James S. Cox, the Chief Financial Officer of Clearwater Analytics Holdings, Inc. (NYSE:CWAN), a $7.32 billion market cap company with a "GOOD" InvestingPro Financial Health score, has recently sold shares of the company's Class A common stock. According to a filing with the Securities and Exchange Commission, Cox sold a total of 18,700 shares on December 16, 2024. These transactions were executed at prices ranging from $29.50 to $29.85 per share, resulting in a total sale value of approximately $554,499.
In addition to the sales, Cox exercised stock options to acquire 32,618 shares at a price of $4.40 per share, totaling $143,519. Following these transactions, Cox's direct ownership in the company stands at 214,044 shares.
The sales were conducted under a Rule 10b5-1 trading plan, which Cox adopted on March 11, 2024. This plan allows insiders to set up a predetermined schedule for buying or selling company stock, providing them with an opportunity to diversify their holdings while complying with insider trading regulations.
In other recent news, Clearwater Analytics has made several significant announcements. The company reported a 22% year-over-year revenue increase and a 34% year-over-year growth in adjusted EBITDA in its third-quarter results. Following these positive earnings, Clearwater's management revised their 2024 forecasts upwards, increasing the midpoints for revenue and adjusted EBITDA by approximately 1% and 2% respectively.
RBC Capital Markets maintained an Outperform rating for Clearwater and increased the company's price target from $32.00 to $36.00. This adjustment reflects RBC's confidence in Clearwater's potential for sustained growth. However, DA Davidson downgraded Clearwater Analytics from Buy to Neutral, but raised the price target to $35.00, acknowledging the company's strong third-quarter results.
Clearwater Analytics also announced a secondary public offering of 25 million shares of Class A common stock, managed by J.P. Morgan. The shares are being offered by affiliates of Welsh, Carson, Anderson & Stowe, Warburg Pincus LLC, and Permira Advisers LLC.
Lastly, Clearwater Analytics welcomed Subi Sethi as the new Chief Client Officer, underlining the company's dedication to growth, innovation, and client relations. These developments are recent and investors will be monitoring how these changes impact the company's performance in the upcoming quarters.
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