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Guidewire's (GWRE) Cloud Platform Continues to Gain Traction
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Guidewire Software (GWRE - Free Report) has announced that Canadian property and casualty insurer - Definity Financial Corporation - has moved its core insurance platform to Guidewire Cloud.
Definity has transitioned to cloud-based services by moving its economical digital broker, Vyne, and digital direct platform, Sonnet, to expand its reach in Canada's insurance market.
The transition to a cloud-based system is anticipated to benefit Definity by offering early access to a wide array of products and capabilities as well as expanding connectivity with insurtech ecosystems with the least possible impact on brokers and clients.
Definity will leverage Guidewire Cloud, which runs on Amazon Web Services cloud technology to improve security, mitigate planned and unplanned outages and manage rising cyber security risks.
Guidewire continues to develop its Cloud platform with new features such as digital frameworks, automation, tooling and other cloud services. Guidewire Cloud continued to gain momentum with 16 cloud deals in the fiscal fourth quarter among new and existing clients.
Previously, Guidewire was selected by insurance company Topdanmark to simplify IT operations and adapt to changing market demands. In the agriculture section, Guidewire was implemented by Topdanmark for its wind turbine, property and content lines of business. Moreover, a Salesforce platform tightly connected with Guidewire has been deployed.
Prior to that, it was chosen by Golden Bear Insurance, Aioi Nissay Dowa Insurance, Franklin Mutual Insurance, Cornerstone National Insurance Company and Tradition Mutual Insurance Company to automate and simplify business processes.
Guidewire reported non-GAAP earnings of 3 cents per share in fourth-quarter fiscal 2022 (ended Jul 31, 2022), surpassing the Zacks Consensus Estimate of a loss of 4 cents. However, this compares unfavorably with the year-ago quarter’s non-GAAP earnings of 37 cents per share.
The company reported revenues of $244.6 million, rising 7% year over year and beating the Zacks Consensus Estimate by 6.6%.
Subscription and support revenues (38.3% of total revenues) soared 34% from the year-ago quarter’s levels to $93.6 million, owing to higher subscription revenues.
However, the company’s performance is affected by increasing integration risks and single industry centric offerings.
Guidewire carries a Zacks Rank #3 (Hold). Shares of the company have lost 44.9% compared with the industry’s decline of 29.7% in the past year.
The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have jumped 3.3% in the past year.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 6% in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 7.6% of their value in the past year.
The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.04 per share, increasing 9.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 18.6%.
Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 33.8% in the past year.
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Guidewire's (GWRE) Cloud Platform Continues to Gain Traction
Guidewire Software (GWRE - Free Report) has announced that Canadian property and casualty insurer - Definity Financial Corporation - has moved its core insurance platform to Guidewire Cloud.
Definity has transitioned to cloud-based services by moving its economical digital broker, Vyne, and digital direct platform, Sonnet, to expand its reach in Canada's insurance market.
The transition to a cloud-based system is anticipated to benefit Definity by offering early access to a wide array of products and capabilities as well as expanding connectivity with insurtech ecosystems with the least possible impact on brokers and clients.
Guidewire Software, Inc. Price and Consensus
Guidewire Software, Inc. price-consensus-chart | Guidewire Software, Inc. Quote
Definity will leverage Guidewire Cloud, which runs on Amazon Web Services cloud technology to improve security, mitigate planned and unplanned outages and manage rising cyber security risks.
Guidewire continues to develop its Cloud platform with new features such as digital frameworks, automation, tooling and other cloud services. Guidewire Cloud continued to gain momentum with 16 cloud deals in the fiscal fourth quarter among new and existing clients.
Previously, Guidewire was selected by insurance company Topdanmark to simplify IT operations and adapt to changing market demands. In the agriculture section, Guidewire was implemented by Topdanmark for its wind turbine, property and content lines of business. Moreover, a Salesforce platform tightly connected with Guidewire has been deployed.
Prior to that, it was chosen by Golden Bear Insurance, Aioi Nissay Dowa Insurance, Franklin Mutual Insurance, Cornerstone National Insurance Company and Tradition Mutual Insurance Company to automate and simplify business processes.
Guidewire reported non-GAAP earnings of 3 cents per share in fourth-quarter fiscal 2022 (ended Jul 31, 2022), surpassing the Zacks Consensus Estimate of a loss of 4 cents. However, this compares unfavorably with the year-ago quarter’s non-GAAP earnings of 37 cents per share.
The company reported revenues of $244.6 million, rising 7% year over year and beating the Zacks Consensus Estimate by 6.6%.
Subscription and support revenues (38.3% of total revenues) soared 34% from the year-ago quarter’s levels to $93.6 million, owing to higher subscription revenues.
However, the company’s performance is affected by increasing integration risks and single industry centric offerings.
Guidewire carries a Zacks Rank #3 (Hold). Shares of the company have lost 44.9% compared with the industry’s decline of 29.7% in the past year.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader technology space are Cadence Design Systems (CDNS - Free Report) , Badger Meter (BMI - Free Report) and Arista Networks (ANET - Free Report) . Badger Meter, Arista Networks and Cadence Design Systems each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.
Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have jumped 3.3% in the past year.
The Zacks Consensus Estimate for BMI’s 2022 earnings is pegged at $2.30 per share, up 6% in the past 60 days.
Badger Meter’s earnings beat the Zacks Consensus Estimate in three of the preceding four quarters, with the average being 12.6%. Shares of BMI have lost 7.6% of their value in the past year.
The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.04 per share, increasing 9.8% in the past 60 days. The long-term earnings growth rate is anticipated to be 18.6%.
Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 33.8% in the past year.