- Last week, Needham analyst Mayank Tandon attended Guidewire Software, Inc’s (NYSE:GWRE) analyst day, where management highlighted the company’s progress on its model transition as P&C insurance carriers shift their core systems to the cloud.
- His key takeaway from the event is that the company is gaining steady momentum by signing new and existing customers to the cloud.
- However, given the softening economic environment, recent customer wins are signing on with shorter commitments versus prior periods, which in turn is expected to weigh on near-term and medium-term subscription growth and is delaying the margin benefits from the transition to the cloud.
- While he views GWRE as a premium provider of insurance cloud software, given the prolonged model transition and modest subscription revenue growth, he considers the risk-reward neutral in a October 10 note titled “Analyst Day Takeaways; Lack of Positive Catalysts Keeps Us on the Sidelines.“
- Accordingly, we maintained a Hold rating.
- Wells Fargo analyst Michael Turrin maintained Guidewire Software with an Underweight and cut the price target from $65 to $60.
- Price Action: GWRE shares traded lower by 3.56% at $61.01 on the last check Monday.
Reported February 8, 2024 Bakkt Issued A Statement Regarding Its Recently Filed Amendments To Q3 Form 10-Q; Says “We Included A Risk Factor Relating To Our Ability To Continue As A Going Concern 12 Months Following The Date Of The Amended Form 10-Q”
Bakkt Holdings, Inc. ("Bakkt") (NYSE:BKKT) issued the following statement regarding the recently filed amendments to its Form 10-Q for the quarter ended September 30, 2023.On Wednesday, we filed amendments to our
