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Do You Think Transition Helped Guidewire Software (GWRE)?

Artisan Partners, an investment management company, released its “Artisan Small Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTSX returned -7.98%, Advisor Class fund APDSX posted a return of -7.96%, and Institutional Class fund APHSX returned -7.97%, compared to a return of -7.32% for the Russell 2000 Growth Index. From a sector perspective, allocation impacts drove the sector's underperformance, while security selection was positive. From an allocation perspective, the portfolio was hurt by its lack of exposure to energy and overweight exposure to health care. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Small Cap Fund highlighted stocks like Guidewire Software, Inc. (NYSE:GWRE) in the third quarter 2023 investor letter. Headquartered in San Mateo, California, Guidewire Software, Inc. (NYSE:GWRE) is a software product-providing company for P&C insurers. On November 30, 2023, Guidewire Software, Inc. (NYSE:GWRE) stock closed at $99.94 per share. One-month return of Guidewire Software, Inc. (NYSE:GWRE) was 9.28%, and its shares gained 64.54% of their value over the last 52 weeks. Guidewire Software, Inc. (NYSE:GWRE) has a market capitalization of $8.188 billion.

Artisan Small Cap Fund made the following comment about Guidewire Software, Inc. (NYSE:GWRE) in its Q3 2023 investor letter:

"Guidewire Software, Inc. (NYSE:GWRE) is a market leader in next-generation software for the property and casualty (P&C) insurance industry. The company's software enhances modern underwriting and claims operations by supporting workflows, external collaboration and rule-based decision-making. It recently transitioned away from a licensed software business model to a subscription-based cloud service. We have seen these cloud subscription transitions before—they involve sacrificing near-term profitability for higher and more predictable long-term cash flows. As companies emerge from these (often messy) transitions, their profit growth tends to accelerate. We believe Guidewire is at this inflection point. We were encouraged by recent financial results that exceeded expectations and showed progress with adding new customers and converting existing ones to its next-generation subscription-based cloud service."

An experienced property and casualty insurance agent at a client's home, explaining the benefits of the company's homeowners' insurance policies.

Guidewire Software, Inc. (NYSE:GWRE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held Guidewire Software, Inc. (NYSE:GWRE) at the end of third quarter which was 36 in the previous quarter.

We discussed Guidewire Software, Inc. (NYSE:GWRE) in another article and shared Conestoga Capital Advisors' views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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