Fred Alger Management LLC Cuts Stock Holdings in Guidewire Software, Inc. $GWRE

Fred Alger Management LLC trimmed its position in shares of Guidewire Software, Inc. (NYSE:GWRE) by 6.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,068 shares of the technology company’s stock after selling 11,487 shares during the quarter. Fred Alger Management LLC’s holdings in Guidewire Software were worth $34,788,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in GWRE. Advisors Asset Management Inc. acquired a new stake in Guidewire Software in the 1st quarter valued at $25,000. Amundi grew its stake in Guidewire Software by 703.0% in the 2nd quarter. Amundi now owns 36,093 shares of the technology company’s stock valued at $8,220,000 after acquiring an additional 31,598 shares during the period. Jump Financial LLC acquired a new stake in Guidewire Software in the 2nd quarter valued at $305,000. Bank of Nova Scotia grew its stake in Guidewire Software by 30.9% in the 2nd quarter. Bank of Nova Scotia now owns 2,024 shares of the technology company’s stock valued at $477,000 after acquiring an additional 478 shares during the period. Finally, NewEdge Advisors LLC grew its stake in Guidewire Software by 30.6% in the 2nd quarter. NewEdge Advisors LLC now owns 4,911 shares of the technology company’s stock valued at $1,156,000 after acquiring an additional 1,152 shares during the period.

Guidewire Software Trading Down 2.1%

Shares of GWRE opened at $117.50 on Wednesday. Guidewire Software, Inc. has a 52-week low of $113.67 and a 52-week high of $272.60. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. The firm’s fifty day moving average is $136.21 and its two-hundred day moving average is $155.98. The stock has a market cap of $9.78 billion, a PE ratio of 63.51 and a beta of 0.93.

Guidewire Software (NYSE:GWRE) last announced its earnings results on Thursday, June 4th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.08. Guidewire Software had a net margin of 11.25% and a return on equity of 12.62%. The company had revenue of $372.54 million for the quarter, compared to analysts’ expectations of $355.92 million. During the same quarter in the previous year, the company posted $0.88 EPS. The firm’s quarterly revenue was up 26.9% on a year-over-year basis. Research analysts forecast that Guidewire Software, Inc. will post 1.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GWRE has been the topic of a number of research analyst reports. Zacks Research cut shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. DA Davidson dropped their price target on shares of Guidewire Software from $246.00 to $222.00 and set a “buy” rating on the stock in a research note on Monday, June 8th. The Goldman Sachs Group dropped their price target on shares of Guidewire Software from $255.00 to $225.00 and set a “buy” rating on the stock in a research note on Friday, June 5th. Royal Bank Of Canada dropped their price target on shares of Guidewire Software from $250.00 to $215.00 and set an “outperform” rating on the stock in a research note on Friday, June 5th. Finally, BTIG Research reaffirmed a “buy” rating and set a $200.00 target price on shares of Guidewire Software in a research note on Tuesday, June 2nd. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.00.

Insider Transactions at Guidewire Software

In other news, CEO Michael George Rosenbaum sold 5,830 shares of Guidewire Software stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total transaction of $692,254.20. Following the transaction, the chief executive officer owned 199,776 shares in the company, valued at $23,721,402.24. The trade was a 2.84% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President John P. Mullen sold 4,292 shares of Guidewire Software stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total value of $509,632.08. Following the transaction, the president owned 131,115 shares in the company, valued at approximately $15,568,595.10. This represents a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 28,361 shares of company stock worth $3,657,757 in the last quarter. Company insiders own 0.46% of the company’s stock.

Guidewire Software Company Profile

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.