PTC Inc. (NASDAQ:PTC) had its price target raised by Barclays PLC from $65.00 to $69.00 in a research note released on Thursday morning. They currently have an overweight rating on the technology company’s stock.
PTC has been the topic of several other research reports. Evercore ISI set a $65.00 price target on shares of PTC and gave the company a buy rating in a research report on Monday, August 28th. Royal Bank Of Canada reaffirmed a buy rating and issued a $65.00 price target on shares of PTC in a research report on Monday, September 4th. Berenberg Bank initiated coverage on shares of PTC in a research report on Wednesday, August 23rd. They issued a buy rating and a $66.00 price target on the stock. Robert W. Baird set a $65.00 price target on shares of PTC and gave the company a buy rating in a research report on Friday, October 6th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of PTC in a research report on Monday, July 17th. They issued a neutral rating and a $62.00 price target on the stock. Three analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $65.94.
Shares of PTC (PTC) traded up 2.72% during mid-day trading on Thursday, hitting $66.43. The stock had a trading volume of 2,452,445 shares. The company’s market cap is $7.68 billion. PTC has a 1-year low of $43.12 and a 1-year high of $66.52. The firm’s 50 day moving average price is $58.08 and its 200 day moving average price is $56.05.
PTC (NASDAQ:PTC) last announced its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.02). PTC had a net margin of 0.54% and a return on equity of 8.08%. The business had revenue of $306.38 million during the quarter, compared to the consensus estimate of $306.59 million. During the same period in the previous year, the business posted $0.20 EPS. PTC’s revenue was up 6.3% compared to the same quarter last year. Analysts predict that PTC will post $1.37 earnings per share for the current fiscal year.
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PTC declared that its board has approved a stock buyback program on Tuesday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other news, VP Staats Aaron C. Von sold 5,750 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $55.26, for a total transaction of $317,745.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul A. Lacy sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $65.81, for a total transaction of $263,240.00. Following the sale, the director now owns 61,486 shares of the company’s stock, valued at approximately $4,046,393.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,750 shares of company stock worth $2,231,585. Insiders own 1.11% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of PTC by 1.8% during the 2nd quarter. Vanguard Group Inc. now owns 9,349,753 shares of the technology company’s stock worth $515,359,000 after purchasing an additional 161,122 shares during the last quarter. FMR LLC increased its stake in shares of PTC by 31.1% during the 2nd quarter. FMR LLC now owns 6,753,178 shares of the technology company’s stock worth $372,235,000 after purchasing an additional 1,602,999 shares during the last quarter. Epoch Investment Partners Inc. increased its stake in shares of PTC by 4.3% during the 2nd quarter. Epoch Investment Partners Inc. now owns 4,320,584 shares of the technology company’s stock worth $238,151,000 after purchasing an additional 177,690 shares during the last quarter. State Street Corp increased its stake in shares of PTC by 2.1% during the 2nd quarter. State Street Corp now owns 3,005,066 shares of the technology company’s stock worth $165,643,000 after purchasing an additional 60,498 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its stake in shares of PTC by 20.9% during the 2nd quarter. Eagle Asset Management Inc. now owns 2,490,631 shares of the technology company’s stock worth $137,283,000 after purchasing an additional 430,379 shares during the last quarter. Institutional investors own 97.53% of the company’s stock.
PTC Company Profile
PTC Inc is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications.
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