Clarivate PLC (NYSE:CLVT) Receives Average Rating of “Reduce” from Analysts

Shares of Clarivate PLC (NYSE:CLVT) have received an average recommendation of “Reduce” from the six analysts that are presently covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $4.2750.

Several research analysts recently commented on CLVT shares. The Goldman Sachs Group downgraded shares of Clarivate from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $4.20 to $3.60 in a report on Thursday, January 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Clarivate in a research note on Monday, December 29th. Wall Street Zen cut Clarivate from a “buy” rating to a “hold” rating in a research report on Saturday, December 27th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $3.00 target price (down previously from $5.00) on shares of Clarivate in a report on Wednesday, December 17th.

Clarivate Trading Down 1.6%

NYSE:CLVT opened at $3.17 on Friday. The company’s 50 day moving average is $3.47 and its 200-day moving average is $3.83. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.90. Clarivate has a 12 month low of $3.04 and a 12 month high of $5.74. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of -5.56 and a beta of 1.51.

Insider Transactions at Clarivate

In related news, Director Kenneth L. Cornick purchased 100,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were bought at an average cost of $3.45 per share, for a total transaction of $345,000.00. Following the transaction, the director directly owned 1,100,000 shares of the company’s stock, valued at approximately $3,795,000. This trade represents a 10.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Andrew Miles Snyder acquired 1,460,000 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were bought at an average price of $3.33 per share, for a total transaction of $4,861,800.00. Following the acquisition, the director owned 2,247,510 shares in the company, valued at approximately $7,484,208.30. This trade represents a 185.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 2,285,000 shares of company stock worth $7,688,800. Insiders own 23.18% of the company’s stock.

Institutional Investors Weigh In On Clarivate

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Clarivate in the 2nd quarter valued at approximately $19,273,000. Balyasny Asset Management L.P. increased its position in shares of Clarivate by 827.6% during the third quarter. Balyasny Asset Management L.P. now owns 4,882,593 shares of the company’s stock valued at $18,700,000 after purchasing an additional 4,356,232 shares during the period. Bank of America Corp DE increased its position in shares of Clarivate by 506.9% during the second quarter. Bank of America Corp DE now owns 2,870,668 shares of the company’s stock valued at $12,344,000 after purchasing an additional 2,397,670 shares during the period. Man Group plc raised its stake in shares of Clarivate by 228.1% in the second quarter. Man Group plc now owns 3,091,139 shares of the company’s stock valued at $13,292,000 after purchasing an additional 2,148,943 shares in the last quarter. Finally, LSV Asset Management bought a new position in Clarivate in the third quarter worth $8,072,000. 85.72% of the stock is owned by institutional investors and hedge funds.

Clarivate Company Profile

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.