Guidewire Software (NYSE:GWRE) Shares Gap Down - Here's What Happened

Guidewire Software, Inc. (NYSE:GWRE - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $206.57, but opened at $193.59. Guidewire Software shares last traded at $180.60, with a volume of 630,857 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on GWRE shares. JPMorgan Chase & Co. boosted their target price on Guidewire Software from $210.00 to $228.00 and gave the company an "overweight" rating in a research note on Friday. Needham & Company LLC reaffirmed a "hold" rating on shares of Guidewire Software in a report on Friday. Robert W. Baird boosted their price target on shares of Guidewire Software from $204.00 to $220.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th. Citigroup raised their price objective on shares of Guidewire Software from $123.00 to $165.00 and gave the stock a "neutral" rating in a report on Monday, September 9th. Finally, BTIG Research boosted their target price on shares of Guidewire Software from $140.00 to $165.00 and gave the company a "buy" rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $193.00.

Guidewire Software Stock Down 14.0 %

The firm's fifty day moving average price is $191.58 and its 200-day moving average price is $160.81. The stock has a market cap of $14.83 billion, a P/E ratio of 493.25, a PEG ratio of 53.58 and a beta of 1.18.

Guidewire Software (NYSE:GWRE - Get Free Report) last posted its earnings results on Thursday, September 5th. The technology company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.08. The company had revenue of $291.50 million during the quarter, compared to analyst estimates of $283.84 million. Guidewire Software had a negative net margin of 0.62% and a negative return on equity of 1.29%. Guidewire Software's revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.30 earnings per share. Sell-side analysts predict that Guidewire Software, Inc. will post 0.53 earnings per share for the current year.

Insider Transactions at Guidewire Software

In other Guidewire Software news, President John P. Mullen sold 1,350 shares of the firm's stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $187.68, for a total value of $253,368.00. Following the completion of the sale, the president now directly owns 190,611 shares in the company, valued at $35,773,872.48. This trade 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, CEO Michael George Rosenbaum sold 23,379 shares of Guidewire Software stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $172.16, for a total value of $4,024,928.64. Following the sale, the chief executive officer now directly owns 287,662 shares in the company, valued at approximately $49,523,889.92. The trade was a 7.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,601 shares of company stock worth $9,116,179. 0.48% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Guidewire Software

Several institutional investors and hedge funds have recently added to or reduced their stakes in GWRE. Cetera Investment Advisers grew its stake in shares of 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 buying an additional 15,695 shares during the last quarter. Icon Wealth Advisors LLC grew its stake in shares of Guidewire Software by 72.4% in the third quarter. Icon Wealth Advisors LLC now owns 5,984 shares of the technology company's stock worth $1,095,000 after acquiring an additional 2,512 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Guidewire Software by 8.0% during the second quarter. Parkside Financial Bank & Trust now owns 2,215 shares of the technology company's stock valued at $305,000 after acquiring an additional 165 shares in the last quarter. Cerity Partners LLC raised its position in shares of Guidewire Software by 326.8% in the 3rd quarter. Cerity Partners LLC now owns 21,799 shares of the technology company's stock worth $3,988,000 after purchasing an additional 16,692 shares during the last quarter. Finally, Xponance Inc. grew its position in Guidewire Software by 79.8% during the 2nd 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 during the last quarter.

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.