Lord Abbett & CO. LLC Lowers Stock Position in Guidewire Software, Inc. $GWRE

Key Points

• Lord Abbett & CO. LLC significantly reduced its holdings in Guidewire Software by 95.7%, selling over 17 million shares, leaving it with approximately 801,541 shares valued at about $150 million.
• Wall Street analysts have raised price targets for Guidewire Software, with JPMorgan increasing its target from $271 to $288, while Citigroup raised its target from $199 to $247, indicating a consensus rating of "Moderate Buy."
• In the latest quarter, Guidewire Software reported earnings per share of $0.88, exceeding estimates, and achieved a revenue of $293.51 million, marking a 22% increase year-over-year.

Lord Abbett & CO. LLC cut its stake in Guidewire Software, Inc. (NYSE:GWRE - Free Report) by 95.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 801,541 shares of the technology company's stock after selling 17,897,410 shares during the quarter. Lord Abbett & CO. LLC owned about 0.96% of Guidewire Software worth $150,176,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. SBI Securities Co. Ltd. grew its stake in Guidewire Software by 403.8% during the 1st quarter. SBI Securities Co. Ltd. now owns 131 shares of the technology company's stock worth $25,000 after buying an additional 105 shares during the last quarter. Ossiam purchased a new position in Guidewire Software during the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB grew its stake in Guidewire Software by 70.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 170 shares of the technology company's stock worth $32,000 after buying an additional 70 shares during the last quarter. Dunhill Financial LLC purchased a new position in Guidewire Software during the 1st quarter worth $33,000. Finally, Colonial Trust Co SC lifted its position in Guidewire Software by 176.0% during the 4th quarter. Colonial Trust Co SC now owns 287 shares of the technology company's stock worth $48,000 after acquiring an additional 183 shares during the period.

Guidewire Software Stock Performance

Shares of NYSE GWRE traded up $3.44 during midday trading on Monday, reaching $214.87. 577,059 shares of the company were exchanged, compared to its average volume of 968,802. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.49. Guidewire Software, Inc. has a 1 year low of $142.94 and a 1 year high of $263.20. The stock has a fifty day simple moving average of $229.51 and a 200 day simple moving average of $211.60. The stock has a market cap of $18.09 billion, a P/E ratio of 537.16, a PEG ratio of 14.91 and a beta of 1.16.

Guidewire Software (NYSE:GWRE - Get Free Report) last announced its quarterly earnings data on Tuesday, June 3rd. The technology company reported $0.88 earnings per share for the quarter, beating analysts' consensus estimates of $0.47 by $0.41. Guidewire Software had a return on equity of 6.96% and a net margin of 3.04%. The company had revenue of $293.51 million for the quarter, compared to analyst estimates of $286.40 million. During the same quarter in the previous year, the company earned $0.26 EPS. The firm's revenue for the quarter was up 22.0% compared to the same quarter last year. On average, research analysts forecast that Guidewire Software, Inc. will post 0.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Wells Fargo & Company lifted their price target on Guidewire Software from $220.00 to $265.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Bank of America lifted their price target on Guidewire Software from $135.00 to $160.00 and gave the stock an "underperform" rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. lifted their price target on Guidewire Software from $271.00 to $288.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 25th. Oppenheimer lifted their price target on Guidewire Software from $230.00 to $275.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Finally, The Goldman Sachs Group lifted their price target on Guidewire Software from $235.00 to $270.00 and gave the stock a "buy" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $250.92.

Insider Buying and Selling

In related news, insider James Winston King sold 2,482 shares of Guidewire Software stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $220.65, for a total transaction of $547,653.30. Following the completion of the transaction, the insider directly owned 37,441 shares in the company, valued at $8,261,356.65. The trade was a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, President John P. Mullen sold 3,000 shares of Guidewire Software stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $235.05, for a total value of $705,150.00. Following the transaction, the president owned 146,489 shares of the company's stock, valued at $34,432,239.45. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,342 shares of company stock worth $5,568,857 in the last ninety days. Insiders own 0.48% of the company's stock.

Guidewire Software Company Profile

Guidewire Software, Inc provides a platform for property and casualty (P&C) insurers worldwide. The company offers Guidewire InsuranceSuite Cloud, such as PolicyCenter Cloud, BillingCenter Cloud, and ClaimCenter Cloud applications. It also provides Guidewire InsuranceNow, a cloud-based platform that offers policy, billing, and claims management functionality to insurers; and Guidewire InsuranceSuite for Self-Managed.