Guidewire Software, Inc. (NYSE:GWRE) reported better-than-expected third-quarter financial results and issued FY24 revenue guidance above estimates on Tuesday.
Guidewire Software reported quarterly earnings of 26 cents per share which beat the analyst consensus estimate of 13 cents per share. The company reported quarterly sales of $240.700 million which beat the analyst consensus estimate of $231.271 million, according to data from Benzinga Pro.
“Our outstanding third quarter results were driven by strong Tier-1 deal volume and an acceleration in migration activity, particularly in Asia Pacific,” said Mike Rosenbaum, chief executive officer, Guidewire. “Our dedication to continuous innovation and frequent product releases is not only maturing the Guidewire Cloud Platform but also driving global engagement, reinforcing our confidence in delivering on our pipeline and strategic objectives.”
Guidewire Software said it sees fourth-quarter revenue of $279 million to $287 million, versus analysts’ estimates of $284.897 million. The company expects Sees FY24 revenue of $968 million to $976 million versus estimates of $965.104 million.
Guidewire Software shares fell 1.5% to close at $108.05 on Tuesday.
These analysts made changes to their price targets on Guidewire Software after the company reported quarterly results.
- BTIG boosted the price target on Guidewire Software from $ $135 to $140. BTIG analyst Matthew Vanvliet maintained a Buy rating.
- B of A Securities increased Guidewire Software price target from $80 to $95. B of A Securities analyst Brad Sills maintained an Underperform rating on the stock.
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