Clearwater Analytics

CWAN • NYSE

Clearwater Analytics is a software - application company in the technology sector on NYSE, led by Sandeep Sahai, with a market cap of $6.4B. As of Q3 2025, 96% of shares are held by 322 institutional investors, with VANGUARD GROUP INC as the largest holder at 11.37%.

CEOSandeep Sahai

Market Cap$6.4B

Software - Application

Technology

Employees1.8K

Websiteclearwateranalytics.com

Country

United States of America

Overview

Overview of institutional ownership in CWAN as of Q3 2025 with a market cap of $5.3B

All Institutions

Institutions: 322
Value Held: $5.1B
Shares Held: 280.2M
Avg Position: $15.7M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 44
Value Held: $337.0M
Shares Held: 18.7M
Avg Position: $7.7M
Median Position: $2.9M

Ownership Breakdown

Institutional (non-HF)

89.47%

$4.7B

Hedge Funds

6.39%

$337.0M

Retail & Other

4.14%

$218.0M

Based on market cap of $5.3B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CWAN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$599.4M 0.01% of portfolio	11.37% 33.3M shares	Q3 2021 Held for 4y 2m	$6.69T
B BlackRock, Inc. Institution	-	$425.7M 0.01% of portfolio	8.08% 23.6M shares	Q4 2021 Held for 3y 11m	$5.67T
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Edmund Wellington Iii President	$320.6M 0.06% of portfolio	6.08% 17.8M shares	Q3 2021 Held for 4y 2m	$571.21B
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$220.9M 0.02% of portfolio	4.19% 12.3M shares	Q4 2023 Held for 1y 11m	$912.31B
WASATCH ADVISORS INC Long Only Manager	Michael Kenneth Yeates CEO	$165.9M 0.89% of portfolio	3.15% 9.2M shares	Q3 2021 Held for 4y 2m	$18.6B
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC Long Only Manager	Brent Walker Gledhill CEO	$154.5M 0.40% of portfolio	2.93% 8.6M shares	Q4 2023 Held for 1y 11m	$38.7B
BAMCO INC /NY/ Long Only Manager	Ronald Stephen Baron CEO	$138.3M 0.37% of portfolio	2.62% 7.7M shares	Q3 2021 Held for 4y 2m	$37.7B
B BLAIR WILLIAM & CO/IL Institution	-	$128.6M 0.34% of portfolio	2.44% 7.1M shares	Q4 2023 Held for 1y 11m	$37.6B
JPMORGAN CHASE & CO Institution	Jamie Dimon CEO	$123.5M 0.01% of portfolio	2.34% 6.9M shares	Q3 2021 Held for 4y 2m	$1.56T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$122.2M 0.01% of portfolio	2.32% 6.8M shares	Q3 2021 Held for 4y 2m	$1.65T

Net Capital Flow

Institutional buying and selling activity for CWAN in Q3 2025

Net Flow: −$214.0M
Buyers: 140
Sellers: 221
Total Bought: +$1.0B
Total Sold: −$1.2B
Avg Position: $12.5M

Biggest Buyers

Institution	Net Bought	Current Position
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	+$172.7M +9.6M shares	$220.9M 12.3M shares
WELLINGTON MANAGEMENT CO LLP Long Only Manager	+$167.0M +9.3M shares	$320.6M 17.8M shares
VANGUARD GROUP INC Institution	+$107.5M +6.0M shares	$599.4M 33.3M shares
B BLAIR WILLIAM & CO/IL Institution	+$58.5M +3.2M shares	$128.6M 7.1M shares
UBS Group AG Institution	+$55.3M +3.1M shares	$77.4M 4.3M shares
T T. Rowe Price Investment Management, Inc. Insurance Manager	+$51.7M +2.9M shares	$53.2M 3.0M shares
MORGAN STANLEY RIA/Wealth	+$45.0M +2.5M shares	$122.2M 6.8M shares
BAMCO INC /NY/ Long Only Manager	+$28.5M +1.6M shares	$138.3M 7.7M shares
Tensile Capital Management LLC Hedge Fund•Value	+$21.0M +1.2M shares	$45.5M 2.5M shares
JPMORGAN CHASE & CO Institution	+$19.5M +1.1M shares	$123.5M 6.9M shares

Biggest Sellers

Institution	Net Sold	Current Position
KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Long Only Manager	−$175.9M −9.8M shares	$104.5K 5.8K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$113.2M −6.3M shares	$4.1M 226.3K shares
ALLIANCEBERNSTEIN L.P. Long Only Manager	−$103.3M −5.7M shares	$5.2M 288.2K shares
Invesco Ltd. ETF Provider	−$75.8M −4.2M shares	$3.9M 215.2K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$71.4M −4.0M shares	$10.7M 591.4K shares
LOOMIS SAYLES & CO L P Long Only Manager	−$58.0M −2.6M shares	Sold Off 0 shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	−$51.2M −2.3M shares	Sold Off 0 shares
ZEVENBERGEN CAPITAL INVESTMENTS LLC Long Only Manager	−$30.0M −1.4M shares	Sold Off 0 shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	−$23.7M −1.3M shares	$2.4M 132.8K shares
Artisan Partners Limited Partnership Long Only Manager	−$23.2M −1.3M shares	$8.7M 483.8K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CWAN in Q3 2025

New Positions: 35
New Value: $194.7M
Exited Positions: 105
Exited Value: $321.9M

New Positions

Institution	Position Value
HMI Capital, LLC Hedge Fund•Value	$96.6M 5.4M shares
B BROWN BROTHERS HARRIMAN & CO RIA/Wealth	$44.9M 2.5M shares
Loup Funds, LLC Hedge Fund•Sector	$12.3M 680.7K shares
WCM INVESTMENT MANAGEMENT/CA Long Only Manager	$11.3M 619.1K shares
T TFJ Management, LLC Hedge Fund•Long/Short	$6.4M 357.0K shares
C CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM Institution	$5.0M 279.0K shares
F Forge First Asset Management Inc. Institution	$3.9M 215.4K shares
S SCOTIA CAPITAL INC. Institution	$3.0M 164.7K shares
C Colony Group, LLC Institution	$2.3M 17.4K shares
Advisors Capital Management, LLC RIA/Wealth	$2.3M 124.9K shares

Exited Positions

Institution	Previous Position
LOOMIS SAYLES & CO L P Long Only Manager	$58.0M 2.6M shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	$51.2M 2.3M shares
ZEVENBERGEN CAPITAL INVESTMENTS LLC Long Only Manager	$30.0M 1.4M shares
JUPITER ASSET MANAGEMENT LTD Long Only Manager	$21.7M 988.5K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$18.3M 833.4K shares
SCALAR GAUGE MANAGEMENT, LLC Hedge Fund•Long/Short	$11.5M 524.2K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$11.3M 513.9K shares
NEXT CENTURY GROWTH INVESTORS LLC Long Only Manager	$7.1M 325.7K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	$6.3M 286.8K shares
Aquatic Capital Management LLC Hedge Fund•Quant	$6.0M 272.2K shares

Options Activity

Institutions with the largest Call and Put options positions in CWAN as of Q3 2025

Call Positions: 11
Call Value: $39.7M
Put Positions: 7
Put Value: $8.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$22.4M 12.4K contracts
W WOLVERINE TRADING, LLC Institution	$4.7M 2.6K contracts
J JANE STREET GROUP, LLC Institution	$4.3M 2.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$4.0M 2.2K contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$2.2M 1.2K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.2M 647.0 contracts
P PEAK6 LLC Institution	$385.6K 214.0 contracts
Walleye Trading LLC RIA/Wealth	$373.0K 207.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$144.2K 80.0 contracts
B Belvedere Trading LLC Institution	$33.9K 40.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$4.4M 2.4K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.8M 1.0K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$767.7K 426.0 contracts
J JANE STREET GROUP, LLC Institution	$540.6K 300.0 contracts
B Belvedere Trading LLC Institution	$419.3K 495.0 contracts
Walleye Trading LLC RIA/Wealth	$93.7K 52.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$32.4K 18.0 contracts

Most Committed Institutions

Institutions with CWAN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
F FTV Management Company, L.P. Institution	-	100.00% $4.4M	0.08% 246.7K shares	Q2 2025 Held for 5 months	$4.4M
N Norwood Investment Partners, LP Hedge Fund•Long/Short	Charles Hamilton Hoeveler Managing Partner	13.23% $15.4M	0.29% 853.5K shares	Q2 2025 Held for 5 months	$116.3M
Lead Edge Capital Management, LLC Venture Capital	Mitchell Howard Green Founder	9.27% $35.1M	0.67% 1.9M shares	Q2 2025 Held for 5 months	$378.5M
Sea Cliff Partners Management, LP Hedge Fund•Long/Short	Lesley Ann Bunim Partner	7.26% $19.9M	0.38% 1.1M shares	Q2 2025 Held for 5 months	$273.5M
Tensile Capital Management LLC Hedge Fund•Value	Douglas John Dossey Managing Partner	5.68% $45.5M	0.86% 2.5M shares	Q2 2025 Held for 5 months	$800.4M
HMI Capital, LLC Hedge Fund•Value	Justin Carr Nyweide CIO	5.58% $96.6M	1.83% 5.4M shares	Q3 2025 Held for 2 months	$1.7B
Loup Funds, LLC Hedge Fund•Sector	Joseph Conroy Robillard Managing Partner	5.14% $12.3M	0.23% 680.7K shares	Q3 2025 Held for 2 months	$238.6M
T TFJ Management, LLC Hedge Fund•Long/Short	Matthew Lawrence Fisher Managing Partner	4.33% $6.4M	0.12% 357.0K shares	Q3 2025 Held for 2 months	$148.4M
S Shannon River Fund Management CO LLC Hedge Fund•Long/Short	Spencer Marshal Waxman Managing Partner	1.97% $12.2M	0.23% 677.7K shares	Q3 2023 Held for 2y 2m	$621.2M
Conestoga Capital Advisors, LLC Long Only Manager	Robert Michael Mitchell Partner	1.94% $120.9M	2.29% 6.7M shares	Q2 2022 Held for 3y 5m	$6.2B

Hedge Fund Spotlight

Discover hedge funds investing in CWAN

Qsemble Capital Management, LP

Hedge Fund • Quant

Portfolio ManagerSteven Hwa Lin

Portfolio Value: $1.0B
Positions: 437
Last Reported: Q3 2025

Sector Allocation

Position in Clearwater Analytics

Market Value: $528.7K
Shares Held: 29.3K
Portfolio Weight: 0.05%
Owned Since: 2024-Q4

Top Holding	Sector	Market Value	Weight
1 Western Digital WDC	Computer Hardware Technology	$12.2M	1.19%
2 S&P Global SPGI	Financial - Data & Stock Exchanges Financial Services	$11.4M	1.11%
3 Bristol-Myers Squibb BMY	Drug Manufacturers - General Healthcare	$10.6M	1.03%