Clarivate (NYSE:CLVT) Releases FY24 Earnings Guidance

Clarivate (NYSE:CLVT) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.70-0.80 for the period, compared to the consensus earnings per share estimate of $0.74. The company issued revenue guidance of $2.57-2.67 billion, compared to the consensus revenue estimate of $2.62 billion. Clarivate also updated its FY 2024 guidance to 0.700-0.800 EPS.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer dropped their price objective on Clarivate from $11.00 to $10.00 and set an outperform rating on the stock in a report on Wednesday, February 28th. Royal Bank of Canada lowered their price objective on Clarivate from $10.00 to $8.00 and set a sector perform rating on the stock in a research report on Wednesday, February 28th. Barclays reduced their target price on Clarivate from $7.00 to $6.00 and set an underweight rating for the company in a research report on Wednesday, February 28th. Finally, Morgan Stanley lowered their price target on Clarivate from $9.00 to $8.00 and set an equal weight rating on the stock in a report on Wednesday, February 28th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $8.00.

Clarivate Price Performance

NYSE:CLVT traded down $0.67 during mid-day trading on Wednesday, reaching $6.28. The stock had a trading volume of 3,688,293 shares, compared to its average volume of 4,073,756. Clarivate has a one year low of $6.07 and a one year high of $10.03. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a 50 day moving average price of $7.16 and a two-hundred day moving average price of $7.88. The stock has a market capitalization of $4.20 billion, a P/E ratio of -4.36, a P/E/G ratio of 1.41 and a beta of 1.24.

Clarivate (NYSE:CLVT) last issued its earnings results on Tuesday, February 27th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.21. The firm had revenue of $683.70 million for the quarter, compared to analysts’ expectations of $687.80 million. Clarivate had a negative net margin of 34.66% and a positive return on equity of 9.95%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the business earned $0.20 earnings per share. As a group, analysts expect that Clarivate will post 0.62 earnings per share for the current year.

About Clarivate

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.