Royal Bank of Canada Reaffirms Sector Perform Rating for Clarivate (NYSE:CLVT)

Royal Bank of Canada reaffirmed their sector perform rating on shares of Clarivate (NYSE:CLVT) in a report issued on Thursday,Benzinga reports. They currently have a $6.00 price target on the stock.

Other analysts also recently issued research reports about the company. Barclays dropped their price objective on Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th. William Blair downgraded Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. 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. According to data from MarketBeat.com, Clarivate has an average rating of “Hold” and an average target price of $7.10.

Clarivate Trading Up 1.6 %

Shares of CLVT stock opened at $4.84 on Thursday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88. Clarivate has a 1 year low of $4.22 and a 1 year high of $9.07. The stock has a fifty day moving average of $5.13 and a two-hundred day moving average of $5.80. The firm has a market capitalization of $3.43 billion, a PE ratio of -2.43 and a beta of 1.17.

Clarivate announced that its board has approved a share buyback program on Monday, December 16th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 12.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Clarivate

Several hedge funds have recently modified their holdings of CLVT. Price T Rowe Associates Inc. MD lifted its holdings in shares of Clarivate by 53.6% during 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 purchasing an additional 9,691,104 shares during the last quarter. Norges Bank purchased a new stake in shares of Clarivate during the fourth quarter valued at $27,764,000. Clarkston Capital Partners LLC lifted its holdings 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 purchasing an additional 5,319,535 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Clarivate during the fourth quarter valued at $19,172,000. Finally, Atairos Partners GP Inc. purchased a new stake in shares of Clarivate during the fourth quarter valued at $17,602,000. 85.72% of the stock is owned by hedge funds and other institutional investors.

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.