Oppenheimer Asset Management Inc. Cuts Stock Position in Clarivate Plc (NYSE:CLVT)

Oppenheimer Asset Management Inc. lessened its stake in shares of Clarivate Plc (NYSE:CLVT) by 39.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 205,992 shares of the company’s stock after selling 133,736 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Clarivate were worth $1,046,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Perpetual Ltd raised its position in Clarivate by 24.6% in the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock worth $46,699,000 after acquiring an additional 1,816,936 shares in the last quarter. Cerity Partners LLC raised its position in Clarivate by 82.5% in the third quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock worth $1,436,000 after acquiring an additional 91,384 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Clarivate by 112.9% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,040,426 shares of the company’s stock worth $7,387,000 after acquiring an additional 551,838 shares in the last quarter. Verition Fund Management LLC raised its position in Clarivate by 707.5% in the third quarter. Verition Fund Management LLC now owns 157,540 shares of the company’s stock worth $1,119,000 after acquiring an additional 138,031 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Clarivate by 161.4% in the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock worth $27,000 after acquiring an additional 3,245 shares in the last quarter. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Trading Down 1.1 %

Shares of CLVT stock opened at $4.17 on Wednesday. Clarivate Plc has a fifty-two week low of $4.11 and a fifty-two week high of $7.77. The stock has a market cap of $2.88 billion, a P/E ratio of -4.34 and a beta of 1.17. The business has a fifty day simple moving average of $5.02 and a 200-day simple moving average of $5.72. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 0.88.

Clarivate declared that its Board of Directors has authorized a share repurchase plan on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 12.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on CLVT. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of Clarivate in a research report on Thursday, February 20th. Finally, Barclays dropped their price target on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th.

Clarivate 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.