Clarivate (NYSE:CLVT) Director Kenneth Cornick Buys 250,000 Shares of Stock

Clarivate PLC (NYSE:CLVT) Director Kenneth Cornick acquired 250,000 shares of the stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $1.85 per share, with a total value of $462,500.00. Following the completion of the transaction, the director owned 2,000,000 shares in the company, valued at $3,700,000. This trade represents a 14.29% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Clarivate Trading Up 4.4%

Shares of NYSE:CLVT traded up $0.08 during trading on Monday, reaching $1.90. 4,527,465 shares of the company were exchanged, compared to its average volume of 6,792,856. The business’s fifty day simple moving average is $2.21 and its 200-day simple moving average is $2.37. 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 PLC has a 12-month low of $1.66 and a 12-month high of $4.55. The firm has a market capitalization of $1.22 billion, a PE ratio of -3.65 and a beta of 1.40.

Clarivate (NYSE:CLVT) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.The firm had revenue of $587.30 million during the quarter, compared to analyst estimates of $589.73 million. During the same quarter in the previous year, the business earned $0.18 earnings per share. Clarivate’s quarterly revenue was down 5.5% on a year-over-year basis. On average, research analysts anticipate that Clarivate PLC will post 0.67 EPS for the current year.

Institutional Investors Weigh In On Clarivate

A number of institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers increased its stake in shares of Clarivate by 11.2% in the 2nd quarter. Cetera Investment Advisers now owns 26,034 shares of the company’s stock worth $112,000 after acquiring an additional 2,617 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Clarivate by 0.9% during the 2nd quarter. California State Teachers Retirement System now owns 303,147 shares of the company’s stock valued at $1,304,000 after acquiring an additional 2,788 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Clarivate by 3.9% in the third quarter. Envestnet Asset Management Inc. now owns 77,275 shares of the company’s stock valued at $296,000 after purchasing an additional 2,884 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Clarivate by 4.3% in the second quarter. Hsbc Holdings PLC now owns 116,648 shares of the company’s stock valued at $500,000 after purchasing an additional 4,792 shares during the period. Finally, Advisory Services Network LLC increased its position in Clarivate by 6.7% during the third quarter. Advisory Services Network LLC now owns 85,200 shares of the company’s stock worth $326,000 after purchasing an additional 5,371 shares during the last quarter. Institutional investors own 85.72% of the company’s stock.

Analyst Upgrades and Downgrades

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

About Clarivate

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.