Riverbridge Partners LLC Makes New Investment in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Riverbridge Partners LLC recently acquired a new position in Clearwater Analytics Holdings, purchasing 1,610,240 shares valued at approximately $35.3 million.
• Clearwater Analytics reported a 70.4% year-over-year increase in revenue for the last quarter, with earnings per share of $0.12, missing estimates by $0.01.
• The company's board has authorized a share buyback program of up to $100 million, indicating confidence in its stock value.

Riverbridge Partners LLC bought a new position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,610,240 shares of the company's stock, valued at approximately $35,313,000. Riverbridge Partners LLC owned about 0.57% of Clearwater Analytics as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CWAN. Vanguard Group Inc. boosted its stake in Clearwater Analytics by 11.3% during the 1st quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company's stock worth $623,001,000 after purchasing an additional 2,366,715 shares during the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Clearwater Analytics during the 1st quarter worth $56,648,000. Nuveen LLC acquired a new stake in Clearwater Analytics during the 1st quarter worth $53,894,000. Invesco Ltd. boosted its position in shares of Clearwater Analytics by 34.1% during 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. Finally, Brown Advisory Inc. boosted its position in shares of Clearwater Analytics by 15,661.6% during the 1st quarter. Brown Advisory Inc. now owns 1,407,040 shares of the company's stock valued at $37,709,000 after acquiring an additional 1,398,113 shares during the last quarter. Institutional investors and hedge funds own 50.10% of the company's stock.

Clearwater Analytics Stock Down 0.2%

Shares of CWAN opened at $18.15 on Thursday. The stock has a market capitalization of $5.31 billion, a PE ratio of 11.41, a P/E/G ratio of 4.61 and a beta of 0.73. Clearwater Analytics Holdings, Inc. has a 1 year low of $17.86 and a 1 year 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. The company's 50-day simple moving average is $20.05 and its 200-day simple moving average is $22.34.

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

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

Insider Buying and Selling

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 shares were sold at an average price of $20.12, for a total transaction of $944,875.44. Following the sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Souvik Das sold 10,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The stock was 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. The trade was a 7.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 219,323 shares of company stock worth $4,652,514. Company insiders own 3.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CWAN shares. Royal Bank Of Canada reissued an "outperform" rating and set a $36.00 price target on shares of Clearwater Analytics in a research report on Wednesday, September 17th. Piper Sandler set a $27.00 price target on shares of Clearwater Analytics and gave the company an "overweight" rating in a research report on Tuesday, June 24th. DA Davidson lowered their price target on shares of Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. 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 report on Monday, August 11th. Finally, Zacks Research raised shares of Clearwater Analytics from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 4th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently 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.

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