Strs Ohio Invests $1.37 Million in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Strs Ohio has acquired a new stake in Clearwater Analytics Holdings, with a purchase of 51,100 shares valued at approximately $1.37 million.
• Clearwater Analytics' board has initiated a $100 million stock buyback plan, signaling confidence that the company's shares are undervalued.
• Analysts have mixed views on Clearwater Analytics, with current ratings ranging from "outperform" to "buy," highlighting a price target of $36.00 by some firms.

Strs Ohio purchased a new stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 51,100 shares of the company's stock, valued at approximately $1,369,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Nvwm LLC bought a new stake in shares of Clearwater Analytics during the 1st quarter worth approximately $46,000. Quarry LP raised its position in shares of Clearwater Analytics by 979.4% in the 1st quarter. Quarry LP now owns 2,094 shares of the company's stock worth $56,000 after acquiring an additional 1,900 shares in the last quarter. CWM LLC raised its position in shares of Clearwater Analytics by 714.6% in the 1st quarter. CWM LLC now owns 3,071 shares of the company's stock worth $82,000 after acquiring an additional 2,694 shares in the last quarter. Portside Wealth Group LLC bought a new position in shares of Clearwater Analytics in the 1st quarter worth $206,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Clearwater Analytics in the 1st quarter worth $208,000. Hedge funds and other institutional investors own 50.10% of the company's stock.

Clearwater Analytics Stock Down 5.7%

NYSE:CWAN traded down $1.11 during midday trading on Friday, reaching $18.20. The company had a trading volume of 10,346,199 shares, compared to its average volume of 4,191,679. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 4.62 and a beta of 0.73. The stock's fifty day simple moving average is $20.28 and its 200-day simple moving average is $22.47. Clearwater Analytics Holdings, Inc. has a 12-month low of $17.98 and a 12-month high of $35.71. 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 earnings results on Wednesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). The company 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 revenue for the quarter was up 70.4% on a year-over-year basis. During the same quarter last year, the business posted $0.10 earnings per share. On average, sell-side analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

Clearwater Analytics announced that its board has approved 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 reacquire 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 at Clearwater Analytics

In other Clearwater Analytics news, CTO Souvik Das sold 10,000 shares of the firm's stock in a transaction on Monday, September 8th. The stock was sold at an average price of $20.57, for a total value of $205,700.00. Following the sale, the chief technology officer directly owned 121,549 shares in the company, valued at $2,500,262.93. This trade represents a 7.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James S. Cox sold 11,275 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $19.51, for a total value of $219,975.25. Following the completion of the sale, the chief financial officer owned 338,964 shares in the company, valued at approximately $6,613,187.64. This represents a 3.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 219,323 shares of company stock worth $4,652,514 over the last ninety days. Corporate insiders own 3.31% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CWAN. Zacks Research upgraded Clearwater Analytics from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 4th. Piper Sandler set a $27.00 target price on Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. Oppenheimer lowered their target price on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. The Goldman Sachs Group raised Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price target for the company in a report on Monday, August 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $36.00 price target on shares of Clearwater Analytics in a report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $32.67.

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.