Kenneth Cornick Buys 650,000 Shares of Clarivate (NYSE:CLVT) Stock

Clarivate PLC (NYSE:CLVT) Director Kenneth Cornick bought 650,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was purchased at an average price of $1.86 per share, with a total value of $1,209,000.00. Following the transaction, the director owned 1,750,000 shares in the company, valued at approximately $3,255,000. This represents a 59.09% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Clarivate Stock Performance

CLVT stock opened at $1.92 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93. The firm has a market cap of $1.23 billion, a P/E ratio of -3.70 and a beta of 1.40. Clarivate PLC has a 12-month low of $1.66 and a 12-month high of $4.55. The stock’s 50 day simple moving average is $2.18 and its 200 day simple moving average is $2.35.

Clarivate (NYSE:CLVT) last announced its quarterly earnings data 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 positive return on equity of 9.15% and a negative net margin of 13.84%.The firm had revenue of $587.30 million for the quarter, compared to analysts’ expectations of $589.73 million. During the same period last year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. As a group, equities research analysts predict that Clarivate PLC will post 0.67 EPS for the current year.

Hedge Funds Weigh In On Clarivate

Institutional investors have recently modified their holdings of the company. Atairos Partners GP Inc. grew its position in Clarivate by 195.3% in the 4th quarter. Atairos Partners GP Inc. now owns 10,232,667 shares of the company’s stock worth $34,177,000 after purchasing an additional 6,767,667 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Clarivate during the fourth quarter valued at approximately $16,721,000. Balyasny Asset Management L.P. boosted its position in shares of Clarivate by 827.6% during the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock worth $18,700,000 after buying an additional 4,356,232 shares during the period. Bank of America Corp DE boosted its position in shares of Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock worth $12,344,000 after buying an additional 2,397,670 shares during the period. Finally, Man Group plc grew its holdings in Clarivate by 228.1% in the 2nd quarter. Man Group plc now owns 3,091,139 shares of the company’s stock worth $13,292,000 after buying an additional 2,148,943 shares in the last quarter. Institutional investors own 85.72% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a report on Thursday, July 30th. Wall Street Zen cut shares of Clarivate from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Stifel Nicolaus decreased their target price on Clarivate from $6.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a report on Wednesday, June 24th. Finally, 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. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $3.02.

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.