Renaissance Technologies LLC Makes New $1.16 Million Investment in Clarivate PLC $CLVT

Renaissance Technologies LLC bought a new stake in Clarivate PLC (NYSE:CLVT) during the 1st quarter, Holdings Channel reports. The fund bought 457,914 shares of the company’s stock, valued at approximately $1,159,000.

Several other institutional investors also recently modified their holdings of CLVT. Personal CFO Solutions LLC bought a new stake in shares of Clarivate during the first quarter worth approximately $30,000. Principal Financial Group Inc. bought a new position in Clarivate in the first quarter valued at approximately $32,000. M&T Bank Corp bought a new position in Clarivate in the fourth quarter valued at approximately $34,000. Parallel Advisors LLC grew its holdings in Clarivate by 94.2% during the 1st quarter. Parallel Advisors LLC now owns 13,786 shares of the company’s stock worth $35,000 after acquiring an additional 6,687 shares during the period. Finally, Jump Financial LLC acquired a new stake in Clarivate during the 4th quarter worth $41,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

Insider Activity at Clarivate

In other Clarivate news, Director Andrew Miles Snyder sold 2,489,618 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $1.94, for a total transaction of $4,829,858.92. Following the completion of the transaction, the director owned 3,856,597 shares of the company’s stock, valued at $7,481,798.18. This represents a 39.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth L. Cornick purchased 250,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The shares were acquired at an average cost of $1.85 per share, with a total value of $462,500.00. Following the completion of the purchase, the director directly owned 2,000,000 shares in the company, valued at approximately $3,700,000. This represents a 14.29% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 22.88% of the company’s stock.

Clarivate Stock Performance

CLVT opened at $1.96 on Friday. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -3.76 and a beta of 1.40. The business’s 50-day moving average price is $2.15 and its two-hundred day moving average price is $2.34. Clarivate PLC has a 1 year low of $1.66 and a 1 year high of $4.55. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.85.

Clarivate (NYSE:CLVT) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. The company had revenue of $587.30 million during the quarter, compared to analysts’ expectations of $589.73 million. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.Clarivate’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. Equities analysts expect that Clarivate PLC will post 0.67 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CLVT. Wall Street Zen downgraded Clarivate from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. The Goldman Sachs Group decreased their price objective on Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Stifel Nicolaus cut their target price on Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Citigroup reduced their target price on Clarivate from $2.80 to $2.50 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $3.02.

Clarivate Company Profile

Clarivate plc is a global information and analytics company that provides insights and workflow solutions to accelerate the pace of innovation. The company delivers proprietary data, analytics, and expertise to support research and development in the life sciences, intellectual property management, academic institutions, government agencies, and corporations. Its core offerings include citation and patent databases, drug pipeline analytics, trademark research tools, regulatory compliance solutions, and market intelligence platforms.

Originally part of Thomson Reuters’ Intellectual Property & Science division, Clarivate was established as an independent entity in 2016 following a spin-off transaction.