Clearwater Analytics downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Brian Schwartz downgraded Clearwater Analytics to Perform from Outperform without a price target. The analyst cites valuation for the downgrade with the stock exceeding his prior 12- to 18-month price target of $18. The analyst continues to believe that Clearwater Analytics is a "well-run business with a strong management team." However, much of its future success and good news is already priced into the stock, Schwartz tells investors in a research note.