Bank of Nova Scotia Sells 2,021,827 Shares of Guidewire Software, Inc. $GWRE

Key Points

• Bank of Nova Scotia nearly exited Guidewire Software: It sold 2,021,827 shares during the first quarter, reducing its position by 99.9% to 2,885 shares worth approximately $431,000.
• Analysts remain broadly positive despite reduced price targets. Guidewire has a “Moderate Buy” consensus rating from 15 analysts, with an average target price of $221, while several firms recently lowered their targets.
• Guidewire exceeded quarterly expectations: The company reported earnings of $0.82 per share versus the $0.74 consensus and revenue of $372.54 million, up 26.9% year over year. Its shares were trading at $153.72 after an 8.1% decline.

Bank of Nova Scotia reduced its position in Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 99.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,885 shares of the technology company's stock after selling 2,021,827 shares during the period. Bank of Nova Scotia's holdings in Guidewire Software were worth $431,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GWRE. Advisors Asset Management Inc. acquired a new position in Guidewire Software during the 1st quarter valued at about $25,000. Measured Wealth Private Client Group LLC purchased a new position in Guidewire Software during the 3rd quarter worth approximately $29,000. Flagship Harbor Advisors LLC acquired a new position in Guidewire Software during the fourth quarter valued at $36,000. Leonteq Securities AG acquired a new position in shares of Guidewire Software in the 1st quarter valued at about $36,000. Finally, Bogart Wealth LLC boosted its position in Guidewire Software by 127.8% in the 1st quarter. Bogart Wealth LLC now owns 246 shares of the technology company's stock worth $37,000 after purchasing an additional 138 shares in the last quarter.

Wall Street Analyst Weigh In

GWRE has been the subject of several recent analyst reports. Wells Fargo & Company cut their price target on Guidewire Software from $210.00 to $190.00 and set an "overweight" rating for the company in a research note on Friday, June 5th. Citizens Jmp dropped their price target on Guidewire Software from $300.00 to $220.00 and set a "market outperform" rating for the company in a research report on Friday, June 5th. Oppenheimer reduced their target price on shares of Guidewire Software from $250.00 to $180.00 and set an "outperform" rating on the stock in a research note on Monday, May 18th. DA Davidson lowered their price target on Guidewire Software from $246.00 to $222.00 and set a "buy" rating for the company in a report on Monday, June 8th. Finally, The Goldman Sachs Group cut their target price on Guidewire Software from $255.00 to $225.00 and set a "buy" rating on the stock in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $221.00.

Insider Activity

In other Guidewire Software news, CEO Michael George Rosenbaum sold 5,830 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total transaction of $692,254.20. Following the completion of the sale, the chief executive officer owned 199,776 shares of the company's stock, valued at approximately $23,721,402.24. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jeffrey Elliott Cooper sold 2,594 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $118.74, for a total value of $308,011.56. Following the completion of the sale, the chief financial officer directly owned 63,467 shares of the company's stock, valued at $7,536,071.58. The trade was a 3.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 30,193 shares of company stock worth $3,797,922. Company insiders own 0.46% of the company's stock.

Guidewire Software Trading Down 8.1%

Shares of GWRE stock opened at $153.72 on Friday. The company has a market capitalization of $12.80 billion, a P/E ratio of 83.09 and a beta of 0.95. Guidewire Software, Inc. has a twelve month low of $102.30 and a twelve month high of $272.60. The business's 50 day moving average is $134.40 and its two-hundred day moving average is $140.58. The company has a current ratio of 2.44, a quick ratio of 2.44 and a debt-to-equity ratio of 0.51.

Guidewire Software (NYSE:GWRE - Get Free Report) last issued its earnings results on Thursday, June 4th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.74 by $0.08. Guidewire Software had a return on equity of 12.62% and a net margin of 11.25%.The business had revenue of $372.54 million during the quarter, compared to the consensus estimate of $355.92 million. During the same period in the prior year, the business posted $0.88 EPS. The company's revenue for the quarter was up 26.9% on a year-over-year basis. Equities analysts forecast that Guidewire Software, Inc. will post 1.83 EPS for the current year.

Guidewire Software Company Profile

Guidewire Software, Inc develops software products and cloud services for property and casualty (P&C) insurance carriers. Headquartered in San Mateo, California, the company's offerings are designed to help insurers manage the core functions of their business—policy administration, billing and claims—while supporting digital engagement, analytics and operational modernization.

Guidewire's core product portfolio is commonly known as the InsuranceSuite, which includes PolicyCenter for policy administration, BillingCenter for billing and receivables, and ClaimCenter for claims management.

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