5 Under-The-Radar Tech Stocks to Buy Now

2. Clarivate Plc (NYSE:CLVT)

Number of Hedge Fund Holders: 31

Clarivate Plc (NYSE:CLVT) is a London-based information services and analytics company. On August 9, the company posted a Q2 non-GAAP EPS of $0.22, beating market estimates by $0.02. The revenue of $686.6 million climbed 54.1% year over year. However, the revenue fell short of Wall Street consensus by $4.3 million. 

Wells Fargo analyst Seth Weber on July 12 initiated coverage of Clarivate Plc (NYSE:CLVT) with an Overweight rating and a $20 price target. Although currency and macro headwinds present potential challenges, fiscal 2022 consensus estimates are already at the low end of Clarivate Plc (NYSE:CLVT)’s guidance, the analyst told investors in a research note. He said the stock’s valuation presents an attractive risk/reward given the company’s science and intellectual property, as well as “considerable progress” over the last few years in terms of portfolio, operations, and costs.

Among the hedge funds tracked by Insider Monkey, Leonard Green & Partners is the largest shareholder of the company, with 116.6 million shares worth $1.6 billion. Overall, 31 hedge funds were long Clarivate Plc (NYSE:CLVT) at the end of Q2 2022, compared to 36 funds in the prior quarter. 

Here is what ClearBridge Select Strategy has to say about Clarivate Plc (NYSE:CLVT) in its Q3 2021 investor letter:

“We took advantage of alternative asset classes to establish exposure in healthcare analytics firm Clarivate. Clarivate sells a range of analytics and data packages to biopharmaceutical and medical technology customers. The common stock had come under pressure due to disappointing medium-term growth guidance and a large secondary offering of convertible securities. We purchased the mandatory convertible shares, which pay an attractive yield, as we wait for the company to rebuild its credibility with investors and convert to common equity in the low $30s.”