Clarivate Plc: Still A Buy, But Recovery Could Take Longer Than Expected
Clarivate reported weak 1Q24 results, with revenue falling and organic growth dipping into negative territory. Despite the disappointing results, I still believe Clarivate is an attractive buy, as the weak growth is attributed to macroeconomic factors rather than structural issues. I expect organic growth to recover once the macro environment improves.
Charles Schwab Investment Management Inc. Boosts Holdings in Clarivate Plc (NYSE:CLVT)
Charles Schwab Investment Management Inc. grew its position in shares of Clarivate Plc (NYSE:CLVT – Free Report) by 3.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,645,333 shares of the company’s stock after buying an additional 149,573 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.70% of Clarivate worth $43,016,000 as of its most recent filing with the SEC. Several other hedge funds also recently made changes to their positions in CLVT. Alaska Permanent Fund Corp lifted its holdings in shares of Clarivate by 0.9% in the 4th quarter. Alaska Permanent Fund Corp now owns 286,539 shares of the company’s stock valued at $2,653,000 after buying an additional 2,539 shares during the period. California Public Employees Retirement System lifted its holdings in Clarivate by 12.5% in the fourth quarter. California Public Employees Retirement System now owns 780,468 shares of the company’s stock valued at $7,227,000 after acquiring an additional 86,795 shares during the period. Handelsbanken Fonder AB boosted its position in shares of Clarivate by 103.8% during the 4th quarter. Handelsbanken Fonder AB now owns 127,600 shares of the company’s stock worth $1,182,000 after purchasing an additional 65,000 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Clarivate during the 4th quarter worth $956,000. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Clarivate by 13.5% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 23,032 shares of the company’s stock valued at $213,000 after purchasing an additional 2,743 shares in the last quarter. Institutional investors and hedge funds own 85.72% of the company’s stock. Wall Street Analyst Weigh In A number of brokerages have issued reports on CLVT. Oppenheimer dropped their target price on shares of Clarivate from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. The Goldman Sachs Group decreased their price objective on shares of Clarivate from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Morgan Stanley cut their target price on shares of Clarivate from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 28th. Barclays dropped their price objective on shares of Clarivate from $7.00 to $6.00 and set an “underweight” rating for the company in a research note on Wednesday, February 28th. Finally, Royal Bank of Canada reduced their target price on Clarivate from $10.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 28th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $7.78. Check Out Our Latest Analysis on CLVT Clarivate Stock Performance Clarivate stock opened at $6.01 on Monday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.86 and a quick ratio of 0.86. Clarivate Plc has a 12 month low of $5.99 and a 12 month high of $10.03. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -3.62, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The stock’s 50-day moving average is $7.03 and its 200-day moving average is $7.87. Clarivate (NYSE:CLVT – Get Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.21 EPS for the quarter, meeting the consensus estimate of $0.21. Clarivate had a negative net margin of 39.29% and a positive return on equity of 10.11%. The firm had revenue of $683.70 million for the quarter, compared to analyst estimates of $687.80 million. During the same quarter last year, the firm posted $0.20 earnings per share. Clarivate’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities analysts anticipate that Clarivate Plc will post 0.62 earnings per share for the current year. About Clarivate (Free Report) 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. See Also Five stocks we like better than Clarivate The Role Economic Reports Play in a Successful Investment Strategy MarketBeat Week in Review – 5/13 – 5/17 Investing in the High PE Growth Stocks Take-Two Interactive Software Offers 2nd Chance for Investors Are Penny Stocks a Good Fit for Your Portfolio? Deere & Company’s Q2 Report: Strong Revenue, Cautious Outlook
