Clearwater Analytics Holdings, Inc. (NYSE:CWAN) Sees Significant Decline in Short Interest

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 7,710,000 shares, a drop of 7.7% from the October 15th total of 8,350,000 shares. Based on an average daily volume of 1,420,000 shares, the short-interest ratio is currently 5.4 days. Approximately 5.5% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

CWAN has been the subject of several research analyst reports. Citigroup initiated coverage on shares of Clearwater Analytics in a research note on Monday, August 19th. They set a “buy” rating and a $28.00 target price for the company. Royal Bank of Canada raised their target price on shares of Clearwater Analytics from $28.00 to $32.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Piper Sandler raised their target price on shares of Clearwater Analytics from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. DA Davidson cut shares of Clearwater Analytics from a “buy” rating to a “neutral” rating and raised their target price for the company from $31.00 to $35.00 in a research note on Friday, November 8th. Finally, The Goldman Sachs Group raised their target price on shares of Clearwater Analytics from $20.00 to $22.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $30.67.

Clearwater Analytics Stock Performance

Shares of NYSE:CWAN opened at $29.98 on Tuesday. Clearwater Analytics has a 52 week low of $15.62 and a 52 week high of $35.71. The stock has a market capitalization of $7.41 billion, a P/E ratio of 3,001.00, a PEG ratio of 10.89 and a beta of 0.61. The firm has a fifty day simple moving average of $26.53 and a two-hundred day simple moving average of $22.63. The company has a quick ratio of 4.66, a current ratio of 4.66 and a debt-to-equity ratio of 0.10.

Insider Activity

In other news, CRO Scott Stanley Erickson sold 3,890 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $23.75, for a total transaction of $92,387.50. Following the sale, the executive now directly owns 4,844 shares in the company, valued at $115,045. This trade represents a 44.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Subi Sethi sold 21,497 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $24.30, for a total transaction of $522,377.10. Following the sale, the insider now owns 81,812 shares in the company, valued at $1,988,031.60. The trade was a 20.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,873,583 shares of company stock worth $45,493,744 in the last three months. Company insiders own 3.25% of the company’s stock.

Hedge Funds Weigh In On Clearwater Analytics

A number of large investors have recently made changes to their positions in CWAN. Advisors Asset Management Inc. boosted its stake in shares of Clearwater Analytics by 268.8% during the 1st quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock worth $30,000 after purchasing an additional 1,234 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Clearwater Analytics during the 3rd quarter worth about $45,000. Financial Management Professionals Inc. purchased a new position in shares of Clearwater Analytics during the 3rd quarter worth about $58,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Clearwater Analytics by 124.6% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,372 shares of the company’s stock worth $81,000 after purchasing an additional 2,425 shares during the period. Finally, Amalgamated Bank purchased a new position in shares of Clearwater Analytics during the 2nd quarter worth about $90,000. 50.10% of the stock is owned by hedge funds and other institutional investors.

Clearwater Analytics Company Profile

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.