Clarivate Plc (NYSE:CLVT – Get Free Report) shares saw strong trading volume on Wednesday . 7,397,950 shares traded hands during trading, an increase of 92% from the previous session’s volume of 3,851,896 shares.The stock last traded at $5.14 and had previously closed at $5.14.
Analysts Set New Price Targets
Several research firms have commented on CLVT. William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Royal Bank of Canada reduced their target price on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Thursday, November 7th. Finally, Barclays reduced their price objective on Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $7.10.
View Our Latest Stock Report on CLVT
Clarivate Stock Performance
Clarivate (NYSE:CLVT – Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.19. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The company had revenue of $622.20 million for the quarter, compared to the consensus estimate of $640.81 million. During the same period in the previous year, the business earned $0.18 EPS. The firm’s revenue was down 3.9% compared to the same quarter last year. As a group, equities analysts expect that Clarivate Plc will post 0.63 EPS for the current year.
Clarivate announced that its Board of Directors has approved a stock repurchase program on Monday, December 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 12.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other news, Director Michael J. Angelakis bought 1,500,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were bought at an average cost of $5.11 per share, with a total value of $7,665,000.00. Following the completion of the transaction, the director now directly owns 1,500,000 shares of the company’s stock, valued at $7,665,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 23.14% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of Clarivate by 161.4% during the 4th quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock worth $27,000 after buying an additional 3,245 shares in the last quarter. Kathmere Capital Management LLC purchased a new stake in shares of Clarivate during the fourth quarter valued at approximately $58,000. Truist Financial Corp bought a new stake in Clarivate during the second quarter worth $63,000. KBC Group NV grew its stake in Clarivate by 33.2% in 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 during the period. Finally, Pitcairn Co. purchased a new stake in shares of Clarivate during the 3rd quarter valued at $100,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.
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.
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