Clearwater Analytics Holdings, Inc. $CWAN Shares Purchased by Rhumbline Advisers

Key Points

• Rhumbline Advisers increased its stake in Clearwater Analytics by 10%, acquiring an additional 23,644 shares, bringing their total holdings to approximately $6.95 million.
• Clearwater Analytics reported earnings of $0.12 per share, slightly below analysts' expectations, but showed a 70.4% year-over-year increase in revenue to $181.94 million.
• The company has authorized a $100 million stock buyback plan, indicating confidence in its stock value amidst a market capitalization of $5.82 billion.

Rhumbline Advisers increased its stake in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 10.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,291 shares of the company's stock after purchasing an additional 23,644 shares during the quarter. Rhumbline Advisers owned 0.09% of Clearwater Analytics worth $6,949,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Clearwater Analytics by 11.3% in the 1st quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company's stock valued at $623,001,000 after acquiring an additional 2,366,715 shares during the last quarter. Wellington Management Group LLP grew its stake in Clearwater Analytics by 7.7% in the 1st quarter. Wellington Management Group LLP now owns 6,412,929 shares of the company's stock valued at $171,866,000 after acquiring an additional 458,444 shares during the last quarter. Invesco Ltd. grew its stake in Clearwater Analytics by 34.1% in the 1st quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock valued at $152,930,000 after acquiring an additional 1,452,474 shares during the last quarter. Driehaus Capital Management LLC grew its stake in Clearwater Analytics by 23.8% in the 1st quarter. Driehaus Capital Management LLC now owns 2,742,511 shares of the company's stock valued at $73,499,000 after acquiring an additional 528,059 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in Clearwater Analytics by 44.4% in the 1st quarter. Blair William & Co. IL now owns 2,534,270 shares of the company's stock valued at $67,918,000 after acquiring an additional 779,538 shares during the last quarter. 50.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO James S. Cox sold 11,275 shares of Clearwater Analytics stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $19.42, for a total transaction of $218,960.50. Following the sale, the chief financial officer owned 343,964 shares in the company, valued at $6,679,780.88. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $205,700.00. Following the sale, the chief technology officer owned 121,549 shares in the company, valued at $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 208,048 shares of company stock worth $4,432,539 over the last 90 days. Company insiders own 3.31% of the company's stock.

Clearwater Analytics Trading Down 1.1%

NYSE CWAN traded down $0.22 during mid-day trading on Tuesday, hitting $19.15. The company's stock had a trading volume of 2,139,902 shares, compared to its average volume of 3,444,712. Clearwater Analytics Holdings, Inc. has a 52-week low of $17.98 and a 52-week high of $35.71. The stock's fifty day simple moving average is $20.54 and its two-hundred day simple moving average is $22.78. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.02 and a quick ratio of 2.02. The firm has a market capitalization of $5.60 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 4.96 and a beta of 0.73.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business 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%. The company's quarterly revenue was up 70.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. Research analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Clearwater Analytics announced that its board has authorized a share repurchase program on Wednesday, September 3rd that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to buy up to 1.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

CWAN has been the topic of a number of research reports. DA Davidson lowered their price objective on shares of Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Oppenheimer decreased their price target on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. 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. The Goldman Sachs Group raised shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price target on the stock in a research note on Monday, August 11th. Finally, Zacks Research raised shares of Clearwater Analytics from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 4th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $32.67.

Clearwater Analytics 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.