Citigroup Cuts Clarivate (NYSE:CLVT) Price Target to $2.50

Clarivate (NYSE:CLVT) had its price target reduced by Citigroup from $2.80 to $2.50 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the stock.

CLVT has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Clarivate in a research report on Wednesday, June 24th. Barclays decreased their target price on shares of Clarivate from $2.50 to $2.00 and set an “underweight” rating on the stock in a report on Thursday. Wall Street Zen upgraded shares of Clarivate from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. The Goldman Sachs Group cut their price target on shares of Clarivate from $2.90 to $2.60 and set a “neutral” rating for the company in a report on Thursday. Finally, Stifel Nicolaus reduced their price target on shares of Clarivate from $6.00 to $5.00 and set a “buy” rating on the stock in a research report on Thursday. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Clarivate presently has an average rating of “Reduce” and an average price target of $3.02.

Clarivate Trading Down 0.2%

Shares of NYSE:CLVT opened at $2.00 on Thursday. The business’s 50 day simple moving average is $2.27 and its 200 day simple moving average is $2.42. Clarivate has a 1 year low of $1.66 and a 1 year high of $4.55. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $1.28 billion, a P/E ratio of -3.86 and a beta of 1.38.

Clarivate (NYSE:CLVT) last released its earnings results on Wednesday, July 29th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.01. The firm had revenue of $587.30 million during the quarter, compared to the consensus estimate of $589.73 million. Clarivate had a positive return on equity of 9.15% and a negative net margin of 13.84%.The company’s revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. On average, research analysts anticipate that Clarivate will post 0.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLVT. Royal Bank of Canada raised its stake in Clarivate by 96.2% during the first quarter. Royal Bank of Canada now owns 63,630 shares of the company’s stock worth $250,000 after acquiring an additional 31,197 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Clarivate by 37.0% in the 1st quarter. AQR Capital Management LLC now owns 451,872 shares of the company’s stock valued at $1,749,000 after purchasing an additional 122,099 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Clarivate by 1,420.4% in the 1st quarter. Millennium Management LLC now owns 1,188,978 shares of the company’s stock valued at $4,673,000 after purchasing an additional 1,110,774 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Clarivate by 15.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 616,250 shares of the company’s stock valued at $2,422,000 after purchasing an additional 82,768 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Clarivate by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,243,683 shares of the company’s stock valued at $4,888,000 after purchasing an additional 144,462 shares during the last quarter. Institutional investors own 85.72% of the company’s stock.

About Clarivate

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.