Guidewire Software, Inc. (GWRE)
Keep a close eye on GWRE. After the closing bell on Monday, the company came with numbers on its financial results for the fiscal quarter ended April 30, 2014, that exceeded its expectations for both revenue and profitability.
For the third quarter of fiscal 2014, GWRE posted total revenue of $82.0 million, a 20% increase year over year, Non-GAAP net income of $7.6 million, compared to $2.0 million in the same period the prior year, and Non-GAAP net income per diluted share of $0.11, based on diluted weighted average shares outstanding of 71.9 million, compared to $0.03 Non-GAAP net income per diluted share, based on diluted weighted average shares outstanding of 62.2 million in the third quarter of fiscal 2013.
GWRE had $600.1 million in cash, cash equivalents and investments at April 30, 2014, compared to $588.4 million at January 31, 2014. GWRE had $20.3 million in cash flow from operations in the third quarter, compared to cash flow from operations of $5.0 million in the comparable period in fiscal 2013.
Last week, brokerage firm Citigroup upgraded GWRE from Sell to Neutral with a price target of $43.00 per share.
GWRE builds software products that help Property/Casualty insurers replace their legacy core systems and transform their business. Designed to be flexible and scalable, GWRE products enable insurers to deliver excellent service, increase market share and lower operating costs. Guidewire InsuranceSuite(TM) provides the core systems used by insurers as operational systems of record.Additional products provide support for data management, business intelligence, anytime/anywhere access and guidance and monitoring.
More about Guidewire Software, Inc. (GWRE) at www.guidewire.com.
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