DA Davidson Upgrades Clearwater Analytics (NYSE:CWAN) to Buy

Clearwater Analytics (NYSE:CWAN) was upgraded by equities researchers at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $32.00 price objective on the stock, down from their prior price objective of $35.00. DA Davidson’s target price would suggest a potential upside of 24.42% from the stock’s previous close.

CWAN has been the subject of a number of other reports. Wells Fargo & Company increased their target price on Clearwater Analytics from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. JPMorgan Chase & Co. raised Clearwater Analytics from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $23.00 to $33.00 in a research note on Thursday, November 7th. Piper Sandler increased their target price on Clearwater Analytics from $23.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. The Goldman Sachs Group raised their price objective on Clearwater Analytics from $20.00 to $22.00 and gave the company a “sell” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada raised their price objective on Clearwater Analytics from $32.00 to $36.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.56.

Clearwater Analytics Stock Performance

Shares of CWAN stock opened at $25.72 on Tuesday. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 2,574.57, a price-to-earnings-growth ratio of 10.56 and a beta of 0.72. The stock has a 50 day simple moving average of $29.35 and a 200-day simple moving average of $25.50. Clearwater Analytics has a 12-month low of $15.62 and a 12-month high of $35.71. The company has a current ratio of 4.66, a quick ratio of 4.66 and a debt-to-equity ratio of 0.10.

Insider Buying and Selling at Clearwater Analytics

In other news, CFO James S. Cox sold 18,700 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $30.34, for a total transaction of $567,358.00. Following the sale, the chief financial officer now owns 219,044 shares in the company, valued at $6,645,794.96. This trade represents a 7.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Scott Stanley Erickson sold 3,890 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $31.34, for a total value of $121,912.60. Following the sale, the executive now owns 6,373 shares in the company, valued at $199,729.82. This trade represents a 37.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 184,352 shares of company stock worth $5,384,446. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Clearwater Analytics

Several hedge funds have recently made changes to their positions in CWAN. Rhumbline Advisers boosted its holdings in shares of Clearwater Analytics by 8,171.7% during the second quarter. Rhumbline Advisers now owns 185,948 shares of the company’s stock worth $3,444,000 after purchasing an additional 183,700 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Clearwater Analytics by 21.5% during the second quarter. Victory Capital Management Inc. now owns 15,459 shares of the company’s stock worth $286,000 after purchasing an additional 2,734 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Clearwater Analytics by 42.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 166,882 shares of the company’s stock worth $3,091,000 after purchasing an additional 49,804 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Clearwater Analytics by 1.8% during the second quarter. Envestnet Asset Management Inc. now owns 282,880 shares of the company’s stock worth $5,239,000 after purchasing an additional 4,879 shares during the last quarter. Finally, Amalgamated Bank acquired a new stake in shares of Clearwater Analytics during the second quarter worth $90,000. Institutional investors and hedge funds own 50.10% of the company’s stock.

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.