Guidewire Software Inc (GWRE) Lowered to “Underperform” at Bank of America Corp.
Bank of America Corp. lowered shares of Guidewire Software Inc (NYSE:GWRE) from a neutral rating to an underperform rating in a research report sent to investors on Friday morning. They currently have $60.00 price objective on the stock. The analysts noted that the move was a valuation call.
A number of other research firms have also commented on GWRE. Deutsche Bank AG reaffirmed a buy rating on shares of Guidewire Software in a research note on Monday, August 1st. JPMorgan Chase & Co. upped their price objective on shares of Guidewire Software from $68.00 to $78.00 and gave the company an overweight rating in a research note on Thursday, September 8th. Zacks Investment Research raised shares of Guidewire Software from a hold rating to a buy rating and set a $71.00 price objective for the company in a research note on Monday, July 11th. Piper Jaffray Cos. initiated coverage on shares of Guidewire Software in a research note on Tuesday, May 31st. They set an overweight rating and a $65.00 price objective for the company. Finally, TheStreet raised shares of Guidewire Software from a hold rating to a buy rating in a research note on Wednesday, September 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $71.14.
Guidewire Software (NYSE:GWRE) opened at 58.09 on Friday. The firm has a market capitalization of $4.24 billion and a PE ratio of 290.45. Guidewire Software has a 52-week low of $42.32 and a 52-week high of $64.78. The stock’s 50 day moving average is $61.52 and its 200-day moving average is $58.76.
Guidewire Software (NYSE:GWRE) last posted its quarterly earnings data on Wednesday, September 7th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.07. The firm had revenue of $141.18 million for the quarter, compared to analysts’ expectations of $136.09 million. During the same period in the prior year, the company posted $0.35 earnings per share. Guidewire Software’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities analysts expect that Guidewire Software will post $0.76 earnings per share for the current year.
In related news, General Counsel James Winston King sold 561 shares of the stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $64.00, for a total value of $35,904.00. Following the transaction, the general counsel now owns 104 shares in the company, valued at $6,656. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Priscilla Hung sold 968 shares of the stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $64.00, for a total value of $61,952.00. Following the completion of the transaction, the insider now owns 345 shares in the company, valued at approximately $22,080. The disclosure for this sale can be found here.
Institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new position in Guidewire Software during the second quarter worth approximately $124,000. Bank of Montreal Can bought a new position in shares of Guidewire Software during the second quarter valued at approximately $159,000. Societe Generale bought a new position in shares of Guidewire Software during the second quarter valued at approximately $200,000. Murphy Capital Management Inc. bought a new position in shares of Guidewire Software during the second quarter valued at approximately $228,000. Finally, Calvert Investment Management Inc. bought a new position in shares of Guidewire Software during the second quarter valued at approximately $235,000.
Guidewire Software Company Profile
Guidewire Software, Inc is a provider of software products for property and casualty (P&C) insurers. The Company’s software serves as a technology platform for P&C insurance carriers. Its platform consists of three products: core transaction processing, data management and analytics, and digital engagement.
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