Clearwater Analytics (NYSE:CWAN) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Clearwater Analytics (NYSE:CWAN) had its target price decreased by equities researchers at Royal Bank of Canada from $36.00 to $30.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target points to a potential upside of 11.57% from the stock’s previous close.

Several other research firms have also issued reports on CWAN. The Goldman Sachs Group lifted their target price on Clearwater Analytics from $20.00 to $22.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. JPMorgan Chase & Co. upgraded shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $23.00 to $33.00 in a research note on Thursday, November 7th. DA Davidson upgraded shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and lowered their target price for the company from $35.00 to $32.00 in a research note on Tuesday. Oppenheimer upped their price target on Clearwater Analytics from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley raised their price objective on Clearwater Analytics from $20.00 to $30.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Clearwater Analytics currently has an average rating of “Moderate Buy” and an average price target of $30.89.

Clearwater Analytics Stock Up 1.7 %

Shares of NYSE CWAN opened at $26.89 on Tuesday. Clearwater Analytics has a 12-month low of $15.62 and a 12-month high of $35.71. The stock’s fifty day simple moving average is $29.31 and its two-hundred day simple moving average is $25.56. The stock has a market capitalization of $6.64 billion, a PE ratio of 2,691.69, a price-to-earnings-growth ratio of 10.56 and a beta of 0.72. The company has a current ratio of 4.66, a quick ratio of 4.66 and a debt-to-equity ratio of 0.10.

Insider Activity at Clearwater Analytics

In related news, CFO James S. Cox sold 18,700 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $30.34, for a total transaction of $567,358.00. Following the completion of the transaction, the chief financial officer now owns 219,044 shares of the company’s stock, valued at $6,645,794.96. This trade represents a 7.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Scott Stanley Erickson sold 3,890 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $31.34, for a total transaction of $121,912.60. Following the completion of the sale, the executive now directly owns 6,373 shares in the company, valued at approximately $199,729.82. The trade was a 37.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 234,352 shares of company stock valued at $6,678,946 in the last ninety days. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Clearwater Analytics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers raised its position in Clearwater Analytics by 8,171.7% during the second quarter. Rhumbline Advisers now owns 185,948 shares of the company’s stock valued at $3,444,000 after acquiring an additional 183,700 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Clearwater Analytics by 21.5% during the 2nd quarter. Victory Capital Management Inc. now owns 15,459 shares of the company’s stock worth $286,000 after purchasing an additional 2,734 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of Clearwater Analytics by 42.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 166,882 shares of the company’s stock valued at $3,091,000 after purchasing an additional 49,804 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Clearwater Analytics by 1.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 282,880 shares of the company’s stock valued at $5,239,000 after purchasing an additional 4,879 shares during the period. Finally, Amalgamated Bank purchased a new stake in Clearwater Analytics during the second quarter worth $90,000. Institutional investors and hedge funds own 50.10% of the company’s stock.

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.