PTC (PTC) Cut to Neutral at J P Morgan Chase & Co
PTC (NASDAQ:PTC) was downgraded by research analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat Ratings reports. They presently have a $68.00 target price on the technology company’s stock. J P Morgan Chase & Co’s target price suggests a potential upside of 12.47% from the stock’s current price.
Several other equities analysts also recently commented on PTC. BidaskClub upgraded shares of PTC from a “sell” rating to a “hold” rating in a report on Tuesday, September 26th. Berenberg Bank assumed coverage on shares of PTC in a report on Wednesday, August 23rd. They set a “buy” rating and a $66.00 price target on the stock. Barclays upped their price target on shares of PTC from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, October 26th. KeyCorp reiterated a “buy” rating and set a $74.00 price target (up from $64.00) on shares of PTC in a report on Thursday, October 26th. Finally, Evercore ISI set a $65.00 price target on shares of PTC and gave the company a “buy” rating in a report on Thursday, October 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $66.13.
Shares of PTC (PTC) traded up $0.33 during midday trading on Tuesday, hitting $60.46. 1,580,000 shares of the stock traded hands, compared to its average volume of 880,594. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $7,020.00, a PE ratio of 102.47 and a beta of 1.33. PTC has a 52-week low of $45.72 and a 52-week high of $67.12.
PTC (NASDAQ:PTC) last announced its earnings results on Wednesday, October 25th. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The business had revenue of $306.38 million for the quarter, compared to analysts’ expectations of $306.59 million. PTC had a net margin of 0.54% and a return on equity of 8.08%. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.20 earnings per share. equities analysts forecast that PTC will post 0.81 EPS for the current fiscal year.
PTC declared that its Board of Directors has approved a share buyback program on Tuesday, September 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 7.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.
In other PTC news, EVP Anthony Dibona sold 4,920 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $64.58, for a total value of $317,733.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert Schechter sold 1,128 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $66.88, for a total transaction of $75,440.64. Following the completion of the transaction, the director now owns 64,826 shares in the company, valued at $4,335,562.88. The disclosure for this sale can be found here. Insiders sold a total of 55,924 shares of company stock worth $3,627,304 over the last 90 days. Insiders own 1.11% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. AXA lifted its position in shares of PTC by 15.9% in the 3rd quarter. AXA now owns 1,161,468 shares of the technology company’s stock worth $65,367,000 after purchasing an additional 159,329 shares during the period. Jane Street Group LLC purchased a new stake in shares of PTC in the 3rd quarter worth approximately $907,000. Vident Investment Advisory LLC lifted its position in shares of PTC by 63.4% in the 3rd quarter. Vident Investment Advisory LLC now owns 223,957 shares of the technology company’s stock worth $12,604,000 after purchasing an additional 86,925 shares during the period. Lagoda Investment Management L.P. lifted its position in shares of PTC by 6.7% in the 3rd quarter. Lagoda Investment Management L.P. now owns 135,038 shares of the technology company’s stock worth $7,600,000 after purchasing an additional 8,510 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of PTC by 8.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 200,000 shares of the technology company’s stock worth $11,256,000 after purchasing an additional 15,000 shares during the period. 97.99% of the stock is owned by hedge funds and other institutional investors.
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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