Bank of America Corp DE Buys Shares of 696,536 Guidewire Software, Inc. $GWRE

Key Points

• Bank of America purchased 696,536 Guidewire Software shares worth approximately $85.7 million, acquiring a 0.84% stake. Several other institutional investors also established or expanded positions during the second quarter.
• Guidewire reported quarterly EPS of $0.99, exceeding the $0.93 analyst consensus, while revenue reached $411.09 million, up 15.3% year over year and above estimates.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $216.23, although insiders have sold roughly $5.6 million of stock over the past 90 days.

Bank of America Corp DE purchased a new stake in shares of Guidewire Software, Inc. (NYSE:GWRE - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 696,536 shares of the technology company's stock, valued at approximately $85,709,000. Bank of America Corp DE owned 0.84% of Guidewire Software at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GWRE. American Capital Management Inc. acquired a new stake in shares of Guidewire Software during the 2nd quarter worth about $40,481,000. Sculptor Capital LP purchased a new stake in shares of Guidewire Software during the second quarter worth about $54,942,000. Jupiter Topco LLC acquired a new position in shares of Guidewire Software in the second quarter valued at approximately $35,728,000. Linonia Partnership LP acquired a new position in shares of Guidewire Software in the second quarter valued at approximately $853,165,000. Finally, Route One Investment Company L.P. purchased a new position in shares of Guidewire Software during the second quarter valued at approximately $227,564,000.

Guidewire Software Stock Down 0.6%

GWRE opened at $144.11 on Friday. The stock's 50 day moving average price is $164.08 and its 200 day moving average price is $147.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.79 and a quick ratio of 2.44. The stock has a market cap of $12.00 billion, a P/E ratio of 88.41 and a beta of 0.97. Guidewire Software, Inc. has a 12 month low of $102.30 and a 12 month high of $255.89.

Guidewire Software (NYSE:GWRE - Get Free Report) last announced its quarterly earnings results on Thursday, September 3rd. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.93 by $0.06. The company had revenue of $411.09 million during the quarter, compared to analyst estimates of $402.61 million. Guidewire Software had a return on equity of 12.66% and a net margin of 9.44%.The firm's quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. As a group, research analysts predict that Guidewire Software, Inc. will post 2.46 earnings per share for the current year.

Analyst Ratings Changes

GWRE has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price objective on shares of Guidewire Software from $255.00 to $225.00 and set a "buy" rating on the stock in a report on Friday, June 5th. Robert W. Baird upped their price target on shares of Guidewire Software from $202.00 to $235.00 and gave the stock an "outperform" rating in a research report on Monday, August 31st. Piper Sandler reaffirmed an "overweight" rating and set a $210.00 price target on shares of Guidewire Software in a research note on Friday, September 4th. Wells Fargo & Company lifted their price target on shares of Guidewire Software from $190.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, September 4th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $215.00 price objective on shares of Guidewire Software in a research note on Friday, September 4th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Guidewire Software presently has an average rating of "Moderate Buy" and a consensus target price of $216.23.

Insider Activity at Guidewire Software

In other news, CFO Jeffrey Cooper sold 1,348 shares of Guidewire Software stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $105.67, for a total value of $142,443.16. Following the transaction, the chief financial officer owned 62,119 shares of the company's stock, valued at $6,564,114.73. The trade was a 2.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President John Mullen sold 14,400 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $185.00, for a total transaction of $2,664,000.00. Following the completion of the sale, the president owned 116,715 shares in the company, valued at $21,592,275. The trade was a 10.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 33,132 shares of company stock worth $5,584,477. Company insiders own 0.46% of the company's stock.

Guidewire Software Profile

Guidewire Software, Inc NYSE: GWRE provides cloud-based software and technology services for the property and casualty insurance industry. Its solutions help insurers manage core operations, modernize legacy systems, improve customer engagement and use data to support underwriting and claims decisions.

The company's principal platform, InsuranceSuite, includes applications such as PolicyCenter for policy administration, BillingCenter for billing and payments, and ClaimCenter for claims management.

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