the period. 50.10% of the stock is owned by institutional investors.

Clearwater Analytics Trading Up 12.9 %

The firm has a fifty day simple moving average of $19.21 and a two-hundred day simple moving average of $18.41. The firm has a market capitalization of $5.43 billion, a P/E ratio of -271.00, a price-to-earnings-growth ratio of 7.74 and a beta of 0.57. The company has a debt-to-equity ratio of 0.11, a current ratio of 5.59 and a quick ratio of 5.59.

Clearwater Analytics (NYSE:CWAN) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. Clearwater Analytics had a positive return on equity of 1.25% and a negative net margin of 3.90%. The business had revenue of $106.79 million during the quarter, compared to analyst estimates of $105.51 million. During the same period in the prior year, the company earned ($0.03) earnings per share. Clearwater Analytics’s revenue was up 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.13 earnings per share for the current fiscal year.

About Clearwater Analytics

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.