State of Wyoming Cuts Stock Holdings in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• The State of Wyoming reduced its stake in Clearwater Analytics Holdings, Inc. by 24.8%, holding 41,467 shares valued at approximately $1.1 million after selling 13,691 shares in the first quarter.
• Clearwater Analytics reported a 70.4% increase in quarterly revenue year-over-year, reaching $181.94 million, although it missed the earnings-per-share estimate by $0.01.
• Institutional investors and hedge funds now own 50.10% of Clearwater Analytics stock, with significant activity including Zevenbergen Capital increasing its holdings by 48.6% in the same quarter.

State of Wyoming trimmed its position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 24.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,467 shares of the company's stock after selling 13,691 shares during the quarter. State of Wyoming's holdings in Clearwater Analytics were worth $1,111,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted 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 worth $623,001,000 after acquiring an additional 2,366,715 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Clearwater Analytics in the first quarter worth approximately $56,648,000. Nuveen LLC acquired a new position in shares of Clearwater Analytics in the first quarter worth approximately $53,894,000. Invesco Ltd. lifted its stake in shares of Clearwater Analytics by 34.1% in the first quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock worth $152,930,000 after acquiring an additional 1,452,474 shares during the period. Finally, Brown Advisory Inc. lifted its stake in shares of Clearwater Analytics by 15,661.6% in the first quarter. Brown Advisory Inc. now owns 1,407,040 shares of the company's stock worth $37,709,000 after acquiring an additional 1,398,113 shares during the period. 50.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Oppenheimer cut their price objective on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Piper Sandler set a $27.00 price objective on Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded 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. Finally, DA Davidson lowered their target price on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Nine investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $32.67.

Clearwater Analytics Trading Down 2.3%

CWAN stock traded down $0.47 during mid-day trading on Tuesday, reaching $20.20. The company's stock had a trading volume of 3,175,721 shares, compared to its average volume of 3,415,670. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 4.86 and a beta of 0.73. Clearwater Analytics Holdings, Inc. has a 12 month low of $17.98 and a 12 month high of $35.71. The business's 50 day moving average price is $20.96 and its 200 day moving average price is $23.44. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 0.44.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 EPS 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 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 company's revenue was up 70.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.10 EPS. On average, equities research analysts predict that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Insider Activity

In related news, CFO James S. Cox sold 11,275 shares of Clearwater Analytics stock in a transaction that occurred on Friday, August 15th. The stock was sold at an average price of $19.42, for a total transaction of $218,960.50. Following the transaction, the chief financial officer owned 343,964 shares of the company's stock, valued at $6,679,780.88. The trade was a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Sandeep Sahai sold 46,962 shares of Clearwater Analytics stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $20.12, for a total value of $944,875.44. Following the transaction, the chief executive officer directly owned 895,663 shares in the company, valued at approximately $18,020,739.56. The trade was a 4.98% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 266,748 shares of company stock worth $5,755,414 over the last quarter. 3.31% of the stock is currently owned by corporate insiders.

Clearwater Analytics 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.