Guidewire’s InsuranceSuite Selected by Mountain West Farm Bureau Mutual Insurance

Guidewire Software, Inc. (GWRE) announced that Mountain West Farm Bureau Mutual Insurance, a multi-line insurance company, will subscribe to the company’s InsuranceSuite. InsuranceSuite will help Guidewire Cloud accelerate its digitalization goals.

Guidewire is a provider of cloud-based insurance software enabling P&C businesses to streamline processes. (See GWRE stock chart on TipRanks)

The selection of Guidewire Cloud will help Mountain West to implement its digital transformation strategy. Further, it will improve the company’s core operations and simplify its IT operations while enabling it to quickly adapt to changing market demands.

Guidewire’s Chief Sales Officer, Frank O’Dowd, commented, “We are pleased by the organization’s vote of confidence in our cloud services capabilities and look forward to helping the company continue its mission of providing financial peace of mind for their customers with competitive, quality products and services.”

Needham analyst Mayank Tandon recently downgraded GWRE from Buy to Hold. Tandon said, “While GWRE trades at a discount to other financial software peers, we note that the ongoing model transition from license deals to cloud-based subscription deals is taking longer than anticipated and pressuring both revenue growth and margins. While we view the company’s cloud investments as a prudent move for the long term, we believe the model transition results in a neutral risk-reward in the near term.

Overall, the stock has a Moderate Buy consensus rating based on 3 Buys and 5 Hold. The average analyst Guidewire price target of $122.60 implies 6% upside potential from current levels.

Related News:
Advaxis Receives Notice of Delisting from Nasdaq
Apogee Enterprises Raises FY22 Guidance on Solid Q1 Results; Shares Roar 12%
Ingersoll Rand to Snap up Maximus for CAD$135.4M