Now Is A Suitable Moment For A Long-Term Purchase Of Clarivate Plc (NYSE: CCC)


    T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Clarivate Plc (NYSE:CCC). The institutional investor has increased its shareholding in the Technology company by 20.19% to 45.64 million shares with purchase of 7.67 million shares. This fresh investment now brings its stake to 11.78% valued currently at $1.02 billion. In addition, Fidelity Management & Research Co. raised its holdings by 15.44 million to 30.06 million shares. And Massachusetts Financial Services. has lifted its position by 125.61% or 10.72 million shares – to 19.26 million shares.

    With over 0.83 million Clarivate Plc (CCC) shares trading Friday and a closing price of $24.04 on the day, the dollar volume was approximately $20.02 million. The shares have shown a positive weekly performance of 1.86% and its price on 07/24/20 gained nearly 3.80%. Currently, there are 343.13M common shares owned by the public and among those 129.43M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for CCC have a consensus price objective of $26.33. The analysts have set the share’s price value over the next 12 months at a high of $28.00 and a low of $24.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Clarivate Plc stock is 1.90 for the next 12 months. The average price target is 8.94% above its last price level and an upside to the estimated low will see the stock lose -0.17% over that period. But an upside of 14.14% will see the stock hit the forecast high price target while mean target price for the stock is $26.00.

    The top 3 mutual fund holders in Clarivate Plc are T Rowe Price New Horizons Fund, T Rowe Price Mid Cap Growth Fund, and Fidelity Contrafund. T Rowe Price New Horizons Fund owns 15.05 million shares of the company’s stock, all valued at over $336.11 million. The company bought an additional 4.02 million shares recently to bring their total holdings to about 3.89% of the shares outstanding. T Rowe Price Mid Cap Growth Fund bought 4.61 million shares to see its total holdings expand to 14.5 million shares valued at over $323.79 million and representing 3.74% of the shares outstanding. Fidelity Contrafund sold 14690.0 shares to bring its total holdings to over 9.44 million shares at a value of $210.74 million. Fidelity Contrafund now owns shares totaling to 2.44% of the shares outstanding.

    Shares of Clarivate Plc (NYSE: CCC) opened at $23.35, up $0.19 from a prior closing price of $23.16. However, the script later closed the day at $24.04, up 3.80%. The company’s stock has a 5-day price change of 1.86% and 1.82% over the past three months. CCC shares are trading 43.10% year to date (YTD), with the 12-month market performance up to 47.76% higher. It has a 12-month low price of $15.00 and touched a high of $24.98 over the same period. Currently, 0.83 million shares have been traded, compared to an average intraday trading volume of 1.57 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.73%, 6.04%, and 19.25% respectively.

    Institutional ownership of Clarivate Plc (NYSE: CCC) shares accounts for 81.30% of the company’s 343.13M shares outstanding. Mutual fund holders own 16.41%, while other institutional holders and individual stakeholders account for 38.59% and — respectively.

    It has a market capitalization of $9.44B. The earnings-per-share (ttm) stands at -$0.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.15% over the week and 3.17% over the month.

    Analysts forecast that Clarivate Plc (CCC) will achieve an EPS of $0.14 for the current quarter, $0.15 for the next quarter and $0.74 for 2021. The lowest estimate earnings-per-share for the quarter is $0.13 while analysts give the company a high EPS estimate of $0.16. Comparatively, EPS for the current quarter was $0.11 a year ago. Earnings per share for the fiscal year are expected to increase by 30.80%, and 32.50% over the next financial year.

    If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Clarivate Plc (CCC) as a “Strong Buy” at a consensus score of 1.90. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 1 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the CCC, a number of firms have released research notes about the stock. Barclays stated their Overweight rating for the stock in a research note on July 27, 2020, with the firm’s price target at $26. Goldman coverage for the Clarivate Plc (CCC) stock in a research note released on April 09, 2020 offered a Buy rating with a price target of $24. Citigroup was of a view on April 02, 2020 that the stock is Buy, while B. Riley FBR gave the stock Neutral rating on January 31, 2020, issuing a price target of $19.50- $23. Stifel on their part issued Buy rating on January 21, 2020.


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