Clearwater Analytics (NYSE:CWAN) Stock Price Up 9% After Earnings Beat

Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) were up 9% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $17.28 and last traded at $17.25. Approximately 903,573 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 1,208,555 shares. The stock had previously closed at $15.82.

The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Clearwater Analytics had a positive return on equity of 1.26% and a negative net margin of 3.90%. The business had revenue of $102.70 million for the quarter, compared to analyst estimates of $100.55 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 21.4% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CWAN shares. JPMorgan Chase & Co. dropped their price target on shares of Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday. Wells Fargo & Company cut their target price on Clearwater Analytics from $24.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday. DA Davidson restated a “buy” rating and issued a $24.00 price target on shares of Clearwater Analytics in a research note on Monday, February 5th. Piper Sandler reiterated a “neutral” rating and issued a $20.00 price objective on shares of Clearwater Analytics in a research report on Thursday, February 29th. Finally, Morgan Stanley restated an “equal weight” rating and set a $19.00 target price on shares of Clearwater Analytics in a research report on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $21.70.

Insider Activity at Clearwater Analytics

In other Clearwater Analytics news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $16.90, for a total transaction of $274,625,000.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sandeep Sahai sold 50,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $19.74, for a total value of $987,000.00. Following the sale, the chief executive officer now owns 270,838 shares of the company’s stock, valued at $5,346,342.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,310,000 shares of company stock valued at $275,809,400. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Clearwater Analytics

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in Clearwater Analytics by 5.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 588,559 shares of the company’s stock worth $11,383,000 after acquiring an additional 29,039 shares during the period. Brown Advisory Inc. acquired a new position in Clearwater Analytics in the 3rd quarter worth $8,112,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Clearwater Analytics by 45.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,913 shares of the company’s stock valued at $366,000 after buying an additional 5,893 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Clearwater Analytics by 14.3% during the third quarter. Allspring Global Investments Holdings LLC now owns 2,052,126 shares of the company’s stock valued at $39,688,000 after acquiring an additional 257,515 shares in the last quarter. Finally, Conestoga Capital Advisors LLC increased its position in shares of Clearwater Analytics by 2.7% during the third quarter. Conestoga Capital Advisors LLC now owns 6,376,562 shares of the company’s stock worth $123,323,000 after acquiring an additional 166,745 shares during the last quarter. 50.10% of the stock is currently owned by hedge funds and other institutional investors.

Clearwater Analytics Stock Performance

The company has a 50 day moving average of $17.01 and a 200 day moving average of $18.68. The company has a quick ratio of 5.15, a current ratio of 5.15 and a debt-to-equity ratio of 0.11. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of -220.75, a PEG ratio of 6.82 and a beta of 0.50.

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.