Clearwater Analytics Holdings, Inc. $CWAN Shares Bought by Royal Bank of Canada

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 raised its holdings in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 5.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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 quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CWAN. Vanguard Group Inc. boosted its stake in shares of 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 buying an additional 2,366,715 shares during the last quarter. Wellington Management Group LLP raised its holdings in Clearwater Analytics by 7.7% in the first 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 in the last quarter. Invesco Ltd. boosted its stake in 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. Driehaus Capital Management LLC grew its holdings in Clearwater Analytics by 23.8% during the 1st quarter. Driehaus Capital Management LLC now owns 2,742,511 shares of the company's stock worth $73,499,000 after acquiring an additional 528,059 shares in the last quarter. Finally, Blair William & Co. IL increased its position in shares of Clearwater Analytics by 44.4% in the 1st quarter. Blair William & Co. IL now owns 2,534,270 shares of the company's stock worth $67,918,000 after purchasing an additional 779,538 shares during the last quarter. 50.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Sandeep Sahai sold 50,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $22.15, for a total value of $1,107,500.00. Following the completion of the transaction, the chief executive officer owned 895,663 shares in the company, valued at $19,838,935.45. This represents a 5.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction, the insider directly owned 218,788 shares in the company, valued at approximately $4,741,135.96. The trade was a 3.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,048 shares of company stock worth $4,432,539. 3.31% of the stock is owned by company insiders.

Clearwater Analytics Stock Performance

NYSE CWAN traded down $0.20 on Tuesday, hitting $19.16. The stock had a trading volume of 3,590,203 shares, compared to its average volume of 3,875,561. The company's 50-day moving average is $20.48 and its two-hundred day moving average is $22.76. Clearwater Analytics Holdings, Inc. has a one year low of $17.98 and a one year high of $35.71. The stock has a market cap of $5.60 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 4.90 and a beta of 0.73. The company has a quick ratio of 2.02, a current 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 results 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 for the quarter, compared to the consensus estimate of $174.16 million. During the same period last year, the firm posted $0.10 EPS. The business's quarterly revenue was up 70.4% on a year-over-year basis. On average, analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current year.

Clearwater Analytics declared that its board has initiated a stock repurchase plan on Wednesday, September 3rd that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 1.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CWAN. 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. DA Davidson reduced their target price on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a report 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 stock an "overweight" rating in a research note on Tuesday, June 24th. Finally, Oppenheimer decreased their price objective 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 investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Clearwater Analytics currently has a consensus rating of "Moderate Buy" and a consensus 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.