Geode Capital Management LLC Increases Stock Holdings in Clarivate Plc (NYSE:CLVT)

Geode Capital Management LLC grew its position in Clarivate Plc (NYSE:CLVT - Free Report) by 8.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,243,336 shares of the company's stock after purchasing an additional 571,289 shares during the quarter. Geode Capital Management LLC owned approximately 1.02% of Clarivate worth $51,443,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of CLVT. Nisa Investment Advisors LLC bought a new stake in Clarivate during the second quarter valued at $26,000. Truist Financial Corp acquired a new position in shares of Clarivate in the 2nd quarter valued at about $63,000. KBC Group NV boosted its position in shares of Clarivate by 33.2% during the 3rd quarter. KBC Group NV now owns 10,225 shares of the company's stock valued at $73,000 after purchasing an additional 2,549 shares in the last quarter. Forum Financial Management LP acquired a new stake in Clarivate during the second quarter worth approximately $75,000. Finally, Headlands Technologies LLC increased its holdings in Clarivate by 749.2% in the second quarter. Headlands Technologies LLC now owns 14,632 shares of the company's stock worth $83,000 after purchasing an additional 12,909 shares in the last quarter. 85.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Royal Bank of Canada cut their price target on Clarivate from $7.00 to $6.00 and set a "sector perform" rating on the stock in a report on Thursday, November 7th. Barclays cut their target price on shares of Clarivate from $5.00 to $4.00 and set an "underweight" rating on the stock in a research note on Thursday, November 7th. Finally, William Blair downgraded shares of Clarivate from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, Clarivate presently has an average rating of "Hold" and a consensus price target of $7.10.

Insiders Place Their Bets

In other news, Director Michael J. Angelakis purchased 765,000 shares of the company's stock in a transaction dated Friday, November 22nd. The shares were purchased at an average price of $5.19 per share, with a total value of $3,970,350.00. Following the transaction, the director now directly owns 3,465,000 shares of the company's stock, valued at approximately $17,983,350. This represents a 28.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bar Veinstein sold 60,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $7.00, for a total transaction of $420,000.00. Following the transaction, the insider now owns 916,583 shares of the company's stock, valued at $6,416,081. This represents a 6.14 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 22.77% of the company's stock.

Clarivate Price Performance

CLVT stock remained flat at $4.98 during midday trading on Monday. 2,736,192 shares of the company's stock were exchanged, compared to its average volume of 4,594,702. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a 50 day simple moving average of $5.68 and a two-hundred day simple moving average of $6.05. Clarivate Plc has a fifty-two week low of $4.25 and a fifty-two week high of $9.60. The firm has a market capitalization of $3.54 billion, a P/E ratio of -2.50 and a beta of 1.12.

Clarivate (NYSE:CLVT - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting the consensus estimate of $0.19. Clarivate had a negative net margin of 50.00% and a positive return on equity of 9.69%. The company had revenue of $622.20 million during the quarter, compared to the consensus estimate of $640.81 million. During the same period in the previous year, the firm posted $0.18 earnings per share. The firm's revenue for the quarter was down 3.9% on a year-over-year basis. Analysts forecast that Clarivate Plc will post 0.63 earnings per share for the current year.

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

Clarivate Company Profile

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.