PTC Inc. (NASDAQ:PTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “PTC Inc. develops, markets, and supports software solutions. The company offers enterprise solutions and desktop solutions. Its principal Enterprise Solutions are Windchill, Arbortext, Creo View and Integrity. The Company’s Desktop Solutions include its integrated Creo software suite, its Mathcad engineering calculations software and its Arbortext document authoring tools. It also offers consultation, implementation, training, and maintenance services. PTC Inc., formerly known as Parametric Technology Corporation, is headquartered in Needham, Massachusetts. “
A number of other equities research analysts have also recently commented on the company. Citigroup Inc. started coverage on PTC in a research report on Monday, August 1st. They set a “buy” rating and a $48.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $43.00 price target on shares of PTC in a research note on Friday, July 15th. Finally, Evercore ISI started coverage on shares of PTC in a research note on Wednesday, September 14th. They issued a “buy” rating and a $50.00 price target on the stock. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $41.70.
Shares of PTC (NASDAQ:PTC) opened at 46.25 on Wednesday. The stock’s market capitalization is $5.32 billion. The company has a 50 day moving average price of $43.54 and a 200-day moving average price of $38.49. PTC has a 52-week low of $27.06 and a 52-week high of $46.80.
PTC (NASDAQ:PTC) last announced its quarterly earnings results on Wednesday, July 20th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.31 by $0.05. The company had revenue of $289.70 million for the quarter, compared to analyst estimates of $288.77 million. PTC had a positive return on equity of 16.92% and a negative net margin of 1.60%. PTC’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 earnings per share. On average, analysts predict that PTC will post $1.34 earnings per share for the current fiscal year.
In other news, Director Robert Schechter sold 1,136 shares of PTC stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $45.02, for a total transaction of $51,142.72. Following the sale, the director now owns 60,035 shares of the company’s stock, valued at approximately $2,702,775.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James E. Heppelmann sold 25,000 shares of PTC stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $40.41, for a total transaction of $1,010,250.00. Following the sale, the insider now directly owns 578,181 shares in the company, valued at approximately $23,364,294.21. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in PTC by 2.6% in the second quarter. Vanguard Group Inc. now owns 8,289,794 shares of the company’s stock valued at $311,531,000 after buying an additional 207,521 shares during the last quarter. BlackRock Fund Advisors increased its stake in PTC by 4.5% in the second quarter. BlackRock Fund Advisors now owns 4,292,840 shares of the company’s stock valued at $161,325,000 after buying an additional 186,308 shares during the period. Jennison Associates LLC increased its stake in PTC by 1.8% in the second quarter. Jennison Associates LLC now owns 3,591,550 shares of the company’s stock valued at $134,970,000 after buying an additional 62,504 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in PTC by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,400,570 shares of the company’s stock valued at $127,793,000 after buying an additional 57,166 shares during the period. Finally, State Street Corp increased its stake in PTC by 1.1% in the first quarter. State Street Corp now owns 2,994,019 shares of the company’s stock valued at $99,277,000 after buying an additional 33,079 shares during the period. 95.12% of the stock is currently owned by hedge funds and other institutional investors.
PTC Inc develops and delivers technology solutions, which consists of software and services that transform the way the customers create, operate and service their products. The Company has two segments: Software Products and Services. Its Software Products segment includes license and related support revenue (including updates and technical support) for all of its products except training-related products.
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