Assenagon Asset Management S.A. Grows Holdings in Guidewire Software, Inc. $GWRE

Key Points

• Assenagon Asset Management increased its Guidewire Software stake by 179% in Q1, ending with 628,759 shares worth about $94 million and representing 0.74% of the company.
• Guidewire reported better-than-expected quarterly results, with EPS of $0.82 versus $0.74 expected and revenue of $372.54 million, up 26.9% year over year.
• Several insiders sold shares recently, including the CEO and president, while analysts still largely remain constructive with a Moderate Buy consensus and an average target price of $223.64.

Assenagon Asset Management S.A. boosted its position in shares of Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 179.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 628,759 shares of the technology company's stock after acquiring an additional 403,370 shares during the period. Assenagon Asset Management S.A. owned 0.74% of Guidewire Software worth $94,037,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Capital World Investors bought a new stake in shares of Guidewire Software during the 4th quarter valued at $202,405,000. Alliancebernstein L.P. boosted its holdings in Guidewire Software by 405.1% in the 2nd quarter. Alliancebernstein L.P. now owns 538,303 shares of the technology company's stock worth $126,743,000 after buying an additional 431,725 shares during the period. Stockbridge Partners LLC boosted its holdings in Guidewire Software by 39.0% in the 4th quarter. Stockbridge Partners LLC now owns 1,445,206 shares of the technology company's stock worth $290,501,000 after buying an additional 405,850 shares during the period. M&T Bank Corp increased its stake in Guidewire Software by 4,507.8% in the 4th quarter. M&T Bank Corp now owns 318,675 shares of the technology company's stock worth $64,057,000 after buying an additional 311,759 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Guidewire Software by 112.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 479,859 shares of the technology company's stock worth $90,036,000 after buying an additional 254,142 shares in the last quarter.

Guidewire Software Trading Up 0.8%

Shares of GWRE stock opened at $110.53 on Thursday. 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 stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 59.75 and a beta of 0.93. Guidewire Software, Inc. has a 12-month low of $102.30 and a 12-month high of $272.60. The stock's 50-day moving average price is $133.24 and its 200-day moving average price is $151.51.

Guidewire Software (NYSE:GWRE - Get Free Report) last announced its quarterly earnings results on Thursday, June 4th. The technology company reported $0.82 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.08. The company had revenue of $372.54 million during the quarter, compared to analyst estimates of $355.92 million. Guidewire Software had a return on equity of 12.62% and a net margin of 11.25%.The firm's revenue was up 26.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.88 earnings per share. Equities research analysts predict that Guidewire Software, Inc. will post 1.83 EPS for the current fiscal year.

Insider Activity

In other Guidewire Software news, CEO Michael George Rosenbaum sold 5,830 shares of Guidewire Software stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $118.74, for a total value of $692,254.20. Following the completion of the transaction, the chief executive officer directly owned 199,776 shares of the company's stock, valued at $23,721,402.24. This trade represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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 transaction of $509,632.08. Following the completion of the transaction, the president directly owned 131,115 shares of the company's stock, valued at $15,568,595.10. The trade was a 3.17% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 29,709 shares of company stock worth $3,740,332. 0.46% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of Guidewire Software in a research report on Wednesday, June 3rd. DA Davidson cut their target price on Guidewire Software from $246.00 to $222.00 and set a "buy" rating for the company in a research report on Monday, June 8th. Royal Bank Of Canada cut their target price on Guidewire Software from $250.00 to $215.00 and set an "outperform" rating for the company in a research report on Friday, June 5th. Wells Fargo & Company lowered their price target on Guidewire Software from $210.00 to $190.00 and set an "overweight" rating on the stock in a report on Friday, June 5th. Finally, Stifel Nicolaus dropped their price target on Guidewire Software from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Friday, June 5th. Ten equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Guidewire Software presently has a consensus rating of "Moderate Buy" and an average target price of $223.64.

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.

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