Fred Alger Management LLC Cuts Stock Holdings in Guidewire Software, Inc. (NYSE:GWRE)

Fred Alger Management LLC lowered its stake in shares of Guidewire Software, Inc. (NYSE:GWRE) by 6.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 490,758 shares of the technology company’s stock after selling 33,780 shares during the quarter. Fred Alger Management LLC’s holdings in Guidewire Software were worth $89,779,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of GWRE. Price T Rowe Associates Inc. MD grew its stake in shares of Guidewire Software by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 44,984 shares of the technology company’s stock worth $5,251,000 after acquiring an additional 738 shares in the last quarter. Comerica Bank boosted its holdings in Guidewire Software by 61.7% during the first quarter. Comerica Bank now owns 25,024 shares of the technology company’s stock worth $2,921,000 after purchasing an additional 9,546 shares during the last quarter. Cetera Investment Advisers grew its position in Guidewire Software by 648.0% in the 1st quarter. Cetera Investment Advisers now owns 18,117 shares of the technology company’s stock worth $2,114,000 after purchasing an additional 15,695 shares in the last quarter. GAMMA Investing LLC increased its stake in Guidewire Software by 42.1% in the 2nd quarter. GAMMA Investing LLC now owns 760 shares of the technology company’s stock valued at $105,000 after buying an additional 225 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Guidewire Software during the 2nd quarter worth approximately $41,000.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GWRE shares. BTIG Research upped their target price on Guidewire Software from $140.00 to $165.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “hold” rating on shares of Guidewire Software in a research report on Friday, October 11th. Citigroup lifted their target price on Guidewire Software from $123.00 to $165.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Stifel Nicolaus increased their price target on shares of Guidewire Software from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company boosted their target price on shares of Guidewire Software from $205.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Guidewire Software currently has an average rating of “Moderate Buy” and an average target price of $186.08.

Insider Buying and Selling

In other news, President John P. Mullen sold 1,350 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $187.68, for a total transaction of $253,368.00. Following the sale, the president now directly owns 190,611 shares in the company, valued at $35,773,872.48. This represents a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Jeffrey Elliott Cooper sold 4,956 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $172.70, for a total transaction of $855,901.20. Following the completion of the transaction, the chief financial officer now owns 78,411 shares of the company’s stock, valued at $13,541,579.70. This trade represents a 5.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,601 shares of company stock valued at $9,116,179. Corporate insiders own 0.48% of the company’s stock.

Guidewire Software Stock Down 1.3 %

GWRE opened at $201.88 on Friday. The firm has a 50-day moving average price of $188.72 and a 200-day moving average price of $157.29. The company has a market capitalization of $16.86 billion, a price-to-earnings ratio of -2,523.18, a PEG ratio of 52.22 and a beta of 1.18. Guidewire Software, Inc. has a twelve month low of $95.02 and a twelve month high of $207.10.

Guidewire Software (NYSE:GWRE) last issued its earnings results on Thursday, September 5th. The technology company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.54 by $0.08. Guidewire Software had a negative net margin of 0.62% and a negative return on equity of 1.29%. The business had revenue of $291.50 million for the quarter, compared to analysts’ expectations of $283.84 million. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, sell-side analysts expect that Guidewire Software, Inc. will post 0.53 earnings per share for the current fiscal year.

Guidewire Software Profile

Guidewire Software, Inc provides a platform for property and casualty (P&C) insurers worldwide. The company offers Guidewire InsuranceSuite Cloud, such as PolicyCenter Cloud, BillingCenter Cloud, and ClaimCenter Cloud applications. It also provides Guidewire InsuranceNow, a cloud-based platform that offers policy, billing, and claims management functionality to insurers; and Guidewire InsuranceSuite for Self-Managed.