Guidewire Software, Inc. $GWRE Stock: Kornitzer Capital Management Inc. KS Grows Position

Key Points

• Kornitzer Capital Management increased its Guidewire stake by 68.8% in the third quarter, adding 30,599 shares to hold 75,063 shares valued at about $10.7 million.
• Guidewire reported quarterly earnings of $0.99 per share, above the $0.93 consensus, and revenue of $411.1 million, up 15.3% year over year and also ahead of expectations.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $216.23; 12 analysts rated the stock Buy and four rated it Hold.

Kornitzer Capital Management Inc. KS increased its position in Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 68.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,063 shares of the technology company's stock after acquiring an additional 30,599 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.09% of Guidewire Software worth $10,702,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. CenterBook Partners LP bought a new position in Guidewire Software in the third quarter valued at about $862,000. Heritage Family Offices LLP purchased a new position in Guidewire Software in the third quarter worth about $62,000. Legacies Wealth LLC purchased a new position in Guidewire Software in the third quarter worth about $38,000. Argonautica Private Wealth Management Inc. grew its stake in shares of Guidewire Software by 18.3% during the 3rd quarter. Argonautica Private Wealth Management Inc. now owns 3,956 shares of the technology company's stock valued at $564,000 after purchasing an additional 612 shares during the period. Finally, Chicago Partners Investment Group LLC grew its stake in shares of Guidewire Software by 54.1% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 3,695 shares of the technology company's stock valued at $698,000 after purchasing an additional 1,297 shares during the period.

Guidewire Software Price Performance

NYSE GWRE opened at $161.30 on Friday. The business's fifty day moving average is $164.23 and its 200 day moving average is $149.30. Guidewire Software, Inc. has a fifty-two week low of $102.30 and a fifty-two week high of $229.85. 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 capitalization of $13.33 billion, a PE ratio of 98.96 and a beta of 1.01.

Guidewire Software (NYSE:GWRE - Get Free Report) last issued its quarterly earnings results on Thursday, September 3rd. The technology company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.06. Guidewire Software had a return on equity of 12.66% and a net margin of 9.44%. The business had revenue of $411.09 million during the quarter, compared to analysts' expectations of $402.61 million. During the same quarter in the prior year, the business posted $0.84 earnings per share. The business's quarterly revenue was up 15.3% on a year-over-year basis. Sell-side analysts predict that Guidewire Software, Inc. will post 2.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GWRE shares. Wells Fargo & Company upped their price target on shares of Guidewire Software from $190.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, September 4th. Oppenheimer raised their price objective on shares of Guidewire Software from $200.00 to $210.00 and gave the stock an "outperform" rating in a report on Friday, September 4th. Needham & Company LLC restated a "hold" rating on shares of Guidewire Software in a research report on Friday, September 4th. DA Davidson restated a "buy" rating and set a $222.00 target price on shares of Guidewire Software in a research report on Friday, October 2nd. Finally, Citizens Jmp reaffirmed a "market outperform" rating and set a $220.00 target price 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 assigned a Hold rating to the company. According to data from MarketBeat, Guidewire Software presently has an average rating of "Moderate Buy" and a consensus target price of $216.23.

Insider Activity at Guidewire Software

In related news, CFO Jeffrey Cooper sold 23,234 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $144.47, for a total value of $3,356,615.98. Following the completion of the sale, the chief financial officer directly owned 95,361 shares of the company's stock, valued at approximately $13,776,803.67. This represents a 19.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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, CAO David Peterson sold 2,500 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $200.00, for a total transaction of $500,000.00. Following the completion of the sale, the chief accounting officer directly owned 9,787 shares of the company's stock, valued at $1,957,400. This represents a 20.35% 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. Insiders sold a total of 209,135 shares of company stock worth $31,776,209 in the last quarter. 0.46% of the stock is currently owned by insiders.

About Guidewire Software

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.

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