Clearwater Analytics (NYSE:CWAN) Price Target Cut to $34.00 by Analysts at DA Davidson

Key Points

• DA Davidson has lowered its price target for Clearwater Analytics from $36.00 to $34.00 while maintaining a "buy" rating, suggesting a potential upside of 79.70% from the previous close.
• Clearwater Analytics reported a year-over-year revenue increase of 70.4% but missed earnings estimates by $0.01, posting $0.12 earnings per share for the latest quarter.
• Insiders have sold over 208,000 shares of Clearwater Analytics stock recently, indicating a 3.31% ownership stake currently held by insiders.

Clearwater Analytics (NYSE:CWAN - Get Free Report) had its target price lowered by equities researchers at DA Davidson from $36.00 to $34.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. DA Davidson's price target suggests a potential upside of 76.72% from the company's previous close.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of Clearwater Analytics in a report on Friday, April 25th. They issued an "overweight" rating and a $28.00 price target on the stock. Oppenheimer decreased their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. The Goldman Sachs Group raised shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 target price for the company in a report on Monday, August 11th. Wells Fargo & Company lowered their price target on shares of Clearwater Analytics from $35.00 to $32.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Piper Sandler set a $27.00 price target 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 stock presently has a consensus rating of "Buy" and an average target price of $32.20.

Clearwater Analytics Stock Down 0.7%

NYSE CWAN traded down $0.13 during trading hours on Tuesday, hitting $19.24. 3,865,235 shares of the company traded hands, compared to its average volume of 4,954,105. Clearwater Analytics has a twelve month low of $17.98 and a twelve month high of $35.71. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 4.53 and a beta of 0.73. The business's 50-day moving average is $21.48 and its 200-day moving average is $24.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%. The company had revenue of $181.94 million for the quarter, compared to the consensus estimate of $174.16 million. During the same quarter last year, the business earned $0.10 EPS. Clearwater Analytics's revenue was up 70.4% on a year-over-year basis. Sell-side analysts anticipate that Clearwater Analytics will post 0.18 earnings per share for the current year.

Insider Buying and Selling at Clearwater Analytics

In other news, CEO Sandeep Sahai sold 50,000 shares of the stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $22.15, for a total value of $1,107,500.00. Following the sale, the chief executive officer directly owned 895,663 shares in the company, valued at $19,838,935.45. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James S. Cox sold 18,700 shares of the company's 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 directly owned 348,964 shares in the company, valued at $7,851,690. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 208,107 shares of company stock valued at $4,629,708. Insiders own 3.31% of the company's stock.

Institutional Trading of Clearwater Analytics

A number of institutional investors have recently added to or reduced their stakes in CWAN. First Horizon Advisors Inc. grew its holdings in shares of Clearwater Analytics by 278.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,523 shares of the company's stock worth $33,000 after purchasing an additional 1,121 shares during the last quarter. Bessemer Group Inc. raised its stake in Clearwater Analytics by 84.6% in the second quarter. Bessemer Group Inc. now owns 1,545 shares of the company's stock valued at $35,000 after purchasing an additional 708 shares in the last quarter. Nvwm LLC acquired a new position in Clearwater Analytics during the first quarter worth about $46,000. Quarry LP boosted its holdings in Clearwater Analytics by 979.4% in the first quarter. Quarry LP now owns 2,094 shares of the company's stock valued at $56,000 after acquiring an additional 1,900 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Clearwater Analytics by 714.6% during the 1st quarter. CWM LLC now owns 3,071 shares of the company's stock worth $82,000 after buying an additional 2,694 shares in the last quarter. 50.10% of the stock is currently 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.