Brown Capital Management LLC Cuts Stake in Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Brown Capital Management LLC lessened its holdings in Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 19.3% during the third quarter, Holdings Channel.com reports. The firm owned 2,373,609 shares of the company’s stock after selling 568,767 shares during the quarter. Clearwater Analytics accounts for 1.3% of Brown Capital Management LLC’s investment portfolio, making the stock its 29th largest holding. Brown Capital Management LLC’s holdings in Clearwater Analytics were worth $59,934,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CWAN. Chartwell Investment Partners LLC increased its holdings in shares of Clearwater Analytics by 0.8% in the third quarter. Chartwell Investment Partners LLC now owns 48,827 shares of the company’s stock worth $1,233,000 after buying an additional 395 shares during the period. Blair William & Co. IL increased its stake in Clearwater Analytics by 1.6% in the 2nd quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock worth $786,000 after purchasing an additional 680 shares during the period. Arizona State Retirement System increased its stake in Clearwater Analytics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock worth $757,000 after purchasing an additional 828 shares during the period. Advisors Asset Management Inc. lifted its position in Clearwater Analytics by 38.6% in the third quarter. Advisors Asset Management Inc. now owns 3,574 shares of the company’s stock valued at $90,000 after purchasing an additional 995 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Clearwater Analytics during the third quarter valued at approximately $45,000. 50.10% of the stock is owned by institutional investors.

Clearwater Analytics Stock Performance

Clearwater Analytics stock opened at $30.90 on Thursday. Clearwater Analytics Holdings, Inc. has a fifty-two week low of $15.62 and a fifty-two week high of $35.71. The stock’s 50 day simple moving average is $26.82 and its two-hundred day simple moving average is $22.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.66 and a current ratio of 4.66. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of 3,093.09, a PEG ratio of 11.01 and a beta of 0.61.

Insider Activity

In related news, CRO Scott Stanley Erickson sold 3,890 shares of Clearwater Analytics stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $31.34, for a total transaction of $121,912.60. Following the completion of the transaction, the executive now directly owns 6,373 shares of the company’s stock, valued at $199,729.82. This trade represents a 37.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $30.34, for a total transaction of $567,358.00. Following the completion of the sale, the chief financial officer now owns 219,044 shares in the company, valued at approximately $6,645,794.96. This trade represents a 7.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,852,086 shares of company stock worth $44,971,367 in the last quarter. 3.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CWAN has been the subject of a number of recent analyst reports. Oppenheimer upped their price target on shares of Clearwater Analytics from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Citigroup assumed coverage on shares of Clearwater Analytics in a research note on Monday, August 19th. They set a “buy” rating and a $28.00 price objective for the company. The Goldman Sachs Group increased their target price on shares of Clearwater Analytics from $20.00 to $22.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised Clearwater Analytics from a “neutral” rating to an “overweight” rating and upped their price target for the company from $23.00 to $33.00 in a research report on Thursday, November 7th. Finally, Wells Fargo & Company increased their price objective on Clearwater Analytics from $23.00 to $33.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $30.67.

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.