California Public Employees Retirement System Increases Position in Guidewire Software, Inc. (NYSE:GWRE)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System lifted its position in Guidewire Software, Inc. (NYSE:GWRE – Get Rating) by 0.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 390,854 shares of the technology company’s stock after buying an additional 197 shares during the period. California Public Employees Retirement System owned about 0.48% of Guidewire Software worth $24,452,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GWRE. HighTower Advisors LLC boosted its stake in shares of Guidewire Software by 5.5% during the 1st quarter. HighTower Advisors LLC now owns 13,825 shares of the technology company’s stock worth $1,311,000 after acquiring an additional 726 shares during the last quarter. Cetera Advisor Networks LLC increased its holdings in shares of Guidewire Software by 6.6% in the 1st quarter. Cetera Advisor Networks LLC now owns 4,428 shares of the technology company’s stock worth $419,000 after buying an additional 276 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Guidewire Software in the 1st quarter worth about $253,000. MetLife Investment Management LLC bought a new stake in shares of Guidewire Software in the 1st quarter worth about $159,000. Finally, Raymond James Trust N.A. increased its holdings in shares of Guidewire Software by 2.0% in the 1st quarter. Raymond James Trust N.A. now owns 10,089 shares of the technology company’s stock worth $955,000 after buying an additional 195 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GWRE shares. Wells Fargo & Company boosted their target price on shares of Guidewire Software from $55.00 to $60.00 and gave the stock an “underweight” rating in a report on Tuesday, March 7th. StockNews.com raised shares of Guidewire Software from a “sell” rating to a “hold” rating in a research note on Wednesday, April 19th. JMP Securities reissued a “market outperform” rating and issued a $95.00 price objective on shares of Guidewire Software in a research report on Tuesday, March 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $90.00 price objective on shares of Guidewire Software in a research report on Tuesday, March 7th. Finally, Citigroup boosted their price objective on shares of Guidewire Software from $67.00 to $81.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Guidewire Software presently has a consensus rating of “Hold” and an average price target of $83.09.

Insider Buying and Selling

In other news, insider John P. Mullen sold 11,576 shares of the business’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $77.17, for a total transaction of $893,319.92. Following the completion of the sale, the insider now owns 131,533 shares in the company, valued at approximately $10,150,401.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Guidewire Software news, insider James Winston King sold 1,526 shares of the business’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $76.88, for a total value of $117,318.88. Following the transaction, the insider now directly owns 35,550 shares of the company’s stock, valued at approximately $2,733,084. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider John P. Mullen sold 11,576 shares of the business’s stock in a transaction on Friday, March 17th. The shares were sold at an average price of $77.17, for a total transaction of $893,319.92. Following the completion of the transaction, the insider now directly owns 131,533 shares in the company, valued at $10,150,401.61. The disclosure for this sale can be found here. Insiders sold 26,445 shares of company stock worth $2,037,798 over the last 90 days. 0.17% of the stock is owned by insiders.

Guidewire Software Price Performance

Shares of GWRE opened at $80.05 on Thursday. The firm has a 50-day simple moving average of $76.72 and a two-hundred day simple moving average of $68.86. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.66 and a quick ratio of 3.66. Guidewire Software, Inc. has a 1-year low of $52.08 and a 1-year high of $83.14. The stock has a market cap of $6.53 billion, a PE ratio of -40.03 and a beta of 1.28.

Guidewire Software (NYSE:GWRE – Get Rating) last issued its quarterly earnings results on Monday, March 6th. The technology company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.17). Guidewire Software had a negative return on equity of 12.63% and a negative net margin of 19.19%. The firm had revenue of $232.61 million during the quarter, compared to analysts’ expectations of $222.13 million. As a group, analysts forecast that Guidewire Software, Inc. will post -1.74 EPS for the current year.

Guidewire Software Profile

(Get Rating)

Guidewire Software, Inc engages in the provision of technology platform, which comprises software, services, and a partner ecosystem, for the global Property and Casualty insurance industry. Its products include InsuranceSuite, PolicyCenter, ClaimCenter, BillingCenter, InsuranceNow, Analytics, Ecosystem, Guidewire for salesforce, and Guidewire Cloud.