EFG Asset Management North America Corp. Takes $1.60 Million Position in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• EFG Asset Management North America Corp. has acquired 59,570 shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) valued at approximately $1.6 million in the first quarter of the year.
• Insider activity includes CEO Sandeep Sahai selling 46,962 shares for nearly $944,875, indicating a 4.98% decrease in his ownership.
• Clearwater Analytics recently announced a $100 million stock repurchase plan, suggesting that the board believes the company’s shares are currently undervalued.

EFG Asset Management North America Corp. purchased a new stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 59,570 shares of the company's stock, valued at approximately $1,596,000.

A number of other hedge funds have also modified their holdings of CWAN. Cinctive Capital Management LP purchased a new position in shares of Clearwater Analytics during the first quarter valued at $1,502,000. Curi RMB Capital LLC increased its stake in Clearwater Analytics by 57.1% during the first quarter. Curi RMB Capital LLC now owns 337,153 shares of the company's stock valued at $9,036,000 after acquiring an additional 122,575 shares during the period. Bosun Asset Management LLC increased its stake in Clearwater Analytics by 23.6% during the first quarter. Bosun Asset Management LLC now owns 15,645 shares of the company's stock valued at $419,000 after acquiring an additional 2,991 shares during the period. AQR Capital Management LLC boosted its holdings in Clearwater Analytics by 1,027.1% during the first quarter. AQR Capital Management LLC now owns 132,828 shares of the company's stock valued at $3,560,000 after purchasing an additional 121,043 shares in the last quarter. Finally, PDT Partners LLC boosted its holdings in Clearwater Analytics by 28.3% during the first quarter. PDT Partners LLC now owns 131,970 shares of the company's stock valued at $3,537,000 after purchasing an additional 29,108 shares in the last quarter. 50.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CWAN. Oppenheimer reduced their price objective on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Monday, August 11th. Zacks Research raised shares of Clearwater Analytics from a "strong sell" rating to a "hold" rating in a report on Thursday, September 4th. Finally, DA Davidson decreased their price objective on shares of Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $32.67.

Insider Buying and Selling

In other Clearwater Analytics news, CEO Sandeep Sahai sold 46,962 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $20.12, for a total value of $944,875.44. Following the completion of the sale, the chief executive officer directly owned 895,663 shares of the company's stock, valued at approximately $18,020,739.56. This represents a 4.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Souvik Das sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $20.00, for a total transaction of $200,000.00. Following the transaction, the chief technology officer directly owned 132,549 shares of the company's stock, valued at $2,650,980. This represents a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 266,748 shares of company stock worth $5,755,414 in the last quarter. Insiders own 3.31% of the company's stock.

Clearwater Analytics Trading Down 1.2%

CWAN traded down $0.23 during trading on Wednesday, reaching $20.04. 1,025,887 shares of the stock traded hands, compared to its average volume of 3,430,202. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $5.86 billion, a PE ratio of 12.61, a P/E/G ratio of 5.17 and a beta of 0.73. The stock's 50-day moving average is $20.75 and its 200 day moving average is $23.14. Clearwater Analytics Holdings, Inc. has a 12 month low of $17.98 and a 12 month high of $35.71.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last issued its quarterly earnings results 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 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 company posted $0.10 EPS. The business's revenue was up 70.4% compared to the same quarter last year. Equities analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics declared that its board has approved a stock buyback program on Wednesday, September 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 1.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

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.