Guidwire (GWRE) Offers Impressive Upside Following a New Buyback Program

Guidewire Software (NYSE:GWRE) is one of the 12 oversold software stocks to invest in.

As of February 16 closing, Guidewire Software (NYSE:GWRE) carried a highly bullish sentiment. Of the 12 analysts covering the stock, 10 assigned Buy ratings and 2 issued Hold ratings. With no Sell rating, the stock has a projected median 1-year price target of $270.10, implying an impressive upside of more than 112%.

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On January 9, Guidewire Software (NYSE:GWRE) reported a successful completion of its share buyback program, which had been approved back in September 2022. Moreover, the company made a subsequent announcement that, following this completion, the board of directors issued an approval for a new buyback program, which will be effective immediately. This gives the company the authorization to repurchase up to an additional $500 million worth of its outstanding shares of common stock.

Guidewire Software (NYSE:GWRE) offers a cloud-based platform for property and casualty (P&C) insurers worldwide. Through the platform, it provides several applications, such as PolicyCenter, ClaimCenter, and BillingCenter, that facilitate core operations for P&C insurance companies. Other offerings include Guidewire Rating Management, Guidewire InsuranceNow, Guidewire Reinsurance Management, Guidewire Client Data Management, and more.

While we acknowledge the risk and potential of GWRE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GWRE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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