Stock analysts at J P Morgan Chase & Co initiated coverage on shares of Guidewire Software Inc (NYSE:GWRE) in a report issued on Tuesday. The firm set an “overweight” rating on the technology company’s stock.
GWRE has been the topic of several other research reports. Zacks Investment Research downgraded shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 9th. Goldman Sachs Group, Inc. (The) upgraded shares of Guidewire Software from a “neutral” rating to a “conviction-buy” rating and increased their target price for the company from $59.00 to $70.00 in a report on Tuesday, April 4th. Bank of America Corporation upgraded shares of Guidewire Software from an “underperform” rating to a “neutral” rating and set a $68.00 target price for the company in a report on Monday, May 15th. TheStreet upgraded shares of Guidewire Software from a “c+” rating to a “b-” rating in a report on Tuesday, April 25th. Finally, ValuEngine upgraded shares of Guidewire Software from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $73.29.
Guidewire Software (NYSE:GWRE) last released its quarterly earnings data on Thursday, June 1st. The technology company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.19. The business had revenue of $123.44 million for the quarter, compared to analyst estimates of $104.55 million. During the same quarter in the previous year, the company posted $0.14 EPS. The business’s quarterly revenue was up 24.9% on a year-over-year basis.
In related news, Director Clifton Thomas Weatherford sold 5,000 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $70.05, for a total transaction of $350,250.00. Following the completion of the transaction, the director now owns 21,005 shares in the company, valued at $1,471,400.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Marcus Ryu sold 8,294 shares of the stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $56.48, for a total transaction of $468,445.12. Following the transaction, the chief executive officer now owns 11,835 shares of the company’s stock, valued at approximately $668,440.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,538 shares of company stock valued at $6,704,408.
A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Guidewire Software by 33,371.0% in the first quarter. BlackRock Inc. now owns 3,071,300 shares of the technology company’s stock worth $173,006,000 after buying an additional 3,062,124 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Guidewire Software by 51.4% in the first quarter. Wellington Management Group LLP now owns 6,377,813 shares of the technology company’s stock worth $359,261,000 after buying an additional 2,165,143 shares in the last quarter. Champlain Investment Partners LLC raised its position in shares of Guidewire Software by 61.7% in the fourth quarter. Champlain Investment Partners LLC now owns 1,721,280 shares of the technology company’s stock worth $84,911,000 after buying an additional 656,625 shares in the last quarter. Norges Bank acquired a new position in shares of Guidewire Software during the fourth quarter worth $22,761,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Guidewire Software by 49.9% in the first quarter. Goldman Sachs Group Inc. now owns 988,047 shares of the technology company’s stock worth $55,656,000 after buying an additional 329,005 shares in the last quarter.
About Guidewire Software
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. The Company’s InsurancePlatform consists of three elements: core transaction processing, data management and analytics, and digital engagement.
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