Royal Bank of Canada Buys 27,462 Shares of Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Royal Bank of Canada increased its stake in Clearwater Analytics Holdings by 5.9% during the first quarter, now holding approximately 0.17% of the company, worth $13.17 million.
• Clearwater Analytics reported earnings of $0.12 per share, missing estimates, but showed a 70.4% increase in quarterly revenue year-over-year, totaling $181.94 million.
• The company's board approved a $100 million stock buyback plan, indicating confidence in the stock’s valuation.

Royal Bank of Canada lifted its position in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 5.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 491,562 shares of the company's stock after purchasing an additional 27,462 shares during the quarter. Royal Bank of Canada owned 0.17% of Clearwater Analytics worth $13,173,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CWAN. Vanguard Group Inc. increased 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 valued at $623,001,000 after purchasing an additional 2,366,715 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Clearwater Analytics by 7.7% during the first quarter. Wellington Management Group LLP now owns 6,412,929 shares of the company's stock worth $171,866,000 after acquiring an additional 458,444 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Clearwater Analytics by 34.1% in the 1st quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock worth $152,930,000 after acquiring an additional 1,452,474 shares during the last quarter. Driehaus Capital Management LLC lifted its position 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 in the last quarter. Finally, Blair William & Co. IL boosted its stake in Clearwater Analytics by 44.4% during the 1st 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 during the last quarter. 50.10% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. DA Davidson lowered their price objective on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Zacks Research upgraded Clearwater Analytics from a "strong sell" rating to a "hold" rating in a report on Thursday, September 4th. Piper Sandler set a $27.00 price objective on Clearwater Analytics and gave the company an "overweight" rating in a research note on Tuesday, June 24th. The Goldman Sachs Group upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 target price for the company in a research note on Monday, August 11th. Finally, Oppenheimer lowered their target price on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $32.67.

Clearwater Analytics Stock Performance

CWAN traded down $0.29 during trading on Friday, hitting $19.61. 3,070,687 shares of the company traded hands, compared to its average volume of 3,829,677. Clearwater Analytics Holdings, Inc. has a one year low of $17.98 and a one year high of $35.71. The stock's fifty day moving average is $20.60 and its 200 day moving average is $22.97. The company has a quick ratio of 2.02, a current ratio of 2.02 and a debt-to-equity ratio of 0.44. The firm has a market cap of $5.73 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 5.04 and a beta of 0.73.

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

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

Insider Transactions at Clearwater Analytics

In other news, insider Subi Sethi sold 7,358 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $21.67, for a total transaction of $159,447.86. Following the completion of the transaction, the insider owned 218,788 shares in the company, valued at approximately $4,741,135.96. This represents a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sandeep Sahai sold 50,000 shares of Clearwater Analytics stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $22.15, for a total value of $1,107,500.00. Following the completion of the sale, the chief executive officer directly owned 895,663 shares of the company's stock, valued at approximately $19,838,935.45. This trade represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 226,748 shares of company stock worth $4,848,614 in the last ninety days. Company insiders own 3.31% of the company's stock.

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.