Fred Alger Management LLC Reduces Position in Clearwater Analytics Holdings, Inc. (NYSE:CWAN)

Fred Alger Management LLC cut its holdings in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN) by 28.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,112,142 shares of the company’s stock after selling 840,492 shares during the period. Fred Alger Management LLC owned approximately 0.86% of Clearwater Analytics worth $53,332,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of CWAN. Hood River Capital Management LLC purchased a new stake in shares of Clearwater Analytics during the second quarter valued at $43,280,000. Champlain Investment Partners LLC bought a new position in Clearwater Analytics in the third quarter valued at about $53,559,000. Stephens Investment Management Group LLC bought a new position in Clearwater Analytics in the third quarter valued at about $11,071,000. Emerald Advisers LLC bought a new position in Clearwater Analytics in the third quarter valued at about $10,150,000. Finally, Bank of New York Mellon Corp lifted its holdings in Clearwater Analytics by 66.0% in the second quarter. Bank of New York Mellon Corp now owns 956,527 shares of the company’s stock valued at $17,715,000 after acquiring an additional 380,154 shares during the period. 50.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Citigroup assumed coverage on Clearwater Analytics in a report on Monday, August 19th. They issued a “buy” rating and a $28.00 target price on the stock. Wells Fargo & Company increased their target price on Clearwater Analytics from $23.00 to $33.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Oppenheimer increased their target price on Clearwater Analytics from $31.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. JPMorgan Chase & Co. raised Clearwater Analytics from a “neutral” rating to an “overweight” rating and increased their target price for the company from $23.00 to $33.00 in a report on Thursday, November 7th. Finally, Piper Sandler increased their target price on Clearwater Analytics from $23.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.11.

Clearwater Analytics Stock Down 3.2 %

NYSE CWAN opened at $31.17 on Friday. The stock’s 50-day moving average price is $27.69 and its 200-day moving average price is $23.32. The company has a quick ratio of 4.66, a current ratio of 4.66 and a debt-to-equity ratio of 0.10. Clearwater Analytics Holdings, Inc. has a 52 week low of $15.62 and a 52 week high of $35.71. The company has a market capitalization of $7.70 billion, a P/E ratio of 3,120.12, a price-to-earnings-growth ratio of 11.13 and a beta of 0.61.

Insider Activity at Clearwater Analytics

In related news, CRO Scott Stanley Erickson sold 3,890 shares of Clearwater Analytics stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $23.75, for a total transaction of $92,387.50. Following the sale, the executive now owns 4,844 shares of the company’s stock, valued at approximately $115,045. This trade represents a 44.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James S. Cox sold 18,700 shares of Clearwater Analytics stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $24.44, for a total value of $457,028.00. Following the sale, the chief financial officer now directly owns 227,503 shares in the company, valued at $5,560,173.32. This trade represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,770 shares of company stock valued at $1,826,606. 4.60% of the stock is owned by company insiders.

Clearwater Analytics 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.