Clearwater Analytics (NYSE:CWAN) Announces Quarterly Earnings Results

Key Points

• Clearwater Analytics reported an EPS of $0.12, missing the consensus estimate of $0.13 by $0.01, while revenues rose to $181.94 million, surpassing expectations.
• The company's stock saw a 5.1% increase during trading, reaching $19.75, with a market capitalization of $5.59 billion.
• Several analysts have issued ratings for Clearwater with target prices ranging from $26.00 to $36.00, reflecting a general sentiment of growth potential for the company.

Clearwater Analytics (NYSE:CWAN - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01), Briefing.com reports. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. The firm had revenue of $181.94 million for the quarter, compared to the consensus estimate of $174.16 million. During the same period last year, the business earned $0.10 EPS. Clearwater Analytics's revenue was up 70.4% on a year-over-year basis.

Clearwater Analytics Stock Up 2.5%

NYSE CWAN traded up $0.46 on Tuesday, hitting $18.91. 3,111,546 shares of the stock were exchanged, compared to its average volume of 3,352,792. The company has a market cap of $5.36 billion, a PE ratio of 11.88, a PEG ratio of 3.94 and a beta of 0.73. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44. Clearwater Analytics has a fifty-two week low of $17.98 and a fifty-two week high of $35.71. The company has a 50-day moving average price of $21.81 and a 200-day moving average price of $24.31.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Oppenheimer dropped their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. The Goldman Sachs Group upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 target price on the stock in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of Clearwater Analytics from $35.00 to $32.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. began coverage on shares of Clearwater Analytics in a research report on Friday, April 25th. They set an "overweight" rating and a $28.00 target price on the stock. Finally, Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the company an "overweight" rating in a research note on Tuesday, June 24th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $32.00.

Insiders Place Their Bets

In other Clearwater Analytics news, CFO James S. Cox sold 18,700 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $22.50, for a total transaction of $420,750.00. Following the transaction, the chief financial officer owned 348,964 shares of the company's stock, valued at $7,851,690. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kathleen A. Corbet sold 12,634 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $23.66, for a total transaction of $298,920.44. Following the sale, the director owned 14,498 shares of the company's stock, valued at approximately $343,022.68. This represents a 46.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 208,107 shares of company stock worth $4,629,708. Insiders own 3.31% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CWAN. Integrated Wealth Concepts LLC purchased a new stake in shares of Clearwater Analytics in the first quarter worth approximately $208,000. Woodline Partners LP raised its holdings in Clearwater Analytics by 75.2% during the 1st quarter. Woodline Partners LP now owns 20,066 shares of the company's stock worth $538,000 after purchasing an additional 8,613 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Clearwater Analytics by 1,027.1% during the 1st quarter. AQR Capital Management LLC now owns 132,828 shares of the company's stock worth $3,560,000 after buying an additional 121,043 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Clearwater Analytics by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 459,292 shares of the company's stock valued at $12,309,000 after purchasing an additional 6,826 shares during the period. 50.10% of the stock is owned by institutional investors and hedge funds.

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.