American Century Companies Inc. Takes Position in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• American Century Companies Inc. acquired 69,396 shares of Clearwater Analytics Holdings, valued at approximately $1.86 million, during Q1.
• Vanguard Group Inc. increased its stake in Clearwater Analytics by 11.3%, owning over 23 million shares worth approximately $623 million.
• Clearwater Analytics recently adjusted its stock ratings, with analysts setting new target prices ranging from $27.00 to $34.00.

American Century Companies Inc. bought a new stake in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 69,396 shares of the company's stock, valued at approximately $1,860,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Clearwater Analytics by 11.3% in the first quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company's stock valued at $623,001,000 after acquiring an additional 2,366,715 shares during the period. Invesco Ltd. increased its stake in Clearwater Analytics by 34.1% in the 1st quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock worth $152,930,000 after buying an additional 1,452,474 shares during the period. Blair William & Co. IL increased its stake in Clearwater Analytics by 44.4% in the 1st quarter. Blair William & Co. IL now owns 2,534,270 shares of the company's stock worth $67,918,000 after buying an additional 779,538 shares during the period. Fred Alger Management LLC increased its stake in Clearwater Analytics by 16.9% in the 4th quarter. Fred Alger Management LLC now owns 2,469,228 shares of the company's stock worth $67,953,000 after buying an additional 357,086 shares during the period. Finally, Driehaus Capital Management LLC increased its stake in Clearwater Analytics by 13.8% in the 4th quarter. Driehaus Capital Management LLC now owns 2,214,452 shares of the company's stock worth $60,942,000 after buying an additional 268,601 shares during the period. Hedge funds and other institutional investors own 50.10% of the company's stock.

Clearwater Analytics Stock Performance

Shares of NYSE:CWAN traded up $0.59 during trading on Friday, hitting $20.75. 5,855,019 shares of the stock traded hands, compared to its average volume of 4,452,897. 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 company has a market cap of $6.07 billion, a price-to-earnings ratio of 13.05, a P/E/G ratio of 4.80 and a beta of 0.73. The company has a fifty day moving average price of $20.82 and a two-hundred day moving average price of $23.30. Clearwater Analytics Holdings, Inc. has a 52-week low of $17.98 and a 52-week high of $35.71.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $181.94 million for the quarter, compared to analysts' expectations of $174.16 million. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. Clearwater Analytics's revenue for the quarter was up 70.4% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. As a group, equities analysts predict that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Clearwater Analytics announced that its Board of Directors has initiated a stock repurchase program on Wednesday, September 3rd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on CWAN shares. DA Davidson reduced their price target 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. The Goldman Sachs Group raised shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price target on the stock in a research note on Monday, August 11th. Piper Sandler set a $27.00 price target on shares of Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. Oppenheimer reduced their price target on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Finally, Zacks Research raised shares of Clearwater Analytics from a "strong sell" rating to a "hold" rating in a research report on Thursday. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $32.67.

Insider Buying and Selling

In related news, CFO James S. Cox sold 11,275 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $19.42, for a total value of $218,960.50. Following the completion of the sale, the chief financial officer owned 343,964 shares of the company's stock, valued at approximately $6,679,780.88. The trade was a 3.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Souvik Das sold 10,000 shares of Clearwater Analytics stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00. Following the sale, the chief technology officer directly owned 132,549 shares in the company, valued at approximately $2,650,980. This trade represents a 7.02% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 266,748 shares of company stock valued at $5,755,414. 3.31% of the stock is owned by corporate insiders.

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.