Congress Asset Management Co. Has $13.96 Million Holdings in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Congress Asset Management Co. increased its holdings in Clearwater Analytics by 36.6% in the second quarter, owning approximately 636,610 shares valued at $13.96 million.
• Clearwater Analytics reported $0.12 earnings per share, missing analyst estimates, but its revenue of $181.94 million exceeded expectations with a year-over-year growth of 70.4%.
• The company's board authorized a $100 million share repurchase plan, suggesting management believes its shares are undervalued.

Congress Asset Management Co. raised its holdings in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 36.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 636,610 shares of the company's stock after buying an additional 170,456 shares during the quarter. Congress Asset Management Co. owned about 0.22% of Clearwater Analytics worth $13,961,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CWAN. Nvwm LLC acquired a new position in shares of Clearwater Analytics during the first quarter worth approximately $46,000. Quarry LP increased its stake in Clearwater Analytics by 979.4% during 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 period. CWM LLC increased its stake in Clearwater Analytics by 714.6% during the first quarter. CWM LLC now owns 3,071 shares of the company's stock valued at $82,000 after acquiring an additional 2,694 shares during the period. Portside Wealth Group LLC bought a new stake in shares of Clearwater Analytics in the 1st quarter valued at approximately $206,000. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Clearwater Analytics in the 1st quarter valued at approximately $208,000. 50.10% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on CWAN shares. Oppenheimer decreased their price target on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the company an "overweight" rating in a research note on Tuesday, June 24th. DA Davidson cut their price target on 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 upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price objective for the company in a research report on Monday, August 11th. Finally, Zacks Research upgraded shares of Clearwater Analytics from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 4th. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $32.67.

Clearwater Analytics Trading Up 0.7%

Shares of NYSE:CWAN opened at $18.09 on Friday. The company has a 50-day simple moving average of $19.91 and a 200 day simple moving average of $22.21. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02. The company has a market capitalization of $5.29 billion, a P/E ratio of 11.38, a price-to-earnings-growth ratio of 4.55 and a beta of 0.73. Clearwater Analytics Holdings, Inc. has a 52-week low of $17.78 and a 52-week high of $35.71.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $174.16 million. Clearwater Analytics had a return on equity of 3.23% and a net margin of 73.74%.The company's revenue was up 70.4% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. Sell-side analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics announced that its board has authorized a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CTO Souvik Das sold 10,000 shares of Clearwater Analytics stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $20.57, for a total value of $205,700.00. Following the completion of the sale, the chief technology officer directly owned 121,549 shares in the company, valued at approximately $2,500,262.93. The trade was a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 transaction of $944,875.44. Following the completion of the sale, the chief executive officer owned 895,663 shares of the company's stock, valued at approximately $18,020,739.56. The trade was a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 219,323 shares of company stock worth $4,652,514 over the last three months. Insiders own 3.31% of the company's stock.

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.

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