Principal Financial Group Inc. Sells 66,406 Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Principal Financial Group Inc. reduced its position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 4.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,375,812 shares of the company's stock after selling 66,406 shares during the quarter. Principal Financial Group Inc. owned approximately 0.55% of Clearwater Analytics worth $36,872,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CWAN. Yorktown Management & Research Co Inc purchased a new stake in shares of Clearwater Analytics in the 1st quarter worth about $409,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Clearwater Analytics in the 4th quarter worth about $8,580,000. Alliancebernstein L.P. lifted its position in shares of Clearwater Analytics by 66.0% in the 4th quarter. Alliancebernstein L.P. now owns 7,373,942 shares of the company's stock worth $202,931,000 after purchasing an additional 2,931,445 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Clearwater Analytics in the 4th quarter worth about $1,112,000. Finally, GAMMA Investing LLC increased its stake in shares of Clearwater Analytics by 2,644.7% in the 1st quarter. GAMMA Investing LLC now owns 35,242 shares of the company's stock worth $944,000 after acquiring an additional 33,958 shares in the last quarter. 50.10% of the stock is currently owned by institutional investors.

Clearwater Analytics Stock Performance

Shares of CWAN stock opened at $22.28 on Tuesday. Clearwater Analytics Holdings, Inc. has a one year low of $17.63 and a one year high of $35.71. The company's 50-day moving average is $22.77 and its 200 day moving average is $25.46. The company has a market capitalization of $6.31 billion, a price-to-earnings ratio of 13.26, a price-to-earnings-growth ratio of 4.43 and a beta of 0.74. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.09 and a current ratio of 5.09.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. Clearwater Analytics had a net margin of 90.18% and a return on equity of 5.22%. The company had revenue of $126.86 million for the quarter, compared to the consensus estimate of $125.11 million. During the same period in the prior year, the firm posted $0.10 EPS. Clearwater Analytics's revenue for the quarter was up 23.5% on a year-over-year basis. Sell-side analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Piper Sandler set a $27.00 price target on shares of Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. assumed coverage on shares of Clearwater Analytics in a research note on Friday, April 25th. They issued an "overweight" rating and a $28.00 price target for the company. Wells Fargo & Company decreased their price target on shares of Clearwater Analytics from $35.00 to $32.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Oppenheimer decreased 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 assumed coverage on shares of Clearwater Analytics in a research note on Monday, May 19th. They issued a "neutral" rating and a $26.00 price target for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Clearwater Analytics has a consensus rating of "Moderate Buy" and a consensus target price of $31.90.

Insider Activity

In other news, insider Subi Sethi sold 7,358 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $21.67, for a total transaction of $159,447.86. Following the sale, the insider owned 218,788 shares of the company's stock, valued at $4,741,135.96. This trade represents a 3.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Scott Stanley Erickson sold 4,460 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $21.67, for a total transaction of $96,648.20. Following the sale, the executive directly owned 15,776 shares in the company, valued at approximately $341,865.92. The trade was a 22.04% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 239,407 shares of company stock worth $5,482,987. 3.31% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.