Clearwater Analytics (NYSE:CWAN) Shares Gap Up – Time to Buy?

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) gapped up prior to trading on Friday . The stock had previously closed at $27.09, but opened at $28.37. Clearwater Analytics shares last traded at $28.05, with a volume of 332,092 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Clearwater Analytics from $36.00 to $30.00 and set an “outperform” rating for the company in a research note on Tuesday. DA Davidson upgraded shares of Clearwater Analytics from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $35.00 to $32.00 in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Clearwater Analytics from $20.00 to $22.00 and gave the stock a “sell” rating in a research note on Thursday, November 7th. Morgan Stanley upgraded shares of Clearwater Analytics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $30.00 to $34.00 in a research note on Friday. Finally, Wells Fargo & Company increased their target price on shares of Clearwater Analytics from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.33.

Clearwater Analytics Stock Performance

The company has a debt-to-equity ratio of 0.10, a current ratio of 4.66 and a quick ratio of 4.66. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 2,808.21, a P/E/G ratio of 7.27 and a beta of 0.72. The stock’s 50-day moving average is $29.20 and its 200 day moving average is $25.58.

Insider Activity at Clearwater Analytics

In other news, CRO Scott Stanley Erickson sold 3,890 shares of Clearwater Analytics stock in a transaction that occurred 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. This trade represents a 37.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James S. Cox sold 18,700 shares of Clearwater Analytics stock in a transaction that occurred 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 sale, the chief financial officer now owns 219,044 shares of the company’s stock, valued at approximately $6,645,794.96. The trade was a 7.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 234,352 shares of company stock worth $6,678,946 over the last 90 days. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Clearwater Analytics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wasatch Advisors LP raised its position in shares of Clearwater Analytics by 3.2% during the 3rd quarter. Wasatch Advisors LP now owns 18,135,026 shares of the company’s stock worth $457,909,000 after purchasing an additional 559,564 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Clearwater Analytics by 1.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 11,374,673 shares of the company’s stock worth $210,659,000 after purchasing an additional 128,402 shares during the last quarter. Conestoga Capital Advisors LLC raised its position in shares of Clearwater Analytics by 1.6% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 6,778,457 shares of the company’s stock worth $171,156,000 after purchasing an additional 107,210 shares during the last quarter. State Street Corp raised its position in shares of Clearwater Analytics by 38.7% during the 3rd quarter. State Street Corp now owns 3,617,462 shares of the company’s stock worth $91,341,000 after purchasing an additional 1,009,548 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Clearwater Analytics by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,512,511 shares of the company’s stock worth $88,710,000 after purchasing an additional 187,881 shares during the last quarter. 50.10% of the stock is currently 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.