Victory Capital Management Inc. Purchases 115,107 Shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Key Points

• Victory Capital Management Inc. significantly increased its stake in Clearwater Analytics by 523.2% in Q1, owning approximately 0.05% of the company, valued at $3.67 million.
• Clearwater Analytics reported $126.86 million in revenue for the last quarter, marking a 23.5% year-over-year increase, and exceeded analysts' EPS estimates by $0.01.
• Multiple analysts have set price targets for Clearwater Analytics, with a consensus target of $31.90, indicating a favorable outlook from nine buy ratings compared to one hold rating.

Victory Capital Management Inc. raised its stake in Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 523.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 137,108 shares of the company's stock after buying an additional 115,107 shares during the quarter. Victory Capital Management Inc. owned 0.05% of Clearwater Analytics worth $3,674,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Apollon Wealth Management LLC increased its stake in Clearwater Analytics by 3.9% in the 1st quarter. Apollon Wealth Management LLC now owns 12,341 shares of the company's stock valued at $331,000 after buying an additional 459 shares during the period. Huntleigh Advisors Inc. grew its position in Clearwater Analytics by 1.9% in the first quarter. Huntleigh Advisors Inc. now owns 32,211 shares of the company's stock worth $863,000 after acquiring an additional 595 shares in the last quarter. Abacus FCF Advisors LLC grew its position in Clearwater Analytics by 2.8% in the first quarter. Abacus FCF Advisors LLC now owns 25,140 shares of the company's stock worth $674,000 after acquiring an additional 682 shares in the last quarter. Cerity Partners LLC grew its position in Clearwater Analytics by 7.3% in the first quarter. Cerity Partners LLC now owns 11,598 shares of the company's stock worth $311,000 after acquiring an additional 793 shares in the last quarter. Finally, Bullseye Asset Management LLC grew its position in Clearwater Analytics by 1.1% in the fourth quarter. Bullseye Asset Management LLC now owns 112,181 shares of the company's stock worth $3,087,000 after acquiring an additional 1,181 shares in the last quarter. Institutional investors and hedge funds own 50.10% of the company's stock.

Clearwater Analytics Stock Performance

NYSE:CWAN traded down $0.24 during trading hours on Thursday, hitting $20.61. 586,213 shares of the company traded hands, compared to its average volume of 3,145,328. The stock has a market capitalization of $5.84 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 4.22 and a beta of 0.74. Clearwater Analytics Holdings, Inc. has a twelve month low of $19.46 and a twelve month high of $35.71. The firm has a 50-day moving average of $22.23 and a 200 day moving average of $24.81. The company has a current ratio of 5.09, a quick ratio of 5.09 and a debt-to-equity ratio of 0.04.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Clearwater Analytics had a return on equity of 5.22% and a net margin of 90.18%. The company had revenue of $126.86 million for the quarter, compared to analyst estimates of $125.11 million. During the same quarter last year, the firm earned $0.10 EPS. Clearwater Analytics's revenue for the quarter was up 23.5% compared to the same quarter last year. On average, analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current year.

Insider Buying and Selling at Clearwater Analytics

In other news, insider Subi Sethi sold 7,358 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $21.67, for a total value 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sandeep Sahai sold 50,000 shares of the 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 owned 895,663 shares of the company's stock, valued at approximately $19,838,935.45. This represents a 5.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 258,107 shares of company stock worth $5,844,208. Corporate insiders own 3.31% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Oppenheimer decreased their target price 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 target price on shares of Clearwater Analytics and gave the stock an "overweight" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group assumed coverage on shares of Clearwater Analytics in a research report on Monday, May 19th. They issued a "neutral" rating and a $26.00 target price for the company. Wells Fargo & Company decreased their target price on shares of Clearwater Analytics from $35.00 to $32.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Clearwater Analytics in a report on Friday, April 25th. They set an "overweight" rating and a $28.00 price objective for the company. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $31.90.

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.