Guidewire Software (NYSE:GWRE) Hits New 12-Month High After Earnings Beat

Guidewire Software, Inc. (NYSE:GWRE) shares hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $169.29 and last traded at $168.28, with a volume of 142116 shares changing hands. The stock had previously closed at $143.93.

The technology company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. Guidewire Software had a negative net margin of 1.11% and a negative return on equity of 1.19%. The company had revenue of $291.50 million during the quarter, compared to the consensus estimate of $283.84 million. During the same period in the prior year, the business earned $0.30 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year.

Analyst Ratings Changes

GWRE has been the topic of a number of analyst reports. DA Davidson upped their price target on Guidewire Software from $142.00 to $168.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Oppenheimer increased their target price on Guidewire Software from $170.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup upped their price target on Guidewire Software from $109.00 to $122.00 and gave the stock a “neutral” rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. upped their price objective on shares of Guidewire Software from $133.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 5th. Finally, Stifel Nicolaus increased their price target on Guidewire Software from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, June 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $150.38.

Insider Transactions at Guidewire Software

In other Guidewire Software news, insider John P. Mullen sold 1,350 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $149.03, for a total transaction of $201,190.50. Following the sale, the insider now owns 137,821 shares in the company, valued at $20,539,463.63. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Guidewire Software news, insider John P. Mullen sold 1,350 shares of Guidewire Software stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $149.03, for a total transaction of $201,190.50. Following the completion of the transaction, the insider now owns 137,821 shares of the company’s stock, valued at approximately $20,539,463.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey Elliott Cooper sold 1,765 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $134.20, for a total transaction of $236,863.00. Following the completion of the sale, the chief financial officer now directly owns 61,714 shares in the company, valued at $8,282,018.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,064 shares of company stock worth $1,782,775. 0.38% of the stock is owned by company insiders.

Institutional Trading of Guidewire Software

A number of hedge funds have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA bought a new stake in shares of Guidewire Software in the 4th quarter worth approximately $105,311,000. Norges Bank bought a new stake in Guidewire Software in the fourth quarter valued at $97,829,000. Whale Rock Capital Management LLC increased its position in shares of Guidewire Software by 23.4% during the first quarter. Whale Rock Capital Management LLC now owns 1,270,870 shares of the technology company’s stock valued at $148,323,000 after buying an additional 240,622 shares during the period. Teca Partners LP purchased a new position in shares of Guidewire Software during the 2nd quarter worth approximately $25,893,000. Finally, Linonia Partnership LP grew its stake in Guidewire Software by 8.4% in the second quarter. Linonia Partnership LP now owns 2,395,601 shares of the technology company’s stock worth $330,329,000 after purchasing an additional 185,077 shares during the period.

Guidewire Software Trading Up 13.3 %

The company’s 50 day moving average is $144.17 and its 200-day moving average is $127.75. The company has a market capitalization of $13.48 billion, a P/E ratio of -1,281.77 and a beta of 1.19.

About Guidewire Software

Guidewire Software, Inc provides a platform for property and casualty (P&C) insurers worldwide. The company offers Guidewire InsuranceSuite Cloud, such as PolicyCenter Cloud, BillingCenter Cloud, and ClaimCenter Cloud applications. It also provides Guidewire InsuranceNow, a cloud-based platform that offers policy, billing, and claims management functionality to insurers; and Guidewire InsuranceSuite for Self-Managed.