Clarivate (NYSE:CLVT) Shares Down 5.5% - Here's Why

Clarivate Plc (NYSE:CLVT - Get Free Report) shares dropped 5.5% on Friday . The stock traded as low as $4.09 and last traded at $4.05. Approximately 466,939 shares were traded during trading, a decline of 90% from the average daily volume of 4,779,508 shares. The stock had previously closed at $4.28.

Analysts Set New Price Targets

Separately, Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price objective on shares of Clarivate in a research report on Thursday, February 20th.

Clarivate Trading Up 1.3 %

The stock's fifty day moving average is $4.77 and its 200 day moving average is $5.48. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. The stock has a market cap of $2.89 billion, a P/E ratio of -4.37 and a beta of 1.28.

Clarivate declared that its board has approved a share repurchase program on Monday, December 16th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 12.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clarkston Capital Partners LLC boosted its stake in shares of Clarivate by 8.1% during the fourth quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company's stock valued at $359,328,000 after purchasing an additional 5,319,535 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Clarivate by 53.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company's stock worth $141,107,000 after buying an additional 9,691,104 shares during the period. Thompson Siegel & Walmsley LLC increased its holdings in shares of Clarivate by 14.4% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 10,498,588 shares of the company's stock valued at $53,333,000 after acquiring an additional 1,323,329 shares during the period. Perpetual Ltd raised its position in shares of Clarivate by 24.6% in the 4th quarter. Perpetual Ltd now owns 9,192,680 shares of the company's stock worth $46,699,000 after acquiring an additional 1,816,936 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Clarivate by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 8,750,858 shares of the company's stock worth $44,454,000 after purchasing an additional 538,907 shares during the last quarter. Institutional investors own 85.72% of the company's stock.

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About Clarivate

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.