Kornitzer Capital Management Inc. KS Acquires 30,599 Shares of Guidewire Software, Inc. $GWRE

Kornitzer Capital Management Inc. KS boosted its holdings in Guidewire Software, Inc. (NYSE:GWRE) by 68.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 75,063 shares of the technology company’s stock after purchasing an additional 30,599 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Guidewire Software were worth $10,702,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Guidewire Software in the third quarter valued at about $28,000. Fiduciary Financial Advisors bought a new position in shares of Guidewire Software in the second quarter worth about $29,000. Legacies Wealth LLC bought a new position in shares of Guidewire Software in the third quarter worth about $38,000. Silvant Capital Management LLC bought a new position in shares of Guidewire Software in the second quarter worth about $33,000. Finally, IFP Advisors Inc grew its position in shares of Guidewire Software by 129.2% during the third quarter. IFP Advisors Inc now owns 330 shares of the technology company’s stock worth $47,000 after purchasing an additional 186 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently issued reports on GWRE shares. Citigroup lifted their target price on Guidewire Software from $137.00 to $181.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Wells Fargo & Company boosted their price target on Guidewire Software from $190.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, September 4th. Robert W. Baird upped their price target on Guidewire Software from $202.00 to $235.00 and gave the stock an “outperform” rating in a research note on Monday, August 31st. DA Davidson reaffirmed a “buy” rating and set a $222.00 price objective on shares of Guidewire Software in a report on Friday, October 2nd. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $220.00 price objective on shares of Guidewire Software in a report on Friday, September 4th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $216.23.

Insider Activity

In other news, CFO Jeffrey Cooper sold 23,234 shares of Guidewire Software stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $144.47, for a total value of $3,356,615.98. Following the sale, the chief financial officer directly owned 95,361 shares of the company’s stock, valued at approximately $13,776,803.67. The trade was a 19.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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, insider James King sold 11,814 shares of the business’s stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $144.47, for a total value of $1,706,768.58. Following the completion of the sale, the insider owned 45,939 shares in the company, valued at $6,636,807.33. This represents a 20.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last quarter, insiders have sold 209,135 shares of company stock valued at $31,776,209. 0.46% of the stock is owned by corporate insiders.

Guidewire Software Stock Performance

Shares of NYSE GWRE opened at $161.30 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.79 and a current ratio of 1.79. The company has a market cap of $13.33 billion, a P/E ratio of 98.96 and a beta of 1.01. The firm’s fifty day moving average is $164.23 and its two-hundred day moving average is $149.30. Guidewire Software, Inc. has a 52-week low of $102.30 and a 52-week high of $229.85.

Guidewire Software (NYSE:GWRE) last announced its quarterly earnings results on Thursday, September 3rd. The technology company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.93 by $0.06. Guidewire Software had a net margin of 9.44% and a return on equity of 12.66%. The business had revenue of $411.09 million for the quarter, compared to analysts’ expectations of $402.61 million. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, analysts anticipate that Guidewire Software, Inc. will post 2.45 EPS for the current fiscal year.

Guidewire Software Company Profile

Guidewire Software develops software for property and casualty insurance companies. Its products support core insurance operations, including policy administration, billing and claims management, as well as data analytics and digital customer services.

The company offers its applications through Guidewire Cloud and provides related implementation and support services. Its platform includes products such as PolicyCenter, BillingCenter and ClaimCenter, designed to help insurers manage workflows and modernize their technology systems.

Founded in 2001, Guidewire is headquartered in San Mateo, California, and serves insurance organizations in markets around the world.