Envestnet Asset Management Inc. Sells 9,537 Shares of Guidewire Software, Inc. $GWRE

Envestnet Asset Management Inc. lessened its position in Guidewire Software, Inc. (NYSE:GWRE) by 5.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 182,749 shares of the technology company’s stock after selling 9,537 shares during the quarter. Envestnet Asset Management Inc. owned 0.22% of Guidewire Software worth $42,007,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its stake in shares of Guidewire Software by 57.0% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 51,694 shares of the technology company’s stock valued at $11,735,000 after acquiring an additional 18,774 shares in the last quarter. Scalar Gauge Management LLC purchased a new position in Guidewire Software during the 3rd quarter worth $5,287,000. Allspring Global Investments Holdings LLC purchased a new position in Guidewire Software during the 3rd quarter worth $51,967,000. Y Intercept Hong Kong Ltd raised its position in Guidewire Software by 59.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 27,763 shares of the technology company’s stock valued at $6,382,000 after purchasing an additional 10,364 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Guidewire Software by 12.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 150,957 shares of the technology company’s stock worth $34,699,000 after buying an additional 17,151 shares during the period.

Guidewire Software Stock Performance

Shares of GWRE stock opened at $133.16 on Wednesday. Guidewire Software, Inc. has a 12-month low of $121.88 and a 12-month high of $272.60. The business’s fifty day simple moving average is $178.24 and its 200-day simple moving average is $210.90. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.44. The company has a market cap of $11.32 billion, a PE ratio of 126.82, a PEG ratio of 8.11 and a beta of 1.06.

Guidewire Software (NYSE:GWRE) last announced its earnings results on Wednesday, December 3rd. The technology company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. Guidewire Software had a return on equity of 10.15% and a net margin of 7.23%.The firm had revenue of $332.64 million for the quarter, compared to the consensus estimate of $316.62 million. During the same period in the previous year, the business earned $0.43 EPS. The firm’s revenue for the quarter was up 26.5% on a year-over-year basis. Analysts expect that Guidewire Software, Inc. will post 0.52 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have recently commented on the company. BTIG Research restated a “buy” rating and set a $250.00 price target on shares of Guidewire Software in a research note on Tuesday, January 27th. DA Davidson raised shares of Guidewire Software from a “neutral” rating to a “buy” rating and raised their target price for the company from $246.00 to $250.00 in a research report on Wednesday, December 17th. Wells Fargo & Company lowered their price target on shares of Guidewire Software from $250.00 to $210.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Wall Street Zen downgraded shares of Guidewire Software from a “buy” rating to a “hold” rating in a research note on Friday, November 28th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $281.00 price objective on shares of Guidewire Software in a research note on Wednesday, December 10th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $266.64.

Insider Activity at Guidewire Software

In other Guidewire Software news, insider James Winston King sold 1,860 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $195.00, for a total value of $362,700.00. Following the completion of the transaction, the insider owned 33,702 shares of the company’s stock, valued at approximately $6,571,890. This trade represents a 5.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael George Rosenbaum sold 6,015 shares of the business’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $192.08, for a total transaction of $1,155,361.20. Following the sale, the chief executive officer directly owned 240,743 shares in the company, valued at $46,241,915.44. This trade represents a 2.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 46,958 shares of company stock valued at $9,103,787. Company insiders own 0.46% of the company’s stock.

About Guidewire Software

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.