Clearwater Analytics (NYSE:CWAN) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Clearwater Analytics (NYSE:CWANGet Rating) from a hold rating to a sell rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Clearwater Analytics Holdings Inc. is a provider of SaaS-based investment accounting, reporting and analytics solutions. Clearwater Analytics Holdings Inc. is based in BOISE, Idaho. “

Other equities research analysts also recently issued research reports about the company. Morgan Stanley cut their price objective on Clearwater Analytics from $28.00 to $22.00 and set an equal weight rating for the company in a report on Thursday, March 3rd. Piper Sandler cut their price target on Clearwater Analytics from $25.00 to $22.00 and set a neutral rating for the company in a report on Thursday, January 13th. Wells Fargo & Company cut their price target on Clearwater Analytics from $28.00 to $23.00 and set an overweight rating for the company in a report on Thursday, March 3rd. Royal Bank of Canada cut their price target on Clearwater Analytics from $29.00 to $27.00 and set an outperform rating for the company in a report on Thursday, March 3rd. Finally, Credit Suisse Group cut their price target on Clearwater Analytics from $28.00 to $25.00 and set an outperform rating for the company in a report on Thursday, March 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Clearwater Analytics has a consensus rating of Buy and a consensus target price of $24.70.

NYSE CWAN opened at $17.54 on Wednesday. The business has a 50 day simple moving average of $19.45 and a 200 day simple moving average of $20.18. Clearwater Analytics has a 52-week low of $14.51 and a 52-week high of $27.68. The company has a debt-to-equity ratio of 0.20, a current ratio of 10.30 and a quick ratio of 10.30.

Clearwater Analytics (NYSE:CWANGet Rating) last posted its earnings results on Wednesday, March 2nd. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). The company had revenue of $69.76 million during the quarter, compared to analyst estimates of $66.53 million. Equities analysts expect that Clearwater Analytics will post -0.03 earnings per share for the current fiscal year.

In other Clearwater Analytics news, major shareholder Durable Capital Partners Lp acquired 247,529 shares of Clearwater Analytics stock in a transaction that occurred on Monday, March 14th. The shares were acquired at an average cost of $16.95 per share, with a total value of $4,195,616.55. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sandeep Sahai purchased 14,700 shares of the business’s stock in a transaction dated Tuesday, March 15th. The shares were purchased at an average cost of $16.89 per share, for a total transaction of $248,283.00. The disclosure for this purchase can be found here. Insiders purchased 433,947 shares of company stock worth $7,383,866 over the last ninety days.

Several institutional investors have recently bought and sold shares of the stock. TownSquare Capital LLC lifted its stake in shares of Clearwater Analytics by 8.4% in the first quarter. TownSquare Capital LLC now owns 20,586 shares of the company’s stock worth $432,000 after acquiring an additional 1,597 shares during the period. Truist Financial Corp bought a new stake in Clearwater Analytics in the first quarter worth approximately $231,000. Norges Bank bought a new stake in Clearwater Analytics in the fourth quarter worth approximately $9,566,000. BlackRock Inc. bought a new stake in Clearwater Analytics in the fourth quarter worth approximately $10,332,000. Finally, Wells Fargo & Company MN increased its holdings in Clearwater Analytics by 800.0% in the fourth quarter. Wells Fargo & Company MN now owns 492,034 shares of the company’s stock worth $11,307,000 after purchasing an additional 437,366 shares in the last quarter. 21.14% of the stock is currently owned by institutional investors.

About Clearwater Analytics (Get Rating)

Clearwater Analytics Holdings, Inc develops and provides a SaaS solution for automated investment accounting, data management, and reporting. The company offers Clearwater, an automated data aggregation and reporting solution for investment portfolio data. It offers reporting tools, such as compliance policy monitoring, performance measurement, and risk analysis.

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