Clarivate (NYSE:CLVT) Trading Up 4.7% – Here’s Why

Clarivate Plc (NYSE:CLVT)’s stock price was up 4.7% on Thursday . The stock traded as high as $4.29 and last traded at $4.31. Approximately 948,559 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 4,709,806 shares. The stock had previously closed at $4.11.

Analysts Set New Price Targets

A number of research firms have commented on CLVT. William Blair cut Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 price target on shares of Clarivate in a report on Thursday, February 20th. Finally, Barclays reduced their price objective on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th.

Clarivate Stock Performance

The stock has a market cap of $2.92 billion, a price-to-earnings ratio of -4.40 and a beta of 1.28. The company has a current ratio of 0.87, a quick ratio of 0.88 and a debt-to-equity ratio of 0.88. The stock’s 50-day moving average is $5.00 and its 200-day moving average is $5.71.

Clarivate announced that its Board of Directors has initiated a share repurchase plan on Monday, December 16th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clarkston Capital Partners LLC lifted its position in shares of Clarivate by 8.1% during the 4th quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock worth $359,328,000 after purchasing an additional 5,319,535 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Clarivate by 53.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock worth $141,107,000 after buying an additional 9,691,104 shares during the period. Thompson Siegel & Walmsley LLC raised its holdings in Clarivate by 14.4% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 10,498,588 shares of the company’s stock worth $53,333,000 after buying an additional 1,323,329 shares during the period. Perpetual Ltd lifted its stake in Clarivate by 24.6% in the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock valued at $46,699,000 after buying an additional 1,816,936 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Clarivate by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 8,750,858 shares of the company’s stock worth $44,454,000 after buying an additional 538,907 shares in the last quarter. 85.72% of the stock is currently owned by institutional investors.

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.