Otter Creek Advisors LLC acquired a new stake in Clarivate Plc (NYSE:CLVT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 276,143 shares of the company’s stock, valued at approximately $7,603,000. Clarivate makes up approximately 3.3% of Otter Creek Advisors LLC’s holdings, making the stock its largest position.
Several other institutional investors have also recently modified their holdings of the business. Mackenzie Financial Corp purchased a new position in shares of Clarivate during the 2nd quarter valued at approximately $318,000. Redmond Asset Management LLC acquired a new stake in shares of Clarivate in the second quarter valued at about $636,000. Westpac Banking Corp purchased a new stake in shares of Clarivate during the second quarter worth about $789,000. Fiera Capital Corp acquired a new position in shares of Clarivate during the 2nd quarter worth about $709,000. Finally, Panagora Asset Management Inc. purchased a new position in Clarivate in the 2nd quarter valued at about $919,000. Institutional investors and hedge funds own 71.58% of the company’s stock.
A number of brokerages have commented on CLVT. Morgan Stanley reduced their target price on Clarivate from $32.00 to $30.00 and set an “overweight” rating for the company in a report on Friday, July 30th. Bank of America assumed coverage on Clarivate in a report on Monday, August 16th. They issued a “buy” rating and a $28.00 price objective on the stock. Finally, Zacks Investment Research downgraded shares of Clarivate from a “hold” rating to a “sell” rating in a research note on Thursday, August 5th. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $31.17.
Clarivate Plc engages in the provision of trusted insights and analytics to accelerate the pace of innovation. It operates through the Science and Intellectual Property segments. The Science segment comprises the academic and life science product lines. The Intellectual Property segment includes patent, trademark, domain, and IP management product lines.
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