Clearwater Analytics (NYSE:CWAN) Posts Quarterly Earnings Results, Meets Estimates

Clearwater Analytics (NYSE:CWAN) issued its earnings results on Wednesday. The company reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10, Briefing.com reports. Clearwater Analytics had a positive return on equity of 3.61% and a negative net margin of 1.14%. The company had revenue of $106.79 million during the quarter, compared to the consensus estimate of $105.51 million. During the same period last year, the business posted ($0.03) EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. Clearwater Analytics updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Clearwater Analytics Stock Performance

Clearwater Analytics stock traded up $0.24 during midday trading on Friday, reaching $23.76. The stock had a trading volume of 2,685,136 shares, compared to its average volume of 1,757,405. The company has a quick ratio of 5.59, a current ratio of 5.59 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $5.84 billion, a PE ratio of -297.00, a P/E/G ratio of 9.19 and a beta of 0.57. Clearwater Analytics has a 12 month low of $15.62 and a 12 month high of $23.91. The firm’s 50-day moving average price is $19.41 and its 200 day moving average price is $18.48.

Insider Transactions at Clearwater Analytics

In other Clearwater Analytics news, CFO James S. Cox sold 14,850 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $22.02, for a total value of $326,997.00. Following the completion of the transaction, the chief financial officer now owns 232,503 shares in the company, valued at approximately $5,119,716.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO James S. Cox sold 14,850 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $22.02, for a total transaction of $326,997.00. Following the completion of the transaction, the chief financial officer now directly owns 232,503 shares in the company, valued at approximately $5,119,716.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CRO Scott Stanley Erickson sold 3,890 shares of Clearwater Analytics stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $19.50, for a total value of $75,855.00. Following the sale, the executive now directly owns 4,844 shares of the company’s stock, valued at approximately $94,458. The disclosure for this sale can be found here. Insiders sold 7,248,094 shares of company stock worth $142,921,159 over the last quarter. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Oppenheimer raised shares of Clearwater Analytics from a “market perform” rating to an “outperform” rating and set a $25.00 target price for the company in a research report on Monday, July 8th. JPMorgan Chase & Co. cut their target price on Clearwater Analytics from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, May 2nd. Piper Sandler increased their price target on Clearwater Analytics from $20.00 to $23.00 and gave the company a “neutral” rating in a research report on Thursday. Morgan Stanley reaffirmed an “equal weight” rating and set a $19.00 price objective on shares of Clearwater Analytics in a report on Thursday, May 2nd. Finally, Wells Fargo & Company increased their target price on shares of Clearwater Analytics from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.36.

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.