Clearwater Analytics (NYSE:CWAN) Releases Earnings Results, Beats Expectations By $0.01 EPS

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

Clearwater Analytics Stock Performance

Shares of CWAN traded up $0.49 during midday trading on Friday, reaching $17.67. 1,563,888 shares of the stock were exchanged, compared to its average volume of 1,079,200. 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 stock’s 50 day simple moving average is $17.01 and its 200 day simple moving average is $18.68. Clearwater Analytics has a twelve month low of $13.02 and a twelve month high of $21.89. The company has a market cap of $4.32 billion, a P/E ratio of -220.75, a PEG ratio of 6.82 and a beta of 0.50.

Insider Activity at Clearwater Analytics

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 legal filing with the SEC, which can be accessed through this link. In related news, CFO James S. Cox sold 10,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $19.74, for a total value of $197,400.00. Following the completion of the transaction, the chief financial officer now owns 148,711 shares of the company’s stock, valued at approximately $2,935,555.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Xii Carbon Analytics Acqu Wcas sold 16,250,000 shares of the stock in a transaction 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 16,310,000 shares of company stock worth $275,809,400. Corporate insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

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

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.