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

Clearwater Analytics (NYSE:CWAN) posted its quarterly earnings results on Wednesday. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01, Briefing.com reports. Clearwater Analytics had a negative net margin of 3.90% and a positive return on equity of 1.26%. The firm had revenue of $102.70 million for the quarter, compared to analysts’ expectations of $100.55 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. The business’s revenue for the quarter 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 Performance

CWAN traded up $0.49 during midday trading on Friday, reaching $17.67. The company had a trading volume of 1,563,888 shares, compared to its average volume of 1,079,200. Clearwater Analytics has a 1 year low of $13.02 and a 1 year high of $21.89. The company has a quick ratio of 5.15, a current ratio of 5.15 and a debt-to-equity ratio of 0.11. The company has a market cap of $4.32 billion, a P/E ratio of -220.75, a P/E/G ratio of 6.82 and a beta of 0.50. The business has a 50-day moving average of $17.01 and a two-hundred day moving average of $18.68.

Analyst Ratings Changes

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

Insider Activity

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

Clearwater Analytics Company Profile

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.