Clearwater Analytics (NYSE:CWAN) Posts Earnings Results, Beats Estimates By $0.01 EPS

Clearwater Analytics (NYSE:CWAN) announced its earnings results on Wednesday. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01, Briefing.com reports. Clearwater Analytics had a positive return on equity of 1.26% and a negative net margin of 3.90%. The business had revenue of $102.70 million for the quarter, compared to analysts’ expectations of $100.55 million. During the same period in the prior year, the business posted $0.07 earnings per share. The firm’s revenue was up 21.4% on a year-over-year basis. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Clearwater Analytics Stock Up 2.9 %

Clearwater Analytics stock traded up $0.49 during trading on Friday, hitting $17.67. 1,563,888 shares of the company were exchanged, compared to its average volume of 1,079,200. The company has a current ratio of 5.15, a quick ratio of 5.15 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $17.01 and its 200 day moving average is $18.68. Clearwater Analytics has a 52 week low of $13.02 and a 52 week high of $21.89. The company has a market capitalization of $4.32 billion, a P/E ratio of -220.75, a PEG ratio of 6.82 and a beta of 0.50.

Analysts Set New Price Targets

CWAN has been the subject of several recent analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $19.00 price objective on shares of Clearwater Analytics in a research report on Thursday. Piper Sandler reissued a “neutral” rating and issued a $20.00 price objective on shares of Clearwater Analytics in a research report on Thursday, February 29th. JPMorgan Chase & Co. dropped their price objective on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday. DA Davidson reaffirmed a “buy” rating and set a $24.00 target price on shares of Clearwater Analytics in a research note on Monday, February 5th. Finally, Wells Fargo & Company dropped their price target on Clearwater Analytics from $24.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $21.70.

Insiders Place Their Bets

In other news, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Sandeep Sahai sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $19.74, for a total transaction of $987,000.00. Following the sale, the chief executive officer now directly owns 270,838 shares in the company, valued at approximately $5,346,342.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of Clearwater Analytics stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $16.90, for a total transaction of $274,625,000.00. The disclosure for this sale can be found here. Insiders have sold 16,310,000 shares of company stock valued at $275,809,400 in the last three months. 2.10% of the stock is currently owned by insiders.

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.