Norges Bank Invests $27.76 Million in Clarivate Plc (NYSE:CLVT)

Norges Bank purchased a new stake in Clarivate Plc (NYSE:CLVT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,465,368 shares of the company's stock, valued at approximately $27,764,000. Norges Bank owned approximately 0.77% of Clarivate at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC increased its holdings in Clarivate by 161.4% in the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company's stock valued at $27,000 after buying an additional 3,245 shares during the last quarter. Kathmere Capital Management LLC acquired a new position in shares of Clarivate during the 4th quarter worth about $58,000. Truist Financial Corp increased its holdings in shares of Clarivate by 27.3% in the 4th quarter. Truist Financial Corp now owns 14,000 shares of the company's stock valued at $71,000 after acquiring an additional 3,000 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Clarivate during the 4th quarter worth about $72,000. Finally, KBC Group NV raised its position in shares of Clarivate by 77.2% during the 4th quarter. KBC Group NV now owns 18,115 shares of the company's stock worth $92,000 after acquiring an additional 7,890 shares in the last quarter. Hedge funds and other institutional investors own 85.72% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $6.00 price target on shares of Clarivate in a report on Thursday, February 20th.

Clarivate Stock Performance

Shares of NYSE CLVT traded up $0.09 during trading hours on Friday, reaching $3.29. The stock had a trading volume of 4,398,264 shares, compared to its average volume of 5,124,013. The firm has a 50-day moving average of $4.23 and a 200-day moving average of $5.16. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -3.42 and a beta of 1.48. 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 Plc has a fifty-two week low of $3.04 and a fifty-two week high of $7.31.

Clarivate declared that its Board of Directors has initiated a share repurchase program on Monday, December 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Clarivate 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.