Assenagon Asset Management S.A. Lowers Stock Position in Guidewire Software, Inc. $GWRE

Key Points

• Assenagon Asset Management cut its Guidewire stake by 81.8% in the second quarter, selling 514,141 shares and retaining 114,618 shares valued at approximately $14.1 million.
• Guidewire exceeded quarterly expectations, reporting $0.82 in EPS versus the $0.74 consensus and $372.54 million in revenue, up 26.9% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $220.21, despite several recent target reductions; company insiders sold more than 30,000 shares over the past 90 days.

Assenagon Asset Management S.A. lessened its position in shares of Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 81.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 114,618 shares of the technology company's stock after selling 514,141 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.14% of Guidewire Software worth $14,104,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Trust boosted its stake in shares of Guidewire Software by 3.9% during the 3rd quarter. American Trust now owns 1,632 shares of the technology company's stock worth $375,000 after acquiring an additional 61 shares in the last quarter. Vident Advisory LLC increased its stake in shares of Guidewire Software by 1.7% in the 3rd quarter. Vident Advisory LLC now owns 4,074 shares of the technology company's stock valued at $936,000 after purchasing an additional 70 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Guidewire Software by 18.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 505 shares of the technology company's stock valued at $102,000 after purchasing an additional 78 shares in the last quarter. Castleark Management LLC increased its stake in shares of Guidewire Software by 1.6% in the 1st quarter. Castleark Management LLC now owns 5,180 shares of the technology company's stock valued at $775,000 after purchasing an additional 80 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC raised its holdings in Guidewire Software by 9.9% in the 4th quarter. Cassaday & Co Wealth Management LLC now owns 1,085 shares of the technology company's stock worth $218,000 after purchasing an additional 98 shares during the period.

Guidewire Software Stock Performance

Shares of NYSE:GWRE opened at $173.33 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.44 and a quick ratio of 2.44. Guidewire Software, Inc. has a 1 year low of $102.30 and a 1 year high of $272.60. The firm has a market capitalization of $14.43 billion, a PE ratio of 93.69 and a beta of 0.92. The business's 50 day moving average price is $136.73 and its 200-day moving average price is $140.32.

Guidewire Software (NYSE:GWRE - Get Free Report) last posted its quarterly earnings data on Thursday, June 4th. The technology company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.74 by $0.08. The firm had revenue of $372.54 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. As a group, equities research analysts expect that Guidewire Software, Inc. will post 1.83 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Royal Bank Of Canada lowered their price target on Guidewire Software from $250.00 to $215.00 and set an "outperform" rating on the stock in a research report on Friday, June 5th. The Goldman Sachs Group reduced their target price on Guidewire Software from $255.00 to $225.00 and set a "buy" rating for the company in a research note on Friday, June 5th. Oppenheimer decreased their target price on Guidewire Software from $250.00 to $180.00 and set an "outperform" rating on the stock in a research report on Monday, May 18th. Zacks Research lowered Guidewire Software from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, Wells Fargo & Company dropped their price target 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. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $220.21.

Insider Buying and Selling at Guidewire Software

In other news, CFO Jeffrey Elliott Cooper sold 1,348 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $105.67, for a total value of $142,443.16. Following the completion of the sale, the chief financial officer directly owned 62,119 shares in the company, valued at $6,564,114.73. This represents a 2.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President John P. Mullen sold 4,292 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total transaction of $509,632.08. Following the transaction, the president owned 131,115 shares in the company, 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. Insiders have sold 30,193 shares of company stock valued at $3,854,478 over the last ninety days. 0.46% of the stock is currently owned by corporate insiders.

Guidewire Software 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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