Clearwater Analytics (NYSE:CWAN) Posts Earnings Results, Beats Estimates By $0.02 EPS

Clearwater Analytics (NYSE:CWAN) issued its earnings results on Wednesday. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.02, reports. Clearwater Analytics had a negative net margin of 1.14% and a positive return on equity of 3.55%. The business had revenue of $115.83 million for the quarter, compared to the consensus estimate of $113.37 million. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Clearwater Analytics Stock Down 3.2 %

CWAN stock traded down $1.05 during mid-day trading on Friday, hitting $31.74. 1,104,741 shares of the company were exchanged, compared to its average volume of 1,469,774. The company has a market capitalization of $7.82 billion, a PE ratio of -1,638.50, a price-to-earnings-growth ratio of 9.53 and a beta of 0.61. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.11. Clearwater Analytics has a twelve month low of $15.62 and a twelve month high of $35.71. The firm has a fifty day simple moving average of $25.64 and a 200 day simple moving average of $21.85.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CWAN. 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. Citigroup began coverage on shares of Clearwater Analytics in a research note on Monday, August 19th. They issued a “buy” rating and a $28.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Clearwater Analytics from $23.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday. Morgan Stanley raised their target price on shares of Clearwater Analytics from $20.00 to $30.00 and gave the company an “equal weight” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. raised shares of Clearwater Analytics from a “neutral” rating to an “overweight” rating and raised their price target for the company from $23.00 to $33.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Clearwater Analytics currently has an average rating of “Hold” and an average price target of $30.67.

Insiders Place Their Bets

In other Clearwater Analytics news, CFO James S. Cox sold 13,700 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $23.64, for a total transaction of $323,868.00. Following the completion of the transaction, the chief financial officer now directly owns 232,503 shares of the company’s stock, valued at $5,496,370.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO James S. Cox sold 18,700 shares of Clearwater Analytics stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $24.44, for a total value of $457,028.00. Following the completion of the transaction, the chief financial officer now directly owns 227,503 shares of the company’s stock, valued at approximately $5,560,173.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James S. Cox sold 13,700 shares of Clearwater Analytics stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $23.64, for a total transaction of $323,868.00. Following the completion of the transaction, the chief financial officer now directly owns 232,503 shares of the company’s stock, valued at $5,496,370.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,864,693 shares of company stock valued at $45,128,342 in the last ninety days. Corporate insiders own 3.46% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Chartwell Investment Partners LLC lifted its position in Clearwater Analytics by 0.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 48,827 shares of the company’s stock valued at $1,233,000 after purchasing an additional 395 shares during the last quarter. Blair William & Co. IL lifted its position in Clearwater Analytics by 1.6% in the 2nd quarter. Blair William & Co. IL now owns 42,436 shares of the company’s stock valued at $786,000 after purchasing an additional 680 shares during the last quarter. Arizona State Retirement System lifted its position in Clearwater Analytics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 40,894 shares of the company’s stock valued at $757,000 after purchasing an additional 828 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Clearwater Analytics by 268.8% in the 1st quarter. Advisors Asset Management Inc. now owns 1,693 shares of the company’s stock valued at $30,000 after purchasing an additional 1,234 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Clearwater Analytics during the 3rd quarter worth about $45,000. 50.10% of the stock is owned by institutional investors and hedge funds.

About Clearwater Analytics

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.