Fred Alger Management LLC Cuts Position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Fred Alger Management LLC lessened its position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 28.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 2,112,142 shares of the company’s stock after selling 840,492 shares during the quarter. Fred Alger Management LLC’s holdings in Clearwater Analytics were worth $53,332,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. boosted its holdings in shares of Clearwater Analytics by 268.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock worth $30,000 after purchasing an additional 1,234 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Clearwater Analytics in the 3rd quarter worth approximately $45,000. Financial Management Professionals Inc. purchased a new position in shares of Clearwater Analytics in the 3rd quarter worth approximately $58,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Clearwater Analytics by 124.6% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,372 shares of the company’s stock worth $81,000 after purchasing an additional 2,425 shares during the period. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Clearwater Analytics in the 3rd quarter worth approximately $117,000. Hedge funds and other institutional investors own 50.10% of the company’s stock.

Clearwater Analytics Price Performance

Shares of CWAN stock opened at $31.17 on Friday. Clearwater Analytics Holdings, Inc. has a twelve month low of $15.62 and a twelve month high of $35.71. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of 3,120.12, a P/E/G ratio of 11.13 and a beta of 0.61. The stock has a fifty day simple moving average of $27.69 and a two-hundred day simple moving average of $23.32. The company has a current ratio of 4.66, a quick ratio of 4.66 and a debt-to-equity ratio of 0.10.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. The Goldman Sachs Group lifted their target price on Clearwater Analytics from $20.00 to $22.00 and gave the stock a “sell” rating in a report on Thursday, November 7th. Morgan Stanley raised their price target on Clearwater Analytics from $20.00 to $30.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. DA Davidson lowered Clearwater Analytics from a “buy” rating to a “neutral” rating and raised their price target for the stock from $31.00 to $35.00 in a research note on Friday, November 8th. Royal Bank of Canada raised their price target on Clearwater Analytics from $32.00 to $36.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Finally, Wells Fargo & Company raised their price target on Clearwater Analytics from $23.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Clearwater Analytics presently has a consensus rating of “Hold” and a consensus price target of $31.11.

Insiders Place Their Bets

In related news, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $23.75, for a total transaction of $92,387.50. Following the completion of the sale, the executive now directly owns 4,844 shares in the company, valued at $115,045. This represents a 44.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $26.16, for a total value of $489,192.00. Following the sale, the chief financial officer now owns 224,044 shares of the company’s stock, valued at $5,860,991.04. This trade represents a 7.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,770 shares of company stock worth $1,826,606. 4.60% of the stock is currently owned by company insiders.

Clearwater Analytics Company 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.