Royal Bank Of Canada Cuts Clarivate (NYSE:CLVT) Price Target to $3.00

Clarivate (NYSE:CLVT) had its price target decreased by Royal Bank Of Canada from $5.00 to $3.00 in a research note released on Wednesday morning,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the stock.

A number of other brokerages also recently commented on CLVT. Morgan Stanley reiterated an “underweight” rating and issued a $3.00 price objective (down from $5.00) on shares of Clarivate in a research report on Wednesday, December 17th. The Goldman Sachs Group cut Clarivate from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $4.20 to $3.60 in a research report on Thursday, January 8th. Wall Street Zen upgraded shares of Clarivate from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Clarivate in a report on Monday, December 29th. Four research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Reduce” and an average target price of $3.30.

Clarivate Stock Down 4.4%

Shares of CLVT opened at $2.30 on Wednesday. Clarivate has a 52 week low of $1.66 and a 52 week high of $4.77. The firm has a market capitalization of $1.47 billion, a P/E ratio of -7.65 and a beta of 1.51. The company has a 50-day simple moving average of $2.72 and a 200-day simple moving average of $3.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.87 and a current ratio of 0.84.

Insider Buying and Selling

In other Clarivate news, insider Bar Veinstein sold 309,902 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $3.74, for a total value of $1,159,033.48. Following the completion of the sale, the insider owned 848,811 shares in the company, valued at approximately $3,174,553.14. This trade represents a 26.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 23.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Clarivate

Large investors have recently modified their holdings of the stock. M&T Bank Corp acquired a new stake in shares of Clarivate in the fourth quarter valued at approximately $34,000. Essex Financial Services Inc. acquired a new position in Clarivate during the 3rd quarter worth $41,000. Jump Financial LLC bought a new position in Clarivate in the 4th quarter valued at $41,000. North Dakota State Investment Board acquired a new stake in shares of Clarivate in the 4th quarter valued at $42,000. Finally, Beese Fulmer Investment Management Inc. bought a new stake in shares of Clarivate during the fourth quarter worth $44,000. 85.72% of the stock is currently owned by institutional investors and hedge funds.

About Clarivate

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.