SG Americas Securities LLC Reduces Position in Guidewire Software, Inc. $GWRE

Key Points

• SG Americas Securities cut its stake in Guidewire Software by 69.1% in the first quarter, selling 26,802 shares and ending with 11,980 shares worth about $1.79 million.
• Guidewire posted a strong quarterly update, reporting $0.82 EPS versus the $0.74 estimate and $372.54 million in revenue, up 26.9% from a year earlier.
• Wall Street remains generally constructive on the stock despite some lowered price targets: analysts currently rate Guidewire as a Moderate Buy with an average target price of $221.36.

SG Americas Securities LLC decreased its holdings in shares of Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 69.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,980 shares of the technology company's stock after selling 26,802 shares during the period. SG Americas Securities LLC's holdings in Guidewire Software were worth $1,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of GWRE. Rockefeller Capital Management L.P. raised its holdings in Guidewire Software by 59.3% in the 4th quarter. Rockefeller Capital Management L.P. now owns 13,709 shares of the technology company's stock worth $2,756,000 after purchasing an additional 5,104 shares during the period. DUTCH ASSET Corp purchased a new stake in Guidewire Software in the fourth quarter worth about $570,000. Corient Private Wealth LLC increased its position in Guidewire Software by 36.9% in the fourth quarter. Corient Private Wealth LLC now owns 10,820 shares of the technology company's stock worth $2,177,000 after buying an additional 2,915 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in Guidewire Software by 471.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 497 shares of the technology company's stock worth $100,000 after buying an additional 410 shares in the last quarter. Finally, MidFirst Bank bought a new position in shares of Guidewire Software in the fourth quarter worth about $212,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GWRE. The Goldman Sachs Group cut their price objective 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. DA Davidson decreased their price objective on shares of Guidewire Software from $246.00 to $222.00 and set a "buy" rating on the stock in a research report on Monday, June 8th. Citizens Jmp lowered 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 research note on Friday, June 5th. Zacks Research downgraded shares of Guidewire Software from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Finally, BTIG Research reiterated a "buy" rating and issued a $175.00 price target on shares of Guidewire Software in a research note on Thursday. Ten research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $221.36.

Guidewire Software Trading Up 5.1%

Shares of GWRE opened at $134.21 on Friday. The firm has a market cap of $11.17 billion, a P/E ratio of 72.55 and a beta of 0.95. 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 company has a 50 day simple moving average of $131.45 and a two-hundred day simple moving average of $148.12.

Guidewire Software (NYSE:GWRE - Get Free Report) last released its earnings results on Thursday, June 4th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.74 by $0.08. Guidewire Software had a net margin of 11.25% and a return on equity of 12.62%. The firm had revenue of $372.54 million for the quarter, compared to the consensus estimate of $355.92 million. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The company's quarterly revenue was up 26.9% compared to the same quarter last year. On average, equities analysts expect that Guidewire Software, Inc. will post 1.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Guidewire Software 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 transaction of $142,443.16. Following the completion of the transaction, the chief financial officer owned 62,119 shares of the company's stock, valued at $6,564,114.73. This represents a 2.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President John P. Mullen sold 4,292 shares of the firm's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $118.74, for a total value of $509,632.08. Following the transaction, the president owned 131,115 shares of the company's stock, valued at approximately $15,568,595.10. The trade was a 3.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 29,709 shares of company stock worth $3,740,332. 0.46% of the stock is 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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