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

Clarivate (NYSE:CLVT) announced that its Board of Directors has authorized a stock repurchase program on Monday, December 16th, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 12.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

CLVT has been the topic of several recent analyst reports. William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Barclays dropped their target price on shares of Clarivate from $5.00 to $4.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. Finally, Royal Bank of Canada reduced their price target on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.10.

Clarivate Stock Performance

Shares of CLVT traded up $0.39 during mid-day trading on Monday, reaching $5.50. 6,420,601 shares of the company’s stock were exchanged, compared to its average volume of 4,596,281. The business’s fifty day simple moving average is $5.81 and its 200-day simple moving average is $6.07. The stock has a market capitalization of $3.91 billion, a PE ratio of -2.76 and a beta of 1.12. Clarivate has a 52-week low of $4.25 and a 52-week 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.

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

Insider Buying and Selling

In related news, Director Michael J. Angelakis purchased 765,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was purchased at an average cost of $5.19 per share, with a total value of $3,970,350.00. Following the completion of the acquisition, the director now directly owns 3,465,000 shares in the company, valued at $17,983,350. This trade represents a 28.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Bar Veinstein sold 60,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $7.00, for a total transaction of $420,000.00. Following the completion of the transaction, the insider now directly owns 916,583 shares in the company, valued at $6,416,081. This represents a 6.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 22.77% of the company’s stock.

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.