Key Points
Keenan Capital bought 3,660,973 shares of Clearwater Analytics Holdings in the fourth quarter.
The quarter-end position value increased by $88.30 million, reflecting both the new stake and market price movements.
The new Clearwater Analytics Holdings position accounted for 16.08% of Keenan Capital’s reportable U.S. equity assets under management (AUM).
Keenan Capital initiated a new position in Clearwater Analytics Holdings(NYSE:CWAN), buying 3,660,973 shares in the fourth quarter, an estimated $88.30 million trade, according to a February 13, 2026, SEC filing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 13, 2026, Keenan Capital disclosed the purchase of 3,660,973 shares of Clearwater Analytics Holdings during the fourth quarter. The quarter-end value of the new stake was $88.30 million, reflecting both the purchase and price changes during the quarter.
What else to know
- This was a new position; Clearwater Analytics Holdings now represents 16.08% of Keenan Capital’s reportable U.S. equity AUM as of December 31, 2025.
- Top holdings after the filing:
- NASDAQ: APP: $119.08 million (21.7% of AUM)
- NYSE: CWAN: $88.30 million (16.1% of AUM)
- NASDAQ: GLBE: $73.32 million (13.4% of AUM)
- NASDAQ: WDAY: $68.57 million (12.5% of AUM)
- NYSE: GDDY: $67.63 million (12.3% of AUM)
- As of February 12, 2026, shares of Clearwater Analytics Holdings were priced at $23.47, down 14.5% over the past year and underperforming the S&P 500 by 27.43 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-12) | $23.47 |
| Market Capitalization | $6.78 billion |
| Revenue (TTM) | $451.80 million |
| Net Income (TTM) | $424.38 million |
Company snapshot
- Clearwater Analytics provides SaaS-based solutions for automated investment data aggregation, reconciliation, accounting, and reporting, with a focus on investment accounting, performance measurement, compliance monitoring, and risk analytics.
- The company operates a subscription-based business model, generating recurring revenue by delivering cloud-based software and analytics services to institutional clients.
- Clearwater primarily serves insurers, investment managers, corporations, institutional investors, and government entities seeking robust investment data management and reporting capabilities.
Clearwater Analytics Holdings, Inc. is a technology-driven provider of investment accounting and analytics software, leveraging a scalable SaaS platform to deliver mission-critical solutions for institutional asset owners and managers. The company's recurring revenue model and focus on automation and data accuracy underpin its competitive positioning in the investment software industry. Clearwater's ability to integrate with multiple data sources and deliver comprehensive reporting supports its value proposition for large, complex financial organizations.
What this transaction means for investors
When a new position immediately commands more than 16% of a portfolio, that certainly stands out, especially here.
Clearwater recently delivered a third quarter that makes the bet easier to understand. Revenue climbed 77% year over year to $205.1 million, adjusted EBITDA jumped 84% to $70.7 million, and annualized recurring revenue reached $807.5 million with 108% net revenue retention. These figures point to a scaled SaaS platform with real operating leverage.
What’s also interesting is the timing. The company agreed in December to be acquired in an $8.4 billion deal, so it is unclear whether shares were accumulated before or after that announcement.
Within a portfolio already heavy in high-growth software names like AppLovin and Workday, this adds another recurring revenue compounder. Long term investors should focus on ARR durability, integration execution, and balance sheet leverage, not just the takeover headline. The next earnings release is slated for Wednesday.
Should you buy stock in Clearwater Analytics right now?
Before you buy stock in Clearwater Analytics, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Clearwater Analytics wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $414,554!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,120,663!*
Now, it’s worth noting Stock Advisor’s total average return is 884% — a market-crushing outperformance compared to 193% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of February 16, 2026.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Global-E Online and Workday. The Motley Fool recommends GoDaddy. The Motley Fool has a disclosure policy.
