Quadrature Capital Reduces Stake in Clearwater Analytics Holdings

Quadrature Capital Ltd has significantly reduced its holdings in Clearwater Analytics Holdings, Inc. (NYSE: CWAN) by selling 40,993 shares during the second quarter of 2023, which represents a decrease of 64.4%. As of the latest filing with the Securities and Exchange Commission, Quadrature Capital now holds 22,633 shares valued at approximately $496,000.

Other investment firms have also adjusted their positions in Clearwater Analytics recently. First Horizon Advisors Inc. increased its stake by an impressive 278.9%, acquiring 1,523 shares worth about $33,000 after purchasing an additional 1,121 shares. Similarly, Bessemer Group Inc. raised its holdings by 84.6%, now owning 1,545 shares valued at $35,000. Quarry LP made a noteworthy move, boosting its position by 979.4% in the first quarter, resulting in ownership of 2,094 shares valued at $56,000.

In the second quarter, Nisa Investment Advisors LLC increased its stake by 36.7%, now holding 4,288 shares worth $94,000, while Hilltop National Bank initiated a new position valued at $108,000. Overall, institutional investors now own 50.10% of Clearwater Analytics’ stock.

Market Performance and Share Buyback Plan

On Wednesday, Clearwater Analytics shares opened at $21.06. The company boasts a market capitalization of $6.16 billion, a P/E ratio of 13.76, and a PEG ratio of 5.60. The stock has seen a twelve-month low of $15.73 and a high of $32.00. Clearwater Analytics has a manageable debt-to-equity ratio of 0.42 and a solid quick ratio of 1.97. The firm’s 50-day moving average is $18.89, while the 200-day moving average stands at $20.39.

In a strategic move, Clearwater Analytics announced on September 3, 2023, that its board has initiated a share buyback program allowing for the repurchase of up to $100 million in outstanding shares. This plan enables the company to buy back approximately 1.7% of its stock through open market purchases, a sign that company leadership considers its shares undervalued.

Analyst Ratings and Insider Transactions

Several analysts have provided insights on Clearwater Analytics shares. DA Davidson reaffirmed a “buy” rating with a price target of $30.00, while UBS Group lowered its price objective from $35.00 to $30.00 but maintained a “buy” rating. Morgan Stanley reiterated an “overweight” rating with a target price of $27.00, and The Goldman Sachs Group upgraded its rating from “neutral” to “buy” with a similar price target of $27.00. According to MarketBeat.com, the average rating for the stock is “Moderate Buy,” with a consensus price target of $29.56.

In addition to these developments, insider transactions have also been noteworthy. Chief Revenue Officer Scott Stanley Erickson sold 4,505 shares on September 30, 2023, at an average price of $17.68, totaling approximately $79,648.40. Following this transaction, Erickson now owns 19,552 shares valued at about $345,679.36, reflecting an 18.73% decrease in ownership.

CFO James S. Cox also sold 29,700 shares on November 25, 2023, at an average price of $22.00, for a total of $653,400.00. After this sale, Cox retains 333,983 shares valued at approximately $7,347,626, marking an 8.17% reduction in his position. Over the past three months, insiders have sold a total of 113,302 shares worth about $2,207,626, with company insiders currently holding 3.31% of the stock.

Clearwater Analytics Holdings, Inc. specializes in delivering Software-as-a-Service (SaaS) solutions for automated investment data aggregation, reconciliation, accounting, and reporting services, catering to insurers, investment managers, corporations, institutional investors, and government entities both in the United States and internationally.