Clearwater Analytics Holdings, Inc. $CWAN Shares Bought by Millennium Management LLC

Key Points

• Millennium Management LLC increased its stake in Clearwater Analytics Holdings by 8.6%, holding 1,423,156 shares valued at $38.14 million as of its latest SEC filing.
• Several other institutional investors, including Zevenbergen Capital and Vanguard Group, have also significantly adjusted their holdings in Clearwater Analytics, with 50.10% of the stock now owned by institutional investors.
• Clearwater Analytics announced a $100 million share buyback program as management believes the stock is undervalued, alongside reporting a 70.4% year-over-year revenue increase during its last quarter.

Millennium Management LLC lifted its holdings in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 8.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,423,156 shares of the company's stock after purchasing an additional 112,482 shares during the quarter. Millennium Management LLC owned about 0.50% of Clearwater Analytics worth $38,141,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Apollon Wealth Management LLC boosted its position in shares of Clearwater Analytics by 3.9% in the 1st quarter. Apollon Wealth Management LLC now owns 12,341 shares of the company's stock worth $331,000 after purchasing an additional 459 shares in the last quarter. Huntleigh Advisors Inc. increased its holdings in shares of Clearwater Analytics by 1.9% in the first quarter. Huntleigh Advisors Inc. now owns 32,211 shares of the company's stock valued at $863,000 after purchasing an additional 595 shares during the period. Abacus FCF Advisors LLC raised its stake in shares of Clearwater Analytics by 2.8% in the first quarter. Abacus FCF Advisors LLC now owns 25,140 shares of the company's stock worth $674,000 after purchasing an additional 682 shares during the last quarter. Cerity Partners LLC raised its stake in shares of Clearwater Analytics by 7.3% in the first quarter. Cerity Partners LLC now owns 11,598 shares of the company's stock worth $311,000 after purchasing an additional 793 shares during the last quarter. Finally, KLP Kapitalforvaltning AS raised its stake in shares of Clearwater Analytics by 2.2% in the first quarter. KLP Kapitalforvaltning AS now owns 41,300 shares of the company's stock worth $1,107,000 after purchasing an additional 900 shares during the last quarter. Institutional investors and hedge funds own 50.10% of the company's stock.

Insider Activity

In related news, CEO Sandeep Sahai sold 46,962 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was 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. This represents a 4.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James S. Cox sold 11,275 shares of the company's stock in a transaction that occurred 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 transaction, the chief financial officer owned 343,964 shares in the company, valued at $6,679,780.88. This represents a 3.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 208,048 shares of company stock worth $4,432,539 over the last ninety days. Corporate insiders own 3.31% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price objective for the company in a research note on Monday, August 11th. Oppenheimer decreased their price objective on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Piper Sandler set a $27.00 price objective on Clearwater Analytics and gave the company an "overweight" rating in a report on Tuesday, June 24th. DA Davidson decreased their price objective on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Zacks Research raised Clearwater Analytics from a "strong sell" rating to a "hold" rating in a report on Thursday, September 4th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Clearwater Analytics presently has an average rating of "Moderate Buy" and an average price target of $32.67.

Clearwater Analytics Price Performance

Shares of CWAN stock traded down $0.06 during trading hours on Monday, reaching $19.55. The company had a trading volume of 515,700 shares, compared to its average volume of 3,432,655. 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 stock has a fifty day moving average of $20.60 and a 200-day moving average of $22.87. The company has a market capitalization of $5.72 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 4.96 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.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). The company had revenue of $181.94 million during 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% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share. On average, equities analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics declared that its board has approved a share repurchase plan on Wednesday, September 3rd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board 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.