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

Lord Abbett & CO. LLC reduced its holdings in shares of Guidewire Software, Inc. (NYSE:GWRE) by 37.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 465,441 shares of the technology company’s stock after selling 283,047 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Guidewire Software were worth $93,558,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in GWRE. Capital World Investors purchased a new position in Guidewire Software during the 4th quarter valued at about $202,405,000. Alliancebernstein L.P. increased its holdings in Guidewire Software by 405.1% during the 2nd quarter. Alliancebernstein L.P. now owns 538,303 shares of the technology company’s stock valued at $126,743,000 after acquiring an additional 431,725 shares in the last quarter. M&T Bank Corp increased its holdings in Guidewire Software by 4,507.8% during the 4th quarter. M&T Bank Corp now owns 318,675 shares of the technology company’s stock valued at $64,057,000 after acquiring an additional 311,759 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Guidewire Software by 112.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 479,859 shares of the technology company’s stock valued at $90,036,000 after acquiring an additional 254,142 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its holdings 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 valued at $225,894,000 after acquiring an additional 251,280 shares in the last quarter.

Insider Buying and Selling at Guidewire Software

In other Guidewire Software news, President John P. Mullen sold 6,576 shares of Guidewire Software stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $163.86, for a total transaction of $1,077,543.36. Following the transaction, the president directly owned 135,407 shares of the company’s stock, valued at $22,187,791.02. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael George Rosenbaum sold 4,737 shares of Guidewire Software stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $163.86, for a total transaction of $776,204.82. Following the transaction, the chief executive officer directly owned 221,206 shares in the company, valued at approximately $36,246,815.16. This trade represents a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 28,922 shares of company stock valued at $4,422,983 over the last ninety days. Corporate insiders own 0.46% of the company’s stock.

Guidewire Software Trading Up 3.6%

Shares of GWRE stock opened at $122.77 on Friday. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 66.36 and a beta of 0.93. The company has a quick ratio of 2.93, a current ratio of 2.44 and a debt-to-equity ratio of 0.51. Guidewire Software, Inc. has a fifty-two week low of $113.67 and a fifty-two week high of $272.60. The firm’s 50 day moving average price is $137.49 and its two-hundred day moving average price is $157.71.

Guidewire Software (NYSE:GWRE) last announced its quarterly earnings results on Thursday, June 4th. The technology company reported $0.82 earnings per share for the quarter, beating 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 net margin of 11.25% and a return on equity of 12.62%. Guidewire Software’s revenue was up 26.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 earnings per share. On average, analysts anticipate that Guidewire Software, Inc. will post 1.83 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on GWRE. Wells Fargo & Company dropped their target price on shares of Guidewire Software from $210.00 to $190.00 and set an “overweight” rating for the company in a report on Friday, June 5th. Citizens Jmp dropped their target price on shares of Guidewire Software from $300.00 to $220.00 and set a “market outperform” rating for the company in a report on Friday, June 5th. Royal Bank Of Canada lowered their price target on shares of Guidewire Software from $250.00 to $215.00 and set an “outperform” rating for the company in a report on Friday, June 5th. Oppenheimer lowered their price target on shares of Guidewire Software from $250.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, May 18th. Finally, Zacks Research cut shares of Guidewire Software from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Eleven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Guidewire Software has a consensus rating of “Moderate Buy” and a consensus target price of $229.00.

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.