Clarivate PLC (NYSE:CLVT) Receives Average Recommendation of “Reduce” from Analysts

Shares of Clarivate PLC (NYSE:CLVT) have been assigned a consensus recommendation of “Reduce” from the eight analysts that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $3.0167.

Several brokerages recently issued reports on CLVT. The Goldman Sachs Group cut their price objective on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Barclays lowered their target price on Clarivate from $2.50 to $2.00 and set an “underweight” rating for the company in a report on Thursday, July 30th. Citigroup dropped their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a research report on Thursday, July 30th. Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th.

Insider Activity

In other news, Director Kenneth L. Cornick acquired 650,000 shares of Clarivate stock in a transaction that occurred on Thursday, August 6th. The stock was purchased at an average price of $1.86 per share, for a total transaction of $1,209,000.00. Following the purchase, the director directly owned 1,750,000 shares in the company, valued at $3,255,000. The trade was a 59.09% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Andrew Miles Snyder sold 2,489,618 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the sale, the director directly owned 3,856,597 shares of the company’s stock, valued at $7,481,798.18. The trade was a 39.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 22.88% of the stock is owned by insiders.

Hedge Funds Weigh In On Clarivate

Large investors have recently made changes to their positions in the business. Cetera Investment Advisers grew its stake in Clarivate by 11.2% during the 2nd quarter. Cetera Investment Advisers now owns 26,034 shares of the company’s stock valued at $112,000 after purchasing an additional 2,617 shares during the last quarter. California State Teachers Retirement System raised its stake in shares of Clarivate by 0.9% in the second quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock worth $1,304,000 after purchasing an additional 2,788 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Clarivate by 3.9% in the third quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock worth $296,000 after purchasing an additional 2,884 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Clarivate by 4.3% during the second quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock worth $500,000 after purchasing an additional 4,792 shares during the period. Finally, Advisory Services Network LLC lifted its holdings in shares of Clarivate by 6.7% during the third quarter. Advisory Services Network LLC now owns 85,200 shares of the company’s stock worth $326,000 after purchasing an additional 5,371 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.

Clarivate Stock Performance

CLVT stock opened at $2.03 on Monday. Clarivate has a 1-year low of $1.66 and a 1-year high of $4.54. The business has a 50-day moving average price of $2.11 and a 200 day moving average price of $2.30. The company has a market capitalization of $1.30 billion, a P/E ratio of -3.90 and a beta of 1.40. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85.

Clarivate (NYSE:CLVT) last issued its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Clarivate had a negative net margin of 13.84% and a positive return on equity of 9.15%. The company had revenue of $587.30 million for the quarter, compared to analysts’ expectations of $589.73 million. During the same period in the prior year, the business earned $0.18 EPS. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts forecast that Clarivate will post 0.67 EPS for the current fiscal year.

Clarivate Company Profile

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.