Clearwater Analytics (NYSE:CWAN) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Clearwater Analytics (NYSE:CWAN – Get Rating) announced its quarterly earnings results on Wednesday. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.01), Fidelity Earnings reports. Clearwater Analytics had a positive return on equity of 2.01% and a negative net margin of 3.68%. Clearwater Analytics updated its FY 2022 guidance to EPS and its Q3 2022 guidance to EPS.

Clearwater Analytics Stock Up 5.0 %

CWAN stock traded up $0.65 during midday trading on Friday, hitting $13.77. The company’s stock had a trading volume of 288,685 shares, compared to its average volume of 532,445. The company has a market cap of $3.27 billion and a PE ratio of -229.46. Clearwater Analytics has a 12 month low of $11.23 and a 12 month high of $27.68. The company has a current ratio of 12.03, a quick ratio of 12.03 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average is $13.05 and its 200-day moving average is $16.48.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CWAN. Wells Fargo & Company decreased their price target on Clearwater Analytics from $22.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday. DA Davidson cut their price objective on Clearwater Analytics to $22.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. Credit Suisse Group dropped their price target on Clearwater Analytics from $20.00 to $16.00 and set an “outperform” rating on the stock in a research report on Thursday. The Goldman Sachs Group cut Clearwater Analytics from a “neutral” rating to a “sell” rating in a research report on Wednesday, July 13th. Finally, Oppenheimer dropped their price target on Clearwater Analytics from $25.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, June 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.50.

Insider Buying and Selling at Clearwater Analytics

In related news, insider Joseph Morris Kochansky bought 2,201 shares of the firm’s stock in a transaction on Tuesday, May 31st. The stock was acquired at an average cost of $11.99 per share, for a total transaction of $26,389.99. Following the purchase, the insider now owns 3,976 shares in the company, valued at $47,672.24. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, major shareholder Durable Capital Partners Lp acquired 487,719 shares of Clearwater Analytics stock in a transaction dated Tuesday, June 7th. The stock was purchased at an average cost of $13.46 per share, for a total transaction of $6,564,697.74. Following the purchase, the insider now directly owns 9,433,678 shares of the company’s stock, valued at approximately $126,977,305.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Morris Kochansky acquired 2,201 shares of Clearwater Analytics stock in a transaction dated Tuesday, May 31st. The stock was bought at an average price of $11.99 per share, with a total value of $26,389.99. Following the completion of the purchase, the insider now directly owns 3,976 shares in the company, valued at $47,672.24. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 547,123 shares of company stock worth $7,373,738. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Clearwater Analytics

Several hedge funds and other institutional investors have recently modified their holdings of CWAN. Wasatch Advisors Inc. lifted its holdings in shares of Clearwater Analytics by 5.8% in the 1st quarter. Wasatch Advisors Inc. now owns 3,240,235 shares of the company’s stock valued at $68,045,000 after acquiring an additional 178,068 shares during the last quarter. Eaton Vance Management increased its holdings in Clearwater Analytics by 10.9% during the first quarter. Eaton Vance Management now owns 1,598,264 shares of the company’s stock valued at $33,563,000 after buying an additional 157,082 shares during the period. Bank of New York Mellon Corp purchased a new position in Clearwater Analytics during the first quarter valued at approximately $12,870,000. BlackRock Inc. increased its holdings in Clearwater Analytics by 4.6% during the first quarter. BlackRock Inc. now owns 470,328 shares of the company’s stock valued at $9,877,000 after buying an additional 20,705 shares during the period. Finally, State Street Corp increased its holdings in Clearwater Analytics by 101.2% during the first quarter. State Street Corp now owns 199,387 shares of the company’s stock valued at $4,187,000 after buying an additional 100,287 shares during the period. 21.08% of the stock is currently owned by hedge funds and other institutional investors.

About Clearwater Analytics

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Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities. The company offers investment accounting and reporting, performance measurement, compliance monitoring, and risk analytics solutions.