Lord Abbett & CO. LLC Reduces Holdings in Guidewire Software, Inc. $GWRE

Lord Abbett & CO. LLC trimmed its stake in Guidewire Software, Inc. (NYSE:GWRE) by 37.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 465,441 shares of the technology company’s stock after selling 283,047 shares during the period. Lord Abbett & CO. LLC owned approximately 0.55% of Guidewire Software worth $93,558,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Guidewire Software by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 9,039,377 shares of the technology company’s stock valued at $2,077,791,000 after buying an additional 116,726 shares during the last quarter. Geode Capital Management LLC boosted its stake in Guidewire Software by 8.9% during the 4th quarter. Geode Capital Management LLC now owns 1,778,201 shares of the technology company’s stock worth $357,504,000 after purchasing an additional 145,924 shares during the period. AQR Capital Management LLC boosted its stake in Guidewire Software by 18.9% during the 3rd quarter. AQR Capital Management LLC now owns 1,271,528 shares of the technology company’s stock worth $292,146,000 after purchasing an additional 202,064 shares during the period. Capital World Investors acquired a new stake in Guidewire Software during the 4th quarter worth $202,405,000. Finally, Qube Research & Technologies Ltd boosted its stake in Guidewire Software by 34.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 982,747 shares of the technology company’s stock worth $225,894,000 after purchasing an additional 251,280 shares during the period.

Guidewire Software Stock Up 3.6%

GWRE stock opened at $122.77 on Friday. Guidewire Software, Inc. has a one year low of $113.67 and a one year high of $272.60. The stock has a market capitalization of $10.22 billion, a PE ratio of 66.36 and a beta of 0.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.93 and a current ratio of 2.44. The company has a fifty day moving average of $137.49 and a 200-day moving average of $157.71.

Guidewire Software (NYSE:GWRE) last released its earnings results on Thursday, June 4th. The technology company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.74 by $0.08. Guidewire Software had a net margin of 11.25% and a return on equity of 12.62%. The company had revenue of $372.54 million during the quarter, compared to analysts’ expectations of $355.92 million. During the same quarter last year, the business earned $0.88 EPS. The business’s revenue was up 26.9% on a year-over-year basis. As a group, analysts expect that Guidewire Software, Inc. will post 1.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Citizens Jmp decreased their price target on shares of Guidewire Software from $300.00 to $220.00 and set a “market outperform” rating for the company in a research note on Friday, June 5th. Zacks Research cut shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Guidewire Software in a research note on Wednesday, June 3rd. Oppenheimer decreased their price target on shares of Guidewire Software from $250.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, May 18th. Finally, Wells Fargo & Company decreased their price target on shares of Guidewire Software from $210.00 to $190.00 and set an “overweight” rating for the company in a research note on Friday, June 5th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Guidewire Software currently has an average rating of “Moderate Buy” and a consensus price target of $229.00.

Insider Activity

In other news, CEO Michael George Rosenbaum sold 4,737 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $163.86, for a total value of $776,204.82. Following the completion of the transaction, the chief executive officer owned 221,206 shares in the company, valued at $36,246,815.16. This trade represents a 2.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jeffrey Elliott Cooper sold 1,935 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $163.86, for a total transaction of $317,069.10. Following the completion of the transaction, the chief financial officer owned 66,061 shares of the company’s stock, valued at $10,824,755.46. This represents a 2.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,922 shares of company stock worth $4,422,983 in the last 90 days. 0.46% of the stock is currently owned by corporate insiders.

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.