PNC Financial Services Group Inc. Has $2.80 Million Holdings in Guidewire Software, Inc. $GWRE

Key Points

• PNC Financial Services increased its Guidewire Software stake by 168.6% in the first quarter, owning 18,719 shares valued at approximately $2.8 million. Several other institutional investors also raised their positions.
• Guidewire reported quarterly EPS of $0.82, exceeding the $0.74 consensus estimate, while revenue of $372.54 million rose 26.9% year over year and topped expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $221 price target, although several firms recently reduced their targets. The stock opened at $159.15, up 6.6% in the reported session.

PNC Financial Services Group Inc. grew its stake in Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 168.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,719 shares of the technology company's stock after acquiring an additional 11,749 shares during the period. PNC Financial Services Group Inc.'s holdings in Guidewire Software were worth $2,800,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of GWRE. Advisors Asset Management Inc. bought a new stake in shares of Guidewire Software during the first quarter valued at approximately $25,000. Amundi raised its position in Guidewire Software by 703.0% in the 2nd quarter. Amundi now owns 36,093 shares of the technology company's stock worth $8,220,000 after purchasing an additional 31,598 shares during the last quarter. Jump Financial LLC acquired a new position in Guidewire Software during the 2nd quarter worth $305,000. Bank of Nova Scotia lifted its holdings in Guidewire Software by 30.9% during the 2nd quarter. Bank of Nova Scotia now owns 2,024 shares of the technology company's stock worth $477,000 after buying an additional 478 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in Guidewire Software by 30.6% in the 2nd quarter. NewEdge Advisors LLC now owns 4,911 shares of the technology company's stock valued at $1,156,000 after buying an additional 1,152 shares during the last quarter.

Insider Activity

In related news, CFO Jeffrey Elliott Cooper sold 1,348 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $105.67, for a total transaction of $142,443.16. Following the completion of the transaction, the chief financial officer owned 62,119 shares in the company, valued at approximately $6,564,114.73. The trade was a 2.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO David Franklin Peterson sold 246 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $118.74, for a total transaction of $29,210.04. Following the completion of the sale, the chief accounting officer directly owned 12,287 shares of the company's stock, valued at $1,458,958.38. The trade was a 1.96% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 30,193 shares of company stock valued at $3,797,922. Insiders own 0.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wells Fargo & Company lowered their target price 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. BTIG Research reiterated a "buy" rating and issued a $175.00 price target on shares of Guidewire Software in a report on Thursday, July 2nd. Oppenheimer lowered their price objective on Guidewire Software from $250.00 to $180.00 and set an "outperform" rating for the company in a research report on Monday, May 18th. DA Davidson dropped their price objective 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, Guggenheim assumed coverage on shares of Guidewire Software in a research report on Thursday, July 23rd. They set a "buy" rating and a $180.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $221.00.

Guidewire Software Trading Up 6.6%

NYSE GWRE opened at $159.15 on Wednesday. The stock has a 50-day simple moving average of $133.50 and a 200 day simple moving average of $140.90. The company has a market capitalization of $13.25 billion, a PE ratio of 86.02 and a beta of 0.95. 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, Inc. has a 12 month low of $102.30 and a 12 month high of $272.60.

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. The firm had revenue of $372.54 million for the quarter, compared to analysts' expectations of $355.92 million. Guidewire Software had a return on equity of 12.62% and a net margin of 11.25%.The company's revenue was up 26.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.88 earnings per share. Research analysts forecast that Guidewire Software, Inc. will post 1.83 EPS for the current year.

About Guidewire Software

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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