Clarivate (NYSE:CLVT) Trading Up 4.7% – What’s Next?

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

Analyst Ratings Changes

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

Clarivate Trading Up 2.8 %

The stock has a 50-day moving average of $5.00 and a two-hundred day moving average of $5.71. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. The company has a market cap of $2.92 billion, a P/E ratio of -4.40 and a beta of 1.28.

Clarivate announced that its board has approved a stock repurchase plan on Monday, December 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Clarivate

A number of hedge funds have recently bought and sold shares of CLVT. Price T Rowe Associates Inc. MD lifted its holdings in Clarivate by 53.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 27,776,892 shares of the company’s stock valued at $141,107,000 after acquiring an additional 9,691,104 shares during the period. Norges Bank purchased a new position in Clarivate in the 4th quarter worth approximately $27,764,000. Clarkston Capital Partners LLC raised its position in shares of Clarivate by 8.1% during the fourth quarter. Clarkston Capital Partners LLC now owns 70,733,831 shares of the company’s stock valued at $359,328,000 after buying an additional 5,319,535 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Clarivate during the fourth quarter worth $19,172,000. Finally, Atairos Partners GP Inc. purchased a new position in Clarivate during the fourth quarter valued at $17,602,000. Hedge funds and other institutional investors own 85.72% of the company’s stock.

Clarivate Company Profile

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.