Clarivate (NYSE:CLVT) Shares Gap Up - Still a Buy?

Clarivate Plc (NYSE:CLVT - Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $4.13, but opened at $4.26. Clarivate shares last traded at $4.31, with a volume of 161,590 shares.

Analyst Upgrades and Downgrades

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 Stock Performance

The company has a market cap of $2.83 billion, a P/E ratio of -4.28 and a beta of 1.28. The company's fifty day moving average is $4.81 and its 200 day moving average is $5.53. The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88.

Clarivate declared that its Board of Directors has initiated a share buyback plan on Monday, December 16th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 12.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System lifted its position in Clarivate by 6.3% in the fourth quarter. California State Teachers Retirement System now owns 310,822 shares of the company's stock valued at $1,579,000 after purchasing an additional 18,302 shares during the last quarter. Forum Financial Management LP grew its holdings in shares of Clarivate by 90.9% in the fourth quarter. Forum Financial Management LP now owns 25,065 shares of the company's stock worth $127,000 after purchasing an additional 11,936 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Clarivate by 5.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,099,221 shares of the company's stock worth $5,584,000 after buying an additional 58,795 shares during the period. Wexford Capital LP bought a new stake in Clarivate during the 4th quarter valued at $96,000. Finally, State of Wyoming boosted its position in Clarivate by 394.9% during the 4th quarter. State of Wyoming now owns 42,848 shares of the company's stock valued at $218,000 after buying an additional 34,190 shares during the period. 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.