DA Davidson Slashes PT on Clearwater Analytics Holdings (CWAN) to $34 From $36, Keeps a Buy Rating

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) is one of the best stocks under $20 to buy for the long term. On August 12, DA Davidson lowered the firm’s price target on Clearwater Analytics Holdings, Inc. (NYSE:CWAN) to $34 from $36, keeping a Buy rating on the shares.

Is Clearwater Analytics Holdings Inc. (CWAN) the Best Low Beta Tech Stock to Buy According to Analysts?

A wide shot of a large financial data center.

The firm told investors that Clearwater Analytics Holdings, Inc. (NYSE:CWAN) reported “strong” Q2 results, reporting 70% growth in total revenue and 74% growth in adjusted EBITDA.

The firm expects compound annual growth in adjusted EBITDA of 39%-40% between 2024 and 2027, adding that the stock’s current enterprise value to expected EBITDA multiple is considerably attractive for a high-quality, vertically-focused software company.

Clearwater Analytics Holdings, Inc. (NYSE:CWAN) provides web-based investment portfolio accounting, reporting, and reconciliation services. The company’s operations are divided into the United States and the Rest of the World geographical segments.

While we acknowledge the potential of CWAN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CWAN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.