Piper Jaffray Companies Increases Guidewire Software (GWRE) Price Target to $100.00

Guidewire Software (NYSE:GWRE) had its price objective lifted by research analysts at Piper Jaffray Companies from $90.00 to $100.00 in a report issued on Thursday, The Fly reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Jaffray Companies’ price target suggests a potential downside of 4.33% from the stock’s current price.

Several other research analysts have also issued reports on GWRE. Goldman Sachs Group reaffirmed a “buy” rating on shares of Guidewire Software in a research report on Friday, February 1st. Zacks Investment Research lowered Guidewire Software from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $107.40.

Shares of NYSE:GWRE opened at $104.53 on Thursday. Guidewire Software has a 1 year low of $73.82 and a 1 year high of $108.05. The stock has a market cap of $8.28 billion, a P/E ratio of 1,161.44, a price-to-earnings-growth ratio of 29.97 and a beta of 1.28. The company has a current ratio of 7.45, a quick ratio of 7.45 and a debt-to-equity ratio of 0.21.

Guidewire Software (NYSE:GWRE) last announced its earnings results on Wednesday, March 6th. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.15. Guidewire Software had a return on equity of 3.59% and a net margin of 5.56%. The company had revenue of $169.30 million for the quarter, compared to analyst estimates of $159.73 million. During the same period in the prior year, the company posted $0.33 EPS. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Research analysts expect that Guidewire Software will post 0.42 EPS for the current fiscal year.

In other news, COO Priscilla Hung sold 3,536 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $94.70, for a total value of $334,859.20. Following the sale, the chief operating officer now owns 7,418 shares in the company, valued at $702,484.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marcus Ryu sold 14,033 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $92.21, for a total value of $1,293,982.93. Following the completion of the sale, the chief executive officer now owns 15,354 shares in the company, valued at approximately $1,415,792.34. The disclosure for this sale can be found here. Insiders sold 70,350 shares of company stock worth $6,902,923 over the last three months. Corporate insiders own 0.69% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of GWRE. AQR Capital Management LLC boosted its stake in shares of Guidewire Software by 42.8% in the third quarter. AQR Capital Management LLC now owns 8,191 shares of the technology company’s stock worth $827,000 after buying an additional 2,456 shares during the last quarter. Vanguard Group Inc boosted its position in Guidewire Software by 3.2% during the third quarter. Vanguard Group Inc now owns 7,021,764 shares of the technology company’s stock worth $709,268,000 after purchasing an additional 215,874 shares in the last quarter. State of Alaska Department of Revenue boosted its position in Guidewire Software by 2.1% during the fourth quarter. State of Alaska Department of Revenue now owns 10,004 shares of the technology company’s stock worth $802,000 after purchasing an additional 207 shares in the last quarter. First Hawaiian Bank boosted its position in Guidewire Software by 17.1% during the fourth quarter. First Hawaiian Bank now owns 1,095 shares of the technology company’s stock worth $88,000 after purchasing an additional 160 shares in the last quarter. Finally, Advisors Capital Management LLC purchased a new position in Guidewire Software during the fourth quarter worth approximately $303,000.

Guidewire Software Company Profile

Guidewire Software, Inc provides software products for property and casualty insurers worldwide. The company offers Guidewire InsuranceSuite comprising Guidewire PolicyCenter, BillingCenter, and ClaimCenter applications. It also provides Guidewire InsuranceNow, a cloud-based platform, which offers policy, billing, and claims management functionality to insurers that prefer to subscribe to a cloud-based solution.

Read More: Stock Ratings and Recommendations: Understanding Analyst Upgrades and Downgrades

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