Clearwater Analytics (NYSE:CWAN) Shares Gap Up on Earnings Beat

Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $28.58, but opened at $32.86. Clearwater Analytics shares last traded at $33.85, with a volume of 508,491 shares.

The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.02. The firm had revenue of $115.83 million during the quarter, compared to the consensus estimate of $113.37 million. Clearwater Analytics had a positive return on equity of 3.55% and a negative net margin of 1.14%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CWAN. Citigroup began coverage on shares of Clearwater Analytics in a report on Monday, August 19th. They issued a "buy" rating and a $28.00 price objective on the stock. Royal Bank of Canada raised their price target on Clearwater Analytics from $28.00 to $32.00 and gave the stock an "outperform" rating in a research report on Thursday. Piper Sandler boosted their price objective on Clearwater Analytics from $23.00 to $28.00 and gave the company a "neutral" rating in a report on Thursday. Oppenheimer boosted their price target on shares of Clearwater Analytics from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Thursday. Finally, Wells Fargo & Company raised their price objective on shares of Clearwater Analytics from $23.00 to $33.00 and gave the company an "overweight" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.90.

Insider Activity at Clearwater Analytics

In other Clearwater Analytics news, CFO James S. Cox sold 13,700 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $23.64, for a total transaction of $323,868.00. Following the completion of the transaction, the chief financial officer now owns 232,503 shares in the company, valued at $5,496,370.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Clearwater Analytics news, CFO James S. Cox sold 13,700 shares of Clearwater Analytics stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $23.64, for a total transaction of $323,868.00. Following the completion of the sale, the chief financial officer now directly owns 232,503 shares of the company's stock, valued at $5,496,370.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James S. Cox sold 18,700 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $24.44, for a total value of $457,028.00. Following the completion of the transaction, the chief financial officer now owns 227,503 shares in the company, valued at approximately $5,560,173.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,864,693 shares of company stock valued at $45,128,342 over the last 90 days. 3.46% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. William Blair Investment Management LLC raised its stake in Clearwater Analytics by 42.5% during the 1st quarter. William Blair Investment Management LLC now owns 10,364,266 shares of the company's stock worth $183,344,000 after acquiring an additional 3,090,352 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Clearwater Analytics during the second quarter worth about $43,280,000. Vanguard Group Inc. lifted its holdings in shares of Clearwater Analytics by 17.2% in the 1st quarter. Vanguard Group Inc. now owns 15,131,505 shares of the company's stock valued at $267,676,000 after purchasing an additional 2,219,459 shares during the last quarter. Bamco Inc. NY boosted its position in shares of Clearwater Analytics by 30.8% in the 1st quarter. Bamco Inc. NY now owns 5,359,172 shares of the company's stock valued at $94,804,000 after purchasing an additional 1,262,150 shares during the period. Finally, Stephens Investment Management Group LLC purchased a new position in Clearwater Analytics during the 3rd quarter worth approximately $11,071,000. Institutional investors and hedge funds own 50.10% of the company's stock.

Clearwater Analytics Stock Performance

The company has a market cap of $8.07 billion, a price-to-earnings ratio of -1,654.00, a price-to-earnings-growth ratio of 9.53 and a beta of 0.61. The firm has a 50-day simple moving average of $25.48 and a 200 day simple moving average of $21.78. The company has a quick ratio of 4.78, a current ratio of 4.78 and a debt-to-equity ratio of 0.11.

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.