Guidewire Software, Inc. $GWRE Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC reduced its holdings in Guidewire Software, Inc. (NYSE:GWRE) by 17.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 184,555 shares of the technology company’s stock after selling 38,101 shares during the period. Fred Alger Management LLC owned about 0.22% of Guidewire Software worth $42,422,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in GWRE. Root Financial Partners LLC purchased a new position in shares of Guidewire Software during the third quarter worth $29,000. Newbridge Financial Services Group Inc. purchased a new stake in Guidewire Software in the second quarter valued at $30,000. Advisors Asset Management Inc. acquired a new stake in Guidewire Software during the 1st quarter worth about $25,000. Cornerstone Planning Group LLC grew its position in Guidewire Software by 620.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 144 shares of the technology company’s stock worth $34,000 after purchasing an additional 124 shares during the period. Finally, Hazlett Burt & Watson Inc. purchased a new position in shares of Guidewire Software during the 3rd quarter valued at about $35,000.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Citizens Jmp reissued a “market outperform” rating and issued a $281.00 price objective on shares of Guidewire Software in a report on Wednesday, December 10th. Oppenheimer dropped their target price on Guidewire Software from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Tuesday, February 24th. Royal Bank Of Canada reduced their price target on Guidewire Software from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 6th. Wall Street Zen downgraded Guidewire Software from a “buy” rating to a “hold” rating in a report on Friday, November 28th. Finally, Wells Fargo & Company lowered their price objective on Guidewire Software from $250.00 to $210.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Eleven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $249.85.

Guidewire Software Price Performance

NYSE:GWRE opened at $160.56 on Monday. Guidewire Software, Inc. has a 52 week low of $120.37 and a 52 week high of $272.60. The company has a quick ratio of 2.93, a current ratio of 2.93 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $13.59 billion, a PE ratio of 72.98, a price-to-earnings-growth ratio of 7.28 and a beta of 1.05. The stock’s 50-day moving average price is $150.75 and its 200-day moving average price is $198.84.

Guidewire Software (NYSE:GWRE) last released its quarterly earnings results on Thursday, March 5th. The technology company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.40. The company had revenue of $359.10 million during the quarter, compared to analysts’ expectations of $342.88 million. Guidewire Software had a return on equity of 13.44% and a net margin of 14.11%.Guidewire Software’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.51 EPS. As a group, equities analysts expect that Guidewire Software, Inc. will post 0.52 EPS for the current fiscal year.

Guidewire Software announced that its Board of Directors has initiated a stock buyback plan on Thursday, January 8th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Michael George Rosenbaum sold 6,015 shares of Guidewire Software stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $192.08, for a total value of $1,155,361.20. Following the sale, the chief executive officer owned 240,743 shares of the company’s stock, valued at approximately $46,241,915.44. This trade represents a 2.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Winston King sold 1,860 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $195.00, for a total transaction of $362,700.00. Following the completion of the sale, the insider directly owned 33,702 shares of the company’s stock, valued at approximately $6,571,890. The trade was a 5.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 45,917 shares of company stock valued at $8,351,853. Corporate insiders own 0.46% of the company’s stock.

Guidewire Software Company Profile

Guidewire Software, Inc develops software products and cloud services for property and casualty (P&C) insurance carriers. Headquartered in San Mateo, California, the company’s offerings are designed to help insurers manage the core functions of their business—policy administration, billing and claims—while supporting digital engagement, analytics and operational modernization.

Guidewire’s core product portfolio is commonly known as the InsuranceSuite, which includes PolicyCenter for policy administration, BillingCenter for billing and receivables, and ClaimCenter for claims management.