Clearwater Analytics (NYSE:CWAN) Shares Gap Up After Strong Earnings

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) shares gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $28.58, but opened at $32.86. Clearwater Analytics shares last traded at $33.85, with a volume of 508,491 shares changing hands.

The company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.02. Clearwater Analytics had a negative net margin of 1.14% and a positive return on equity of 3.55%. The firm had revenue of $115.83 million for the quarter, compared to analysts’ expectations of $113.37 million.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CWAN shares. JPMorgan Chase & Co. raised shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and raised their target price for the company from $23.00 to $33.00 in a report on Thursday. Wells Fargo & Company boosted their price objective on shares of Clearwater Analytics from $23.00 to $33.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group boosted their price objective on shares of Clearwater Analytics from $20.00 to $22.00 and gave the company a “sell” rating in a research report on Thursday. DA Davidson cut shares of Clearwater Analytics from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $31.00 to $35.00 in a research report on Friday. Finally, Royal Bank of Canada boosted their price objective on shares of Clearwater Analytics from $28.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Clearwater Analytics presently has a consensus rating of “Hold” and an average target price of $30.67.

Insider Transactions at Clearwater Analytics

In other news, CFO James S. Cox sold 18,700 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $26.16, for a total value of $489,192.00. Following the transaction, the chief financial officer now directly owns 224,044 shares in the company, valued at approximately $5,860,991.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $25.38, for a total value of $98,728.20. Following the completion of the sale, the executive now directly owns 6,373 shares of the company’s stock, valued at $161,746.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James S. Cox sold 18,700 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $26.16, for a total transaction of $489,192.00. Following the sale, the chief financial officer now directly owns 224,044 shares of the company’s stock, valued at approximately $5,860,991.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,864,693 shares of company stock worth $45,128,342. Insiders own 3.46% of the company’s stock.

Institutional Trading of Clearwater Analytics

Hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. lifted its position in shares of Clearwater Analytics by 268.8% during the first quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock valued at $30,000 after buying an additional 1,234 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Clearwater Analytics during the third quarter valued at about $45,000. Financial Management Professionals Inc. purchased a new stake in shares of Clearwater Analytics during the third quarter valued at about $58,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Clearwater Analytics by 124.6% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,372 shares of the company’s stock valued at $81,000 after buying an additional 2,425 shares during the last quarter. Finally, Amalgamated Bank purchased a new position in shares of Clearwater Analytics in the 2nd quarter valued at approximately $90,000. 50.10% of the stock is owned by hedge funds and other institutional investors.

Clearwater Analytics Stock Down 2.8 %

The stock has a market capitalization of $7.85 billion, a PE ratio of -1,594.25, a price-to-earnings-growth ratio of 9.53 and a beta of 0.61. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average is $25.79 and its 200 day moving average is $21.96.

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.