Guidewire Software (NYSE:GWRE) Reaches New 52-Week High Following Better-Than-Expected Earnings

Guidewire Software, Inc. (NYSE:GWREGet Free Report)’s stock price reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $94.50 and last traded at $92.58, with a volume of 200385 shares traded. The stock had previously closed at $84.84.

The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.36. The business had revenue of $270.00 million for the quarter, compared to analysts’ expectations of $261.38 million. Guidewire Software had a negative return on equity of 12.14% and a negative net margin of 17.63%. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.31) earnings per share.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on GWRE shares. Stifel Nicolaus increased their price objective on Guidewire Software from $85.00 to $95.00 in a research note on Friday. DA Davidson increased their price objective on Guidewire Software from $90.00 to $94.00 in a research note on Wednesday, May 31st. JPMorgan Chase & Co. increased their price objective on Guidewire Software from $83.00 to $100.00 in a research note on Friday. StockNews.com started coverage on Guidewire Software in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Wells Fargo & Company increased their target price on Guidewire Software from $85.00 to $90.00 in a report on Friday. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Guidewire Software has an average rating of “Moderate Buy” and a consensus target price of $92.64.

Check Out Our Latest Stock Analysis on GWRE

Insiders Place Their Bets

In other Guidewire Software news, CEO Michael George Rosenbaum sold 7,584 shares of the firm’s stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $71.13, for a total transaction of $539,449.92. Following the transaction, the chief executive officer now owns 188,016 shares of the company’s stock, valued at $13,373,578.08. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider James Winston King sold 1,050 shares of the stock in a transaction dated Tuesday, June 20th. The shares were sold at an average price of $71.12, for a total transaction of $74,676.00. Following the completion of the sale, the insider now owns 34,691 shares in the company, valued at $2,467,223.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael George Rosenbaum sold 7,584 shares of the stock in a transaction dated Tuesday, June 20th. The stock was sold at an average price of $71.13, for a total transaction of $539,449.92. Following the sale, the chief executive officer now owns 188,016 shares of the company’s stock, valued at approximately $13,373,578.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,229 shares of company stock valued at $941,620. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Guidewire Software

Hedge funds have recently made changes to their positions in the business. Dark Forest Capital Management LP acquired a new stake in shares of Guidewire Software during the fourth quarter worth about $25,000. Huntington National Bank boosted its stake in shares of Guidewire Software by 261.7% during the fourth quarter. Huntington National Bank now owns 463 shares of the technology company’s stock worth $29,000 after buying an additional 335 shares during the period. Pinebridge Investments L.P. boosted its stake in shares of Guidewire Software by 490.9% during the second quarter. Pinebridge Investments L.P. now owns 390 shares of the technology company’s stock worth $30,000 after buying an additional 324 shares during the period. Allworth Financial LP boosted its stake in shares of Guidewire Software by 52.1% during the first quarter. Allworth Financial LP now owns 397 shares of the technology company’s stock worth $33,000 after buying an additional 136 shares during the period. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Guidewire Software during the first quarter worth about $40,000. Institutional investors and hedge funds own 98.28% of the company’s stock.

Guidewire Software Stock Up 10.7 %

The firm has a market cap of $7.65 billion, a price-to-earnings ratio of -49.05 and a beta of 1.21. The firm’s 50 day moving average price is $80.94 and its two-hundred day moving average price is $77.66. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.65 and a quick ratio of 3.65.

About Guidewire Software

(Get Free Report)

Guidewire Software, Inc provides software products for property and casualty (P&C) insurers worldwide. The company offers Guidewire InsuranceSuite Cloud comprising PolicyCenter Cloud, BillingCenter Cloud, and ClaimCenter Cloud applications. It also provides Guidewire InsuranceNow, a cloud-based platform that offers policy, billing, and claims management functionality to insurers; and Guidewire InsuranceSuite for Self-Managed.

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