Bank of New York Mellon Corp Decreases Stock Position in Guidewire Software, Inc. $GWRE

Bank of New York Mellon Corp decreased its position in Guidewire Software, Inc. (NYSE:GWRE) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 541,231 shares of the technology company’s stock after selling 34,614 shares during the quarter. Bank of New York Mellon Corp owned 0.64% of Guidewire Software worth $124,407,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in GWRE. Advisors Asset Management Inc. purchased a new stake in Guidewire Software during the 1st quarter worth $25,000. Root Financial Partners LLC acquired a new stake in shares of Guidewire Software during the third quarter valued at about $29,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Guidewire Software during the second quarter worth about $30,000. Westside Investment Management Inc. acquired a new position in shares of Guidewire Software in the second quarter worth about $32,000. Finally, Spire Wealth Management lifted its stake in shares of Guidewire Software by 135.1% in the third quarter. Spire Wealth Management now owns 174 shares of the technology company’s stock worth $40,000 after acquiring an additional 100 shares in the last quarter.

Insider Buying and Selling

In related news, President John P. Mullen sold 7,975 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $192.08, for a total transaction of $1,531,838.00. Following the completion of the transaction, the president directly owned 141,983 shares in the company, valued at $27,272,094.64. This represents a 5.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Winston King sold 1,860 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $195.00, for a total value of $362,700.00. Following the completion of the sale, the insider owned 33,702 shares in the company, valued at $6,571,890. The trade was a 5.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 51,558 shares of company stock worth $10,261,857. 0.46% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. BTIG Research restated a “buy” rating and set a $250.00 price objective on shares of Guidewire Software in a research note on Tuesday, January 27th. Citigroup raised their price target on shares of Guidewire Software from $242.00 to $245.00 and gave the stock a “neutral” rating in a research report on Friday, December 5th. Zacks Research cut shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 2nd. Wells Fargo & Company decreased their price objective on shares of Guidewire Software from $275.00 to $250.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. Finally, DA Davidson raised shares of Guidewire Software from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $246.00 to $250.00 in a research report on Wednesday, December 17th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.50.

Guidewire Software Trading Down 4.9%

Guidewire Software stock opened at $140.34 on Friday. Guidewire Software, Inc. has a 1 year low of $140.25 and a 1 year high of $272.60. The firm’s 50-day moving average is $189.91 and its 200-day moving average is $215.49. The company has a debt-to-equity ratio of 0.44, a quick ratio of 3.48 and a current ratio of 3.48. The company has a market cap of $11.93 billion, a P/E ratio of 133.66, a PEG ratio of 9.62 and a beta of 1.08.

Guidewire Software (NYSE:GWRE) last released its quarterly earnings data on Wednesday, December 3rd. The technology company reported $0.66 earnings per share for the quarter, hitting the consensus estimate of $0.66. Guidewire Software had a net margin of 7.23% and a return on equity of 10.15%. The firm had revenue of $332.64 million for the quarter, compared to analyst estimates of $316.62 million. During the same quarter in the prior year, the business earned $0.43 earnings per share. Guidewire Software’s quarterly revenue was up 26.5% on a year-over-year basis. On average, equities analysts expect that Guidewire Software, Inc. will post 0.52 earnings per share for the current year.

Guidewire Software declared that its board has approved a stock repurchase program on Thursday, January 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.