PTC Inc. (PTC) Given a $65.00 Price Target at Evercore ISI
PTC Inc. (NASDAQ:PTC) has been assigned a $65.00 price objective by equities research analysts at Evercore ISI in a report released on Thursday. The brokerage currently has a “buy” rating on the technology company’s stock. Evercore ISI’s price objective suggests a potential upside of 7.05% from the company’s previous close.
PTC has been the subject of a number of other research reports. Royal Bank Of Canada reiterated a “buy” rating and issued a $65.00 price target on shares of PTC in a report on Monday, September 4th. Berenberg Bank initiated coverage on shares of PTC in a report on Wednesday, August 23rd. They issued a “buy” rating and a $66.00 price target for the company. Robert W. Baird set a $65.00 price target on shares of PTC and gave the company a “buy” rating in a report on Friday, October 6th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of PTC in a report on Monday, July 17th. They issued a “neutral” rating and a $62.00 price target for the company. Finally, BidaskClub downgraded shares of PTC from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Three analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $63.31.
Shares of PTC (PTC) traded up 1.00% during mid-day trading on Thursday, hitting $60.72. 735,702 shares of the stock traded hands. PTC has a 12-month low of $43.10 and a 12-month high of $61.13. The firm’s 50 day moving average price is $57.18 and its 200 day moving average price is $55.66. The firm’s market cap is $7.02 billion.
PTC (NASDAQ:PTC) last announced its quarterly earnings results on Wednesday, July 19th. The technology company reported $0.28 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.28. The business had revenue of $291.92 million during the quarter, compared to the consensus estimate of $290.55 million. PTC had a negative net margin of 3.46% and a positive return on equity of 6.69%. The business’s revenue was up .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.26 EPS. On average, equities research analysts predict that PTC will post $1.19 EPS for the current fiscal year.
PTC announced that its board has initiated 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 purchase up to 7.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other PTC news, EVP Anthony Dibona sold 2,205 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $55.88, for a total transaction of $123,215.40. Following the sale, the executive vice president now directly owns 22,228 shares of the company’s stock, valued at approximately $1,242,100.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Staats Aaron C. Von sold 5,750 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $55.26, for a total transaction of $317,745.00. The disclosure for this sale can be found here. Insiders have sold a total of 37,955 shares of company stock worth $2,091,560 over the last ninety days. 1.11% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the business. Tributary Capital Management LLC acquired a new stake in shares of PTC during the 3rd quarter worth about $109,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of PTC by 7.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 150,830 shares of the technology company’s stock worth $8,489,000 after purchasing an additional 10,520 shares during the last quarter. Mutual of America Capital Management LLC boosted its stake in shares of PTC by 5.6% during the 3rd quarter. Mutual of America Capital Management LLC now owns 112,894 shares of the technology company’s stock worth $6,354,000 after purchasing an additional 5,982 shares during the last quarter. Quantitative Systematic Strategies LLC boosted its stake in shares of PTC by 47.2% during the 3rd quarter. Quantitative Systematic Strategies LLC now owns 8,484 shares of the technology company’s stock worth $477,000 after purchasing an additional 2,720 shares during the last quarter. Finally, Sit Investment Associates Inc. boosted its stake in shares of PTC by 19.2% during the 3rd quarter. Sit Investment Associates Inc. now owns 67,500 shares of the technology company’s stock worth $3,799,000 after purchasing an additional 10,850 shares during the last quarter. 97.59% of the stock is currently owned by institutional investors.
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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