Brokerages Set Clarivate PLC (NYSE:CLVT) Target Price at $3.22

Clarivate PLC (NYSE:CLVT) has received a consensus recommendation of “Reduce” from the eight research firms that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $3.2167.

Several research analysts have weighed in on the company. Morgan Stanley reiterated an “underweight” rating and set a $3.00 target price (down from $5.00) on shares of Clarivate in a report on Wednesday, December 17th. The Goldman Sachs Group downgraded Clarivate from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $4.20 to $3.60 in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Friday, March 27th. Barclays cut their price objective on Clarivate from $4.00 to $2.40 and set an “underweight” rating on the stock in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada lowered their target price on Clarivate from $5.00 to $3.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 25th.

Clarivate Price Performance

Shares of CLVT opened at $2.52 on Friday. The stock has a market cap of $1.61 billion, a P/E ratio of -8.38 and a beta of 1.39. Clarivate has a 1 year low of $1.66 and a 1 year high of $4.77. The stock’s 50-day moving average price is $2.36 and its two-hundred day moving average price is $3.14. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. American Century Companies Inc. lifted its holdings in shares of Clarivate by 20.6% in the third quarter. American Century Companies Inc. now owns 9,973,797 shares of the company’s stock valued at $38,200,000 after purchasing an additional 1,706,306 shares in the last quarter. Cove Street Capital LLC boosted its position in shares of Clarivate by 4,075.2% during the third quarter. Cove Street Capital LLC now owns 452,462 shares of the company’s stock worth $1,733,000 after buying an additional 441,625 shares during the period. Norges Bank bought a new position in shares of Clarivate during the second quarter worth about $19,273,000. Franklin Resources Inc. grew its holdings in shares of Clarivate by 2,437.3% during the second quarter. Franklin Resources Inc. now owns 279,104 shares of the company’s stock worth $1,200,000 after buying an additional 268,104 shares in the last quarter. Finally, LSV Asset Management acquired a new stake in Clarivate in the 3rd quarter valued at approximately $8,072,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.