Wells Fargo & Company Trims Clearwater Analytics (NYSE:CWAN) Target Price to $22.00

Clearwater Analytics (NYSE:CWAN) had its target price reduced by Wells Fargo & Company from $24.00 to $22.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also issued reports on the stock. DA Davidson reissued a buy rating and set a $24.00 target price on shares of Clearwater Analytics in a research note on Monday, February 5th. JPMorgan Chase & Co. downgraded shares of Clearwater Analytics from an overweight rating to a neutral rating and dropped their target price for the stock from $24.00 to $22.00 in a research note on Thursday, February 29th. Finally, Piper Sandler reaffirmed a neutral rating and set a $20.00 target price on shares of Clearwater Analytics in a research report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $21.70.

Clearwater Analytics Trading Up 2.9 %

NYSE:CWAN traded up $0.49 during midday trading on Thursday, hitting $17.67. 1,563,888 shares of the company traded hands, compared to its average volume of 1,079,200. The company has a current ratio of 5.15, a quick ratio of 5.15 and a debt-to-equity ratio of 0.11. Clearwater Analytics has a 12-month low of $13.02 and a 12-month high of $21.89. The firm has a market capitalization of $4.32 billion, a P/E ratio of -220.88, a P/E/G ratio of 7.01 and a beta of 0.50. The firm’s fifty day moving average is $17.01 and its 200-day moving average is $18.67.

Clearwater Analytics (NYSE:CWAN) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $102.70 million during the quarter, compared to analyst estimates of $100.55 million. Clearwater Analytics had a positive return on equity of 1.26% and a negative net margin of 3.90%. Clearwater Analytics’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $0.07 EPS. On average, sell-side analysts predict that Clearwater Analytics will post 0.11 EPS for the current year.

Insider Activity at Clearwater Analytics

In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $19.74, for a total transaction of $987,000.00. Following the sale, the chief executive officer now owns 270,838 shares of the company’s stock, valued at approximately $5,346,342.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO James S. Cox sold 10,000 shares of Clearwater Analytics stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $19.74, for a total value of $197,400.00. Following the transaction, the chief financial officer now owns 148,711 shares of the company’s stock, valued at approximately $2,935,555.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sandeep Sahai sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $19.74, for a total transaction of $987,000.00. Following the transaction, the chief executive officer now owns 270,838 shares of the company’s stock, valued at approximately $5,346,342.12. The disclosure for this sale can be found here. Insiders have sold a total of 16,310,000 shares of company stock valued at $275,809,400 over the last ninety days. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Clearwater Analytics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in shares of Clearwater Analytics by 65.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,387,928 shares of the company’s stock valued at $67,860,000 after purchasing an additional 1,335,802 shares during the last quarter. Vanguard Group Inc. increased its position in Clearwater Analytics by 13.8% during the 3rd quarter. Vanguard Group Inc. now owns 9,450,888 shares of the company’s stock valued at $182,780,000 after buying an additional 1,148,338 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Clearwater Analytics during the 3rd quarter valued at about $2,551,000. Raymond James & Associates raised its stake in Clearwater Analytics by 42.1% in the fourth quarter. Raymond James & Associates now owns 621,031 shares of the company’s stock valued at $12,439,000 after buying an additional 183,899 shares during the last quarter. Finally, Principal Financial Group Inc. acquired a new stake in Clearwater Analytics in the third quarter worth about $2,022,000. 50.10% of the stock is owned by hedge funds and other institutional investors.

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.