Fred Alger Management LLC Sells 11,487 Shares of Guidewire Software, Inc. $GWRE

Key Points

• Fred Alger Management reduced its Guidewire Software stake by 6.2% in the fourth quarter, selling 11,487 shares and ending with 173,068 shares valued at about $34.8 million.
• Guidewire reported better-than-expected quarterly results, posting EPS of $0.82 versus $0.74 expected and revenue of $372.54 million, up 26.9% year over year.
• Analysts have turned more cautious, with several firms cutting price targets even as the stock still carries a “Moderate Buy” consensus and an average target price of $229.

Fred Alger Management LLC cut its stake in Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 173,068 shares of the technology company's stock after selling 11,487 shares during the period. Fred Alger Management LLC owned about 0.20% of Guidewire Software worth $34,788,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd grew its holdings in shares of Guidewire Software by 901.1% in the third quarter. Dynamic Technology Lab Private Ltd now owns 9,110 shares of the technology company's stock worth $2,094,000 after purchasing an additional 8,200 shares during the last quarter. Comerica Bank grew its holdings in Guidewire Software by 52.0% during the 4th quarter. Comerica Bank now owns 78,659 shares of the technology company's stock worth $15,811,000 after acquiring an additional 26,912 shares in the last quarter. BDF Gestion bought a new position in Guidewire Software during the 4th quarter worth about $1,803,000. American Century Companies Inc. grew its holdings in Guidewire Software by 3.4% during the 3rd quarter. American Century Companies Inc. now owns 520,390 shares of the technology company's stock worth $119,617,000 after acquiring an additional 17,104 shares in the last quarter. Finally, Fieldview Capital Management LLC bought a new position in Guidewire Software during the 3rd quarter worth about $2,862,000.

Guidewire Software Stock Performance

Shares of Guidewire Software stock opened at $117.50 on Wednesday. The firm has a market capitalization of $9.78 billion, a P/E ratio of 63.51 and a beta of 0.93. The company has a quick ratio of 2.44, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average price of $136.21 and a 200 day moving average price of $155.98. Guidewire Software, Inc. has a 52 week low of $113.67 and a 52 week high of $272.60.

Guidewire Software (NYSE:GWRE - Get Free Report) last announced 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 analyst estimates of $355.92 million. Guidewire Software had a net margin of 11.25% and a return on equity of 12.62%. Guidewire Software's revenue was up 26.9% on a year-over-year basis. During the same period last year, the firm posted $0.88 EPS. Sell-side analysts expect that Guidewire Software, Inc. will post 1.83 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on GWRE. Citizens Jmp dropped their target price on shares of Guidewire Software from $300.00 to $220.00 and set a "market outperform" rating on the stock in a report on Friday, June 5th. Oppenheimer dropped their target price on shares of Guidewire Software from $250.00 to $180.00 and set an "outperform" rating on the stock in a report on Monday, May 18th. Zacks Research cut shares of Guidewire Software from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Stifel Nicolaus decreased their price target on shares of Guidewire Software from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, June 5th. Finally, The Goldman Sachs Group decreased 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. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $229.00.

Insider Activity at Guidewire Software

In other Guidewire Software news, CFO Jeffrey Elliott Cooper sold 2,594 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $118.74, for a total transaction of $308,011.56. Following the completion of the transaction, the chief financial officer directly owned 63,467 shares of the company's stock, valued at approximately $7,536,071.58. This trade represents a 3.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 the firm's 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 transaction, the president directly owned 131,115 shares of the company's stock, valued at $15,568,595.10. This represents 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 sold 28,361 shares of company stock valued at $3,657,757 in the last three months. 0.46% of the stock is owned by insiders.

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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