Share Buyback Plan Initiated by Clarivate (NYSE:CLVT) Board of Directors

Clarivate (NYSE:CLVT) declared that its Board of Directors has initiated a share buyback plan on Monday, December 16th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 12.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Clarivate Trading Down 8.3 %

Shares of Clarivate stock opened at $5.00 on Thursday. Clarivate has a 1 year low of $4.25 and a 1 year high of $9.60. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market cap of $3.55 billion, a PE ratio of -2.51 and a beta of 1.12. The firm has a fifty day moving average price of $5.75 and a 200 day moving average price of $6.06.

Clarivate (NYSE:CLVT) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.19. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The business had revenue of $622.20 million during the quarter, compared to analyst estimates of $640.81 million. During the same quarter last year, the business posted $0.18 EPS. The company’s revenue was down 3.9% on a year-over-year basis. Equities research analysts predict that Clarivate will post 0.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Barclays lowered their price target on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. Finally, Royal Bank of Canada cut their price objective on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $7.10.

Insider Buying and Selling at Clarivate

In other news, Director Michael J. Angelakis bought 765,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $5.19 per share, with a total value of $3,970,350.00. Following the purchase, the director now directly owns 3,465,000 shares in the company, valued at $17,983,350. The trade was a 28.33 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Bar Veinstein sold 60,000 shares of Clarivate stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total value of $420,000.00. Following the completion of the transaction, the insider now owns 916,583 shares of the company’s stock, valued at approximately $6,416,081. This represents a 6.14 % decrease in their position. The disclosure for this sale can be found here. 23.14% of the stock is currently owned by corporate insiders.

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.