Clarivate (NYSE:CLVT) Price Target Cut to $6.00 by Analysts at Royal Bank of Canada

Clarivate (NYSE:CLVT) had its price target cut by investment analysts at Royal Bank of Canada from $7.00 to $6.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 28.48% from the stock’s current price.

A number of other research firms have also recently weighed in on CLVT. Barclays lowered their target price on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday. Two investment 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’s stock. According to MarketBeat.com, Clarivate has an average rating of “Hold” and an average target price of $7.25.

Clarivate Trading Down 2.7 %

Shares of CLVT traded down $0.13 during trading hours on Thursday, reaching $4.67. 10,296,914 shares of the company traded hands, compared to its average volume of 4,248,041. Clarivate has a 12 month low of $4.57 and a 12 month high of $9.60. The company has a market capitalization of $3.38 billion, a price-to-earnings ratio of -2.45 and a beta of 1.18. The company’s fifty day moving average price is $6.64 and its two-hundred day moving average price is $6.31. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.83.

Clarivate (NYSE:CLVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.02. Clarivate had a positive return on equity of 10.01% and a negative net margin of 46.53%. The company had revenue of $650.30 million for the quarter, compared to analysts’ expectations of $651.94 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts predict that Clarivate will post 0.64 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Saurabh Saha sold 17,646 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.75, for a total transaction of $119,110.50. Following the sale, the director now owns 23,741 shares of the company’s stock, valued at $160,251.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Bar Veinstein sold 120,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $7.00, for a total transaction of $840,000.00. Following the transaction, the insider now directly owns 976,583 shares of the company’s stock, valued at $6,836,081. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Saurabh Saha sold 17,646 shares of the company’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $6.75, for a total transaction of $119,110.50. Following the completion of the transaction, the director now owns 23,741 shares of the company’s stock, valued at approximately $160,251.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 197,646 shares of company stock worth $1,379,111. 22.77% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in Clarivate during the second quarter worth about $1,410,000. Capital World Investors purchased a new position in shares of Clarivate during the 1st quarter worth approximately $30,104,000. Boston Partners increased its holdings in Clarivate by 76.3% in the 1st quarter. Boston Partners now owns 557,496 shares of the company’s stock valued at $4,140,000 after purchasing an additional 241,292 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Clarivate in the second quarter valued at approximately $2,251,000. Finally, Illinois Municipal Retirement Fund acquired a new position in Clarivate during the first quarter worth $611,000. 85.72% of the stock is currently owned by institutional investors and hedge funds.

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.