Clarivate (NYSE:CLVT) Releases FY 2024 Earnings Guidance

Clarivate (NYSE:CLVT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 0.740. The company issued revenue guidance of $2.6 billion-$2.7 billion, compared to the consensus revenue estimate of $2.6 billion. Clarivate also updated its FY24 guidance to $0.70 to $0.80 EPS.

Clarivate Stock Performance

Shares of NYSE CLVT remained flat at $5.69 during trading hours on Friday. The company had a trading volume of 8,002,078 shares, compared to its average volume of 4,404,263. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $3.80 billion, a PE ratio of -3.42, a price-to-earnings-growth ratio of 4.38 and a beta of 1.15. Clarivate has a 12 month low of $4.97 and a 12 month high of $9.60. The stock has a 50 day moving average price of $5.88 and a 200-day moving average price of $6.94.

Clarivate (NYSE:CLVT) last posted its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.02. The company had revenue of $650.30 million for the quarter, compared to analysts’ expectations of $651.94 million. Clarivate had a positive return on equity of 10.11% and a negative net margin of 39.29%. Clarivate’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. On average, equities research analysts forecast that Clarivate will post 0.62 EPS for the current year.

Wall Street Analysts Forecast Growth

CLVT has been the topic of several research reports. The Goldman Sachs Group cut their price objective on Clarivate from $8.50 to $7.50 and set a buy rating on the stock in a research report on Thursday, May 9th. Royal Bank of Canada lowered their target price on shares of Clarivate from $8.00 to $7.00 and set a sector perform rating for the company in a report on Wednesday. Finally, Barclays lowered their target price on shares of Clarivate from $6.00 to $5.00 and set an underweight rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $7.75.

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.