Guidewire Software (NYSE:GWRE) Shares Down 9.3% – Here’s What Happened

Shares of Guidewire Software, Inc. (NYSE:GWRE) fell 9.3% during trading on Thursday . The stock traded as low as $153.43 and last traded at $151.7030. Approximately 181,901 shares traded hands during trading, a decline of 89% from the average daily volume of 1,631,951 shares. The stock had previously closed at $167.26.

Analyst Ratings Changes

Several brokerages have issued reports on GWRE. BTIG Research reaffirmed a “buy” rating and issued a $175.00 target price on shares of Guidewire Software in a report on Thursday, July 2nd. Wells Fargo & Company dropped their target price on shares of Guidewire Software from $210.00 to $190.00 and set an “overweight” rating on the stock in a research note on Friday, June 5th. JPMorgan Chase & Co. cut their price target on shares of Guidewire Software from $300.00 to $258.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. The Goldman Sachs Group reduced their price target on shares of Guidewire Software from $255.00 to $225.00 and set a “buy” rating for the company in a research report on Friday, June 5th. Finally, Zacks Research lowered shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $221.00.

Guidewire Software Price Performance

The firm has a fifty day moving average of $134.64 and a 200 day moving average of $140.66. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $12.66 billion, a P/E ratio of 82.20 and a beta of 0.95.

Guidewire Software (NYSE:GWRE) last posted its earnings results on Thursday, June 4th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.08. The business had revenue of $372.54 million for the quarter, compared to analysts’ expectations of $355.92 million. Guidewire Software had a net margin of 11.25% and a return on equity of 12.62%. The business’s revenue for the quarter was up 26.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.88 EPS. On average, equities research analysts anticipate that Guidewire Software, Inc. will post 1.83 EPS for the current year.

Insider Activity at Guidewire Software

In other Guidewire Software news, CFO Jeffrey Elliott Cooper sold 2,594 shares of Guidewire Software stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $118.74, for a total value of $308,011.56. Following the completion of the sale, the chief financial officer owned 63,467 shares of the company’s stock, valued at approximately $7,536,071.58. The trade was a 3.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 that occurred on Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total transaction of $509,632.08. Following the completion of the sale, the president directly owned 131,115 shares of the company’s stock, valued at approximately $15,568,595.10. This trade represents a 3.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 30,193 shares of company stock valued at $3,797,922 over the last ninety days. Company insiders own 0.46% of the company’s stock.

Hedge Funds Weigh In On Guidewire Software

Several hedge funds and other institutional investors have recently modified their holdings of GWRE. Measured Wealth Private Client Group LLC bought a new stake in shares of Guidewire Software in the third quarter worth $29,000. Advisors Asset Management Inc. purchased a new stake in Guidewire Software during the first quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new position in Guidewire Software in the fourth quarter valued at about $36,000. Leonteq Securities AG bought a new position in Guidewire Software in the first quarter valued at about $36,000. Finally, Bogart Wealth LLC boosted its position in Guidewire Software by 127.8% in the first quarter. Bogart Wealth LLC now owns 246 shares of the technology company’s stock worth $37,000 after purchasing an additional 138 shares during the last quarter.

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.