Clearwater Analytics Holdings, Inc. $CWAN Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. has reduced its stake in Clearwater Analytics Holdings, Inc. by 12.0%, selling 882,560 shares and now holding 2.29% of the company worth approximately $173.97 million.
• Clearwater Analytics has launched a stock repurchase program allowing up to $100 million in share buybacks, signaling confidence from the leadership that shares are undervalued.
• The company reported a quarterly revenue of $181.94 million, which exceeded analyst estimates and marked a 70.4% increase from the same quarter last year, despite EPS missing expectations.

Alliancebernstein L.P. cut its stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 12.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,491,382 shares of the company's stock after selling 882,560 shares during the period. Alliancebernstein L.P. owned 2.29% of Clearwater Analytics worth $173,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nvwm LLC purchased a new stake in shares of Clearwater Analytics in the first quarter worth approximately $46,000. Quarry LP raised its holdings in shares of Clearwater Analytics by 979.4% in the first quarter. Quarry LP now owns 2,094 shares of the company's stock worth $56,000 after buying an additional 1,900 shares during the period. CWM LLC raised its holdings in shares of Clearwater Analytics by 714.6% in the first quarter. CWM LLC now owns 3,071 shares of the company's stock worth $82,000 after buying an additional 2,694 shares during the period. Portside Wealth Group LLC purchased a new stake in shares of Clearwater Analytics in the first quarter worth approximately $206,000. Finally, Norden Group LLC purchased a new stake in shares of Clearwater Analytics in the first quarter worth approximately $232,000. 50.10% of the stock is currently owned by hedge funds and other institutional investors.

Clearwater Analytics Trading Down 1.3%

NYSE:CWAN traded down $0.26 during midday trading on Wednesday, hitting $20.02. The stock had a trading volume of 530,267 shares, compared to its average volume of 3,428,691. Clearwater Analytics Holdings, Inc. has a one year low of $17.98 and a one year high of $35.71. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 5.17 and a beta of 0.73. The stock has a 50-day moving average of $20.75 and a 200 day moving average of $23.14. 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 (NYSE:CWAN - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $181.94 million for the quarter, compared to the consensus estimate of $174.16 million. Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. The firm's revenue was up 70.4% compared to the same quarter last year. During the same period last year, the business posted $0.10 EPS. As a group, sell-side analysts forecast 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 plan on Wednesday, September 3rd that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 1.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

CWAN has been the topic of several recent analyst reports. Oppenheimer reduced their price target on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. DA Davidson reduced their price target on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the stock an "overweight" rating in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price target on the stock in a report on Monday, August 11th. Finally, Zacks Research upgraded Clearwater Analytics from a "strong sell" rating to a "hold" rating in a report on Thursday, September 4th. 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, Clearwater Analytics currently has an average rating of "Moderate Buy" and a consensus target price of $32.67.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CTO Souvik Das sold 10,000 shares of the 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 owned 132,549 shares of the company's stock, valued at approximately $2,650,980. This trade represents a 7.02% 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, CFO James S. Cox sold 11,275 shares of the 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 sale, the chief financial officer directly owned 343,964 shares in the company, valued at $6,679,780.88. This trade represents a 3.17% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 266,748 shares of company stock valued at $5,755,414. 3.31% of the stock is currently owned by corporate 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.