Insider Selling: Clearwater Analytics (NYSE:CWAN) CTO Sells $205,700.00 in Stock

Key Points

• Souvik Das, the CTO of Clearwater Analytics, sold 10,000 shares at an average price of $20.57 on September 8th, decreasing his total ownership by 7.60% to 121,549 shares.
• Clearwater Analytics announced a $100 million share repurchase plan, indicating the board believes the stock is undervalued.
• Analysts have a consensus price target of $32.67 for Clearwater Analytics, with several upgrades in recent reports reflecting a "Moderate Buy" rating.

Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Get Free Report) CTO Souvik Das sold 10,000 shares of the 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 transaction, the chief technology officer owned 121,549 shares of the company's stock, valued at $2,500,262.93. This 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 accessible through the SEC website.

Souvik Das also recently made the following trade(s):

• On Wednesday, August 20th, Souvik Das sold 10,000 shares of Clearwater Analytics stock. The shares were sold at an average price of $20.00, for a total value of $200,000.00.
• On Monday, June 30th, Souvik Das sold 5,273 shares of Clearwater Analytics stock. The shares were sold at an average price of $21.67, for a total value of $114,265.91.

Clearwater Analytics Price Performance

Shares of NYSE:CWAN traded down $0.27 during midday trading on Monday, reaching $19.34. The company's stock had a trading volume of 3,944,976 shares, compared to its average volume of 3,789,907. Clearwater Analytics Holdings, Inc. has a fifty-two week low of $17.98 and a fifty-two week high of $35.71. The company has a market capitalization of $5.66 billion, a P/E ratio of 12.16, a P/E/G ratio of 4.96 and a beta of 0.73. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.02 and a quick ratio of 2.02. The business's fifty day simple moving average is $20.54 and its 200-day simple moving average is $22.78.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced 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). 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 for the quarter, compared to analyst estimates of $174.16 million. During the same quarter in the previous year, the company posted $0.10 earnings per share. Clearwater Analytics's revenue for the quarter was up 70.4% on a year-over-year basis. As a group, equities research analysts expect that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Clearwater Analytics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Horizon Advisors Inc. boosted its holdings in Clearwater Analytics by 278.9% during the second quarter. First Horizon Advisors Inc. now owns 1,523 shares of the company's stock worth $33,000 after buying an additional 1,121 shares during the last quarter. Bessemer Group Inc. boosted its holdings in Clearwater Analytics by 84.6% during the second quarter. Bessemer Group Inc. now owns 1,545 shares of the company's stock worth $35,000 after buying an additional 708 shares during the last quarter. Nvwm LLC bought a new position in Clearwater Analytics during the first quarter worth about $46,000. Quarry LP boosted its holdings in Clearwater Analytics by 979.4% during the first quarter. Quarry LP now owns 2,094 shares of the company's stock worth $56,000 after buying an additional 1,900 shares during the last quarter. Finally, CWM LLC boosted its holdings in Clearwater Analytics by 714.6% during the first quarter. CWM LLC now owns 3,071 shares of the company's stock worth $82,000 after buying an additional 2,694 shares during the last quarter. Institutional investors own 50.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms 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 note on Monday, August 11th. Zacks Research upgraded Clearwater Analytics from a "strong sell" rating to a "hold" rating in a report on Thursday, September 4th. Oppenheimer decreased their price target on Clearwater Analytics from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Piper Sandler set a $27.00 price target on Clearwater Analytics and gave the company an "overweight" rating in a report on Tuesday, June 24th. Finally, DA Davidson decreased their price target on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.67.

Clearwater Analytics Company 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.