CIBC Bancorp USA Inc. Invests $43.30 Million in Guidewire Software, Inc. $GWRE

CIBC Bancorp USA Inc. bought a new stake in shares of Guidewire Software, Inc. (NYSE:GWRE) during the third quarter, Holdings Channel reports. The fund bought 188,368 shares of the technology company’s stock, valued at approximately $43,298,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GWRE. Advisors Asset Management Inc. acquired a new position in Guidewire Software during the first quarter worth $25,000. ProShare Advisors LLC lifted its holdings in Guidewire Software by 4.6% during the second quarter. ProShare Advisors LLC now owns 3,719 shares of the technology company’s stock valued at $876,000 after purchasing an additional 162 shares in the last quarter. Allworth Financial LP grew its position in shares of Guidewire Software by 18.7% in the second quarter. Allworth Financial LP now owns 729 shares of the technology company’s stock valued at $172,000 after purchasing an additional 115 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Guidewire Software by 7.6% during the second quarter. PNC Financial Services Group Inc. now owns 6,239 shares of the technology company’s stock worth $1,469,000 after purchasing an additional 440 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Guidewire Software by 8.0% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,552 shares of the technology company’s stock worth $5,074,000 after purchasing an additional 1,588 shares in the last quarter.

Guidewire Software Stock Performance

GWRE opened at $163.13 on Wednesday. Guidewire Software, Inc. has a twelve month low of $120.37 and a twelve month high of $272.60. The firm has a market capitalization of $13.81 billion, a PE ratio of 74.15, a PEG ratio of 7.33 and a beta of 1.06. The company has a current ratio of 2.93, a quick ratio of 2.93 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $149.78 and its 200 day moving average price is $198.05.

Guidewire Software (NYSE:GWRE) last released its quarterly earnings data on Thursday, March 5th. The technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.40. Guidewire Software had a net margin of 14.11% and a return on equity of 13.44%. The company had revenue of $359.10 million during the quarter, compared to the consensus estimate of $342.88 million. During the same quarter in the prior year, the firm earned $0.51 EPS. Guidewire Software’s quarterly revenue was up 24.0% on a year-over-year basis. As a group, sell-side analysts expect that Guidewire Software, Inc. will post 0.52 EPS for the current fiscal year.

Guidewire Software announced that its Board of Directors has initiated a share buyback plan on Thursday, January 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Guidewire Software

In related news, CEO Michael George Rosenbaum sold 1,200 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $160.00, for a total value of $192,000.00. Following the completion of the sale, the chief executive officer owned 225,943 shares of the company’s stock, valued at approximately $36,150,880. This trade represents a 0.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey Elliott Cooper sold 4,757 shares of Guidewire Software stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $158.72, for a total value of $755,031.04. Following the transaction, the chief financial officer owned 67,996 shares in the company, valued at approximately $10,792,325.12. The trade was a 6.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 20,465 shares of company stock valued at $3,424,537. Insiders own 0.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GWRE. Citizens Jmp reaffirmed a “market outperform” rating and issued a $281.00 price target on shares of Guidewire Software in a research note on Wednesday, December 10th. Citigroup boosted their price objective on Guidewire Software from $242.00 to $245.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Guidewire Software in a report on Thursday, January 22nd. DA Davidson restated a “buy” rating and issued a $246.00 target price on shares of Guidewire Software in a research report on Tuesday, March 10th. Finally, Wall Street Zen cut Guidewire Software from a “buy” rating to a “hold” rating in a research report on Friday, November 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $249.85.

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.