Clarivate (NYSE:CLVT) Updates FY 2024 Earnings Guidance

Clarivate (NYSE:CLVT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 0.740. The company issued revenue guidance of $2.6 billion-$2.7 billion, compared to the consensus revenue estimate of $2.6 billion. Clarivate also updated its FY24 guidance to $0.70 to $0.80 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Royal Bank of Canada cut their target price on shares of Clarivate from $8.00 to $7.00 and set a sector perform rating for the company in a research report on Wednesday. Barclays reduced their price objective on Clarivate from $6.00 to $5.00 and set an underweight rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group cut their price target on Clarivate from $8.50 to $7.50 and set a buy rating for the company in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $7.75.

Clarivate Stock Performance

NYSE CLVT remained flat at $5.69 on Friday. 8,002,078 shares of the company’s stock were exchanged, compared to its average volume of 4,404,263. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of -3.42, a PEG ratio of 4.38 and a beta of 1.15. Clarivate has a 12 month low of $4.97 and a 12 month high of $9.60. The firm’s 50 day moving average price is $5.88 and its 200-day moving average price is $6.94. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.86 and a quick ratio of 0.86.

Clarivate (NYSE:CLVT) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The company had revenue of $650.30 million for the quarter, compared to analysts’ expectations of $651.94 million. Clarivate had a negative net margin of 39.29% and a positive return on equity of 10.11%. Clarivate’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 EPS. Sell-side analysts forecast that Clarivate will post 0.62 earnings per share for the current fiscal year.

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.