Walleye Capital LLC Trims Stake in Clearwater Analytics Holdings, Inc. $CWAN

Key Points

• Walleye Capital LLC significantly reduced its stake in Clearwater Analytics Holdings by 88.6% during the first quarter, retaining only 33,740 shares valued at approximately $904,000.
• Several institutional investors, including Zevenbergen Capital Investments and Vanguard Group, have increased their positions in Clearwater Analytics, with Vanguard now owning 23,246,312 shares valued at $623 million.
• Analysts have varied price targets for Clearwater Analytics, with Goldman Sachs upgrading its rating to "buy" and setting a price target of $27, while the stock currently trades around $20.66.

Walleye Capital LLC lowered its stake in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 88.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,740 shares of the company's stock after selling 262,358 shares during the quarter. Walleye Capital LLC's holdings in Clearwater Analytics were worth $904,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Zevenbergen Capital Investments LLC increased its position in shares of Clearwater Analytics by 48.6% during the first quarter. Zevenbergen Capital Investments LLC now owns 909,429 shares of the company's stock valued at $24,373,000 after buying an additional 297,414 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Clearwater Analytics during the first quarter valued at about $314,000. Vanguard Group Inc. increased its position in shares of Clearwater Analytics by 11.3% during the first 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 period. Yorktown Management & Research Co Inc purchased a new position in shares of Clearwater Analytics during the first quarter valued at about $409,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Clearwater Analytics during the fourth quarter valued at about $8,580,000. Hedge funds and other institutional investors own 50.10% of the company's stock.

Analysts Set New Price Targets

CWAN has been the topic of several research analyst reports. The Goldman Sachs Group upgraded 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 cut their price objective on shares of Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Oppenheimer cut their price objective on shares of Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Finally, Piper Sandler set a $27.00 price objective on shares of Clearwater Analytics and gave the stock an "overweight" rating in a report on Tuesday, June 24th. Nine research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Clearwater Analytics has an average rating of "Buy" and a consensus target price of $32.67.

Insider Activity

In other news, CEO Sandeep Sahai sold 46,962 shares of the 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 owned 895,663 shares in the company, valued at $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 SEC, which is available through the SEC website. Also, CFO James S. Cox sold 11,275 shares of the stock in a transaction that occurred on Friday, August 15th. The shares were sold at an average price of $19.42, for a total transaction of $218,960.50. Following the sale, the chief financial officer owned 343,964 shares in the company, valued at approximately $6,679,780.88. The trade was a 3.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 266,748 shares of company stock worth $5,755,414 over the last 90 days. 3.31% of the stock is currently owned by insiders.

Clearwater Analytics Trading Up 0.6%

NYSE:CWAN opened at $20.66 on Friday. The company's 50 day moving average price is $20.98 and its 200-day moving average price is $23.52. Clearwater Analytics Holdings, Inc. has a 52 week low of $17.98 and a 52 week high of $35.71. 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 stock has a market cap of $6.04 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 4.86 and a beta of 0.73.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.12 EPS 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 firm had revenue of $181.94 million for the quarter, compared to analysts' expectations of $174.16 million. During the same quarter in the previous year, the company earned $0.10 EPS. The company's quarterly revenue was up 70.4% compared to the same quarter last year. On average, equities research analysts forecast that Clearwater Analytics Holdings, Inc. will post 0.18 earnings per share for the current fiscal year.

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.

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