Clearwater Analytics Holdings, Inc. $CWAN Shares Sold by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC reduced its stake in Clearwater Analytics by 21.7% during the first quarter, now holding approximately 0.31% of the company valued at $23.2 million.
• Several other institutional investors have increased their holdings, with Graham Capital Management L.P. raising its position by 337.7% and Quarry LP increasing theirs by 979.4% in the same period.
• Clearwater Analytics reported a 70.4% year-over-year increase in revenue for the quarter, despite missing EPS estimates by $0.01, with a forecasted EPS of 0.18 for the current fiscal year.

Cubist Systematic Strategies LLC trimmed its position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 864,694 shares of the company's stock after selling 239,062 shares during the quarter. Cubist Systematic Strategies LLC owned 0.31% of Clearwater Analytics worth $23,174,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nvwm LLC bought a new position in Clearwater Analytics in the 1st quarter worth approximately $46,000. Quarry LP raised its position in Clearwater Analytics by 979.4% in the 1st quarter. Quarry LP now owns 2,094 shares of the company's stock worth $56,000 after purchasing an additional 1,900 shares during the period. CWM LLC boosted its stake in shares of 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 purchasing an additional 2,694 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Clearwater Analytics in the first quarter valued at $206,000. Finally, Norden Group LLC acquired a new position in shares of Clearwater Analytics during the 1st quarter worth about $232,000. Institutional investors and hedge funds own 50.10% of the company's stock.

Wall Street Analyst Weigh In

CWAN has been the topic of a number of analyst reports. DA Davidson reduced their price objective on shares of 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 target price on shares of Clearwater Analytics and gave the stock an "overweight" rating in a research report 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 for the company in a research note on Wednesday, June 11th. Finally, The Goldman Sachs Group upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price target for the company in a research report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $32.67.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of Clearwater Analytics stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $22.15, for a total value of $1,107,500.00. Following the completion of the transaction, the chief executive officer directly owned 895,663 shares of the company's stock, valued at approximately $19,838,935.45. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Souvik Das sold 10,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief technology officer owned 132,549 shares of the company's stock, valued at approximately $2,650,980. The trade was a 7.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 266,748 shares of company stock valued at $5,755,414. Insiders own 3.31% of the company's stock.

Clearwater Analytics Trading Up 1.8%

NYSE CWAN traded up $0.37 on Friday, hitting $20.53. The company's stock had a trading volume of 2,938,407 shares, compared to its average volume of 3,430,209. Clearwater Analytics Holdings, Inc. has a 1-year low of $17.98 and a 1-year high of $35.71. 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's 50-day moving average is $20.84 and its 200 day moving average is $23.35. The firm has a market cap of $6.00 billion, a PE ratio of 12.91, a PEG ratio of 4.75 and a beta of 0.73.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). The firm had revenue of $181.94 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $0.10 EPS. As a group, analysts predict that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Clearwater Analytics announced that its board has authorized a stock repurchase plan on Wednesday, September 3rd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 1.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is 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.