Clarivate (NYSE:CLVT) to Buyback $500.00 million in Shares

Clarivate (NYSE:CLVT) declared that its board has initiated a stock repurchase program on Monday, December 16th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 12.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Clarivate Stock Performance

CLVT stock opened at $5.50 on Tuesday. The stock has a market capitalization of $3.91 billion, a PE ratio of -2.76 and a beta of 1.12. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50 day moving average price of $5.81 and a 200 day moving average price of $6.07. Clarivate has a fifty-two week low of $4.25 and a fifty-two week high of $9.60.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.19. The business had revenue of $622.20 million for the quarter, compared to analysts’ expectations of $640.81 million. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.18 earnings per share. Analysts forecast that Clarivate will post 0.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CLVT shares. Royal Bank of Canada dropped their target price on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Finally, Barclays reduced their price objective on Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $7.10.

Insider Activity

In other Clarivate news, Director Michael J. Angelakis acquired 1,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were acquired at an average cost of $5.11 per share, for a total transaction of $7,665,000.00. Following the completion of the acquisition, the director now directly owns 1,500,000 shares of the company’s stock, valued at approximately $7,665,000. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bar Veinstein sold 60,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total transaction of $420,000.00. Following the completion of the transaction, the insider now directly owns 916,583 shares in the company, valued at approximately $6,416,081. The trade was a 6.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 22.77% of the company’s stock.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.