Fred Alger Management LLC Has $89.78 Million Position in Guidewire Software, Inc. (NYSE:GWRE)

Fred Alger Management LLC trimmed its stake in shares of Guidewire Software, Inc. (NYSE:GWRE) by 6.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 owned approximately 0.59% of Guidewire Software worth $89,779,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Cetera Investment Advisers increased its holdings in shares of Guidewire Software by 648.0% during the first quarter. Cetera Investment Advisers now owns 18,117 shares of the technology company’s stock worth $2,114,000 after buying an additional 15,695 shares in the last quarter. Icon Wealth Advisors LLC increased its holdings in Guidewire Software by 72.4% in the 3rd quarter. Icon Wealth Advisors LLC now owns 5,984 shares of the technology company’s stock worth $1,095,000 after purchasing an additional 2,512 shares in the last quarter. Parkside Financial Bank & Trust raised its position in Guidewire Software by 8.0% in the second quarter. Parkside Financial Bank & Trust now owns 2,215 shares of the technology company’s stock valued at $305,000 after purchasing an additional 165 shares during the last quarter. Xponance Inc. boosted its stake in shares of Guidewire Software by 79.8% during the second quarter. Xponance Inc. now owns 6,908 shares of the technology company’s stock valued at $953,000 after purchasing an additional 3,066 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its holdings in shares of Guidewire Software by 219.5% during the third quarter. Pallas Capital Advisors LLC now owns 6,057 shares of the technology company’s stock worth $1,139,000 after purchasing an additional 4,161 shares during the last quarter.

Insider Activity

In other Guidewire Software news, insider John P. Mullen sold 6,718 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $172.16, for a total transaction of $1,156,570.88. Following the transaction, the insider now owns 160,099 shares in the company, valued at approximately $27,562,643.84. This represents a 4.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael George Rosenbaum sold 23,379 shares of Guidewire Software stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $172.16, for a total transaction of $4,024,928.64. Following the transaction, the chief executive officer now owns 287,662 shares of the company’s stock, valued at $49,523,889.92. This represents a 7.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,601 shares of company stock worth $9,116,179 in the last three months. Company insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on GWRE. Citigroup lifted their target price on shares of Guidewire Software from $123.00 to $165.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $215.00 price objective on shares of Guidewire Software in a research note on Tuesday, November 19th. BTIG Research increased their price objective on Guidewire Software from $140.00 to $165.00 and gave the company a “buy” rating in a report on Friday, August 30th. JMP Securities lifted their target price on Guidewire Software from $200.00 to $231.00 and gave the stock a “market outperform” rating in a report on Monday. Finally, Wells Fargo & Company increased their price target on Guidewire Software from $205.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Guidewire Software presently has an average rating of “Moderate Buy” and an average price target of $186.08.

Guidewire Software Price Performance

NYSE GWRE opened at $201.88 on Friday. Guidewire Software, Inc. has a one year low of $95.02 and a one year high of $207.10. The business has a 50 day simple moving average of $188.72 and a 200 day simple moving average of $157.29. The stock has a market capitalization of $16.86 billion, a P/E ratio of -2,523.18, a P/E/G ratio of 52.22 and a beta of 1.18.

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, topping the consensus estimate 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 analyst estimates of $283.84 million. During the same period in the prior year, the firm earned $0.30 earnings per share. Guidewire Software’s revenue was up 8.0% on a year-over-year basis. Equities analysts expect that Guidewire Software, Inc. will post 0.53 earnings per share for the current year.

About Guidewire Software

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.