Osterweis Capital Management Inc. Cuts Holdings in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Osterweis Capital Management Inc. has reduced its stake in Clearwater Analytics Holdings, Inc. by 4.4%, selling 15,365 shares, leaving it with approximately 336,195 shares valued at $9 million.
• Insider trading activity includes CEO Sandeep Sahai and CFO James S. Cox selling significant amounts of stock, indicating a 4.98% and 3.17% decrease in their ownership, respectively.
• Clearwater Analytics announced a stock repurchase program allowing for the buyback of up to $100 million worth of shares, perceived as a sign of the company's belief that its stock is undervalued.

Osterweis Capital Management Inc. lowered its position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 336,195 shares of the company's stock after selling 15,365 shares during the period. Osterweis Capital Management Inc. owned 0.12% of Clearwater Analytics worth $9,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CWAN. Vanguard Group Inc. grew its holdings in shares of Clearwater Analytics by 11.3% during the first quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company's stock valued at $623,001,000 after buying an additional 2,366,715 shares during the last quarter. Wellington Management Group LLP boosted its stake in Clearwater Analytics by 7.7% during the 1st quarter. Wellington Management Group LLP now owns 6,412,929 shares of the company's stock valued at $171,866,000 after purchasing an additional 458,444 shares during the last quarter. Invesco Ltd. increased its holdings in Clearwater Analytics by 34.1% during the 1st quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock worth $152,930,000 after purchasing an additional 1,452,474 shares in the last quarter. Driehaus Capital Management LLC raised its stake in shares of Clearwater Analytics by 23.8% in the first quarter. Driehaus Capital Management LLC now owns 2,742,511 shares of the company's stock worth $73,499,000 after purchasing an additional 528,059 shares during the last quarter. Finally, Blair William & Co. IL lifted its holdings in shares of Clearwater Analytics by 44.4% in the first quarter. Blair William & Co. IL now owns 2,534,270 shares of the company's stock valued at $67,918,000 after purchasing an additional 779,538 shares in the last quarter. Institutional investors own 50.10% of the company's stock.

Insider Activity

In other news, CFO James S. Cox sold 11,275 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $6,679,780.88. This represents a 3.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Souvik Das sold 10,000 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $20.57, for a total transaction of $205,700.00. Following the transaction, the chief technology officer directly owned 121,549 shares of the company's stock, valued at approximately $2,500,262.93. This represents a 7.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 208,048 shares of company stock worth $4,432,539 over the last ninety days. Company insiders own 3.31% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CWAN. Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the company an "overweight" rating in a research report on Tuesday, June 24th. Oppenheimer reduced their price objective on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating for the company in a research report on Wednesday, June 11th. The Goldman Sachs Group raised shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 target price on the stock in a research report on Monday, August 11th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $36.00 target price on shares of Clearwater Analytics in a report on Wednesday. Finally, Zacks Research raised 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 issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $32.67.

Clearwater Analytics Stock Performance

CWAN stock traded up $0.13 during midday trading on Wednesday, reaching $19.32. 951,270 shares of the company's stock traded hands, compared to its average volume of 3,438,937. The firm has a market capitalization of $5.65 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 4.90 and a beta of 0.73. The company has a 50-day moving average price of $20.48 and a two-hundred day moving average price of $22.76. Clearwater Analytics Holdings, Inc. has a 52 week low of $17.98 and a 52 week high of $35.71. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.10 earnings per share. As a group, equities analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Clearwater Analytics declared that its Board of Directors has authorized a share repurchase program on Wednesday, September 3rd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are 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.