Goldman Sachs Group Inc. Initiates Coverage on Guidewire Software Inc (GWRE)
Goldman Sachs Group Inc. initiated coverage on shares of Guidewire Software Inc (NYSE:GWRE) in a research report issued to clients and investors on Tuesday. The firm set a “neutral” rating and a $57.00 price target on the stock. Goldman Sachs Group Inc.’s price target would indicate a potential downside of 4.54% from the stock’s current price. The analysts noted that the move was a valuation call.
Several other research analysts also recently commented on the company. Bank of America Corp. downgraded Guidewire Software from a “neutral” rating to an “underperform” rating and set a $60.00 target price on the stock. in a report on Friday, September 16th. They noted that the move was a valuation call. TheStreet raised Guidewire Software from a “hold” rating to a “buy” rating in a report on Wednesday, September 7th. Deutsche Bank AG reaffirmed a “buy” rating and set a $80.00 target price on shares of Guidewire Software in a report on Thursday, September 29th. Zacks Investment Research downgraded Guidewire Software from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Finally, JMP Securities reaffirmed a “hold” rating on shares of Guidewire Software in a report on Thursday, September 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $69.38.
Guidewire Software (NYSE:GWRE) traded up 0.17% on Tuesday, hitting $59.71. The company had a trading volume of 393,408 shares. The stock’s 50-day moving average price is $61.03 and its 200 day moving average price is $59.31. Guidewire Software has a one year low of $42.32 and a one year high of $64.78. The company has a market capitalization of $4.36 billion and a P/E ratio of 298.55.
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Guidewire Software (NYSE:GWRE) last released its quarterly earnings data on Wednesday, September 7th. The company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.07. The firm had revenue of $141.18 million for the quarter, compared to analyst estimates of $136.09 million. The company’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $0.35 EPS. On average, analysts expect that Guidewire Software will post $0.76 EPS for the current fiscal year.
In related news, insider Priscilla Hung sold 968 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 345 shares of the company’s stock, valued at approximately $22,080. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel James Winston King sold 561 shares of the business’s stock in a transaction dated Wednesday, July 13th. The shares were sold at an average price of $64.00, for a total value of $35,904.00. Following the completion of the sale, the general counsel now directly owns 104 shares of the company’s stock, valued at $6,656. The disclosure for this sale can be found here.
Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Guidewire Software by 44.0% in the first quarter. Wellington Management Group LLP now owns 4,266,255 shares of the company’s stock worth $232,425,000 after buying an additional 1,304,174 shares during the last quarter. Brown Capital Management LLC raised its stake in shares of Guidewire Software by 15.7% in the second quarter. Brown Capital Management LLC now owns 2,505,767 shares of the company’s stock worth $154,756,000 after buying an additional 340,121 shares in the last quarter. Fiera Capital Corp bought a new stake in shares of Guidewire Software during the second quarter worth approximately $19,645,000. Artisan Partners Limited Partnership raised its stake in shares of Guidewire Software by 5.5% in the second quarter. Artisan Partners Limited Partnership now owns 5,099,484 shares of the company’s stock worth $314,944,000 after buying an additional 267,520 shares in the last quarter. Finally, William Blair Investment Management LLC raised its stake in shares of Guidewire Software by 3.9% in the second quarter. William Blair Investment Management LLC now owns 5,136,907 shares of the company’s stock worth $317,255,000 after buying an additional 192,866 shares in the last quarter.
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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