Rhumbline Advisers Increases Stock Position in Clearwater Analytics Holdings, Inc. $CWAN

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 raised its holdings in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 259,291 shares of the company's stock after acquiring an additional 23,644 shares during the quarter. Rhumbline Advisers owned approximately 0.09% of Clearwater Analytics worth $6,949,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Strs Ohio acquired a new position in Clearwater Analytics in the 1st quarter valued at approximately $1,369,000. Acadian Asset Management LLC acquired a new position in Clearwater Analytics in the 1st quarter valued at approximately $1,270,000. Intech Investment Management LLC increased its position in Clearwater Analytics by 53.9% in the 1st quarter. Intech Investment Management LLC now owns 107,436 shares of the company's stock valued at $2,879,000 after acquiring an additional 37,615 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Clearwater Analytics by 1.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 459,292 shares of the company's stock valued at $12,309,000 after acquiring an additional 6,826 shares during the period. Finally, Woodline Partners LP increased its position in Clearwater Analytics by 75.2% in the 1st quarter. Woodline Partners LP now owns 20,066 shares of the company's stock valued at $538,000 after acquiring an additional 8,613 shares during the period. 50.10% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Clearwater Analytics

In other Clearwater Analytics news, CTO Souvik Das sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $20.00, for a total value of $200,000.00. Following the transaction, the chief technology officer directly owned 132,549 shares of the company's stock, valued at approximately $2,650,980. This trade represents a 7.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sandeep Sahai sold 50,000 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $22.15, for a total transaction of $1,107,500.00. Following the completion of the transaction, the chief executive officer directly owned 895,663 shares in the company, valued at $19,838,935.45. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 208,048 shares of company stock valued at $4,432,539 over the last ninety days. 3.31% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CWAN has been the subject of several recent research reports. 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 report on Wednesday, June 11th. Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the company an "overweight" rating in a research note on Tuesday, June 24th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $36.00 price objective on shares of Clearwater Analytics in a research note on Wednesday. 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 research note on Tuesday, August 12th. Finally, The Goldman Sachs Group raised shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price objective on the stock in a research note on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Clearwater Analytics currently has an average rating of "Moderate Buy" and a consensus target price of $32.67.

Clearwater Analytics Stock Up 0.9%

NYSE CWAN traded up $0.17 on Wednesday, hitting $19.36. 816,825 shares of the company were exchanged, compared to its average volume of 3,438,479. The company has a market cap of $5.66 billion, a PE ratio of 12.17, a PEG ratio of 4.90 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. The stock has a fifty day moving average of $20.48 and a 200-day moving average of $22.76. The company has a current ratio of 2.02, a quick ratio of 2.02 and a debt-to-equity ratio of 0.44.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. The business had revenue of $181.94 million during the quarter, compared to the consensus estimate of $174.16 million. During the same period last year, the business posted $0.10 earnings per share. The firm's quarterly revenue was up 70.4% on a year-over-year basis. As a group, analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics declared that its board has authorized 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.