PTC Inc. (PTC) Stake Decreased by Peapack Gladstone Financial Corp
Peapack Gladstone Financial Corp trimmed its position in shares of PTC Inc. (NASDAQ:PTC) by 29.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,508 shares of the technology company’s stock after selling 27,282 shares during the quarter. Peapack Gladstone Financial Corp owned 0.06% of PTC worth $3,666,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in PTC. BlackRock Inc. lifted its position in PTC by 10,192.0% in the 1st quarter. BlackRock Inc. now owns 10,303,522 shares of the technology company’s stock valued at $541,450,000 after acquiring an additional 10,203,410 shares in the last quarter. Vanguard Group Inc. lifted its position in PTC by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 9,349,753 shares of the technology company’s stock valued at $515,359,000 after acquiring an additional 161,122 shares in the last quarter. FMR LLC lifted its position in PTC by 31.1% in the 2nd quarter. FMR LLC now owns 6,753,178 shares of the technology company’s stock valued at $372,235,000 after acquiring an additional 1,602,999 shares in the last quarter. Epoch Investment Partners Inc. lifted its position in PTC by 4.3% in the 2nd quarter. Epoch Investment Partners Inc. now owns 4,320,584 shares of the technology company’s stock valued at $238,151,000 after acquiring an additional 177,690 shares in the last quarter. Finally, State Street Corp lifted its position in PTC by 2.0% in the 1st quarter. State Street Corp now owns 2,944,568 shares of the technology company’s stock valued at $154,737,000 after acquiring an additional 58,720 shares in the last quarter. 97.92% of the stock is currently owned by institutional investors.
In other PTC news, Director Donald K. Grierson sold 5,000 shares of PTC stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $53.77, for a total value of $268,850.00. Following the sale, the director now owns 62,300 shares of the company’s stock, valued at $3,349,871. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Barry F. Cohen sold 27,374 shares of PTC stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $54.67, for a total transaction of $1,496,536.58. Following the completion of the sale, the executive vice president now directly owns 79,729 shares in the company, valued at approximately $4,358,784.43. The disclosure for this sale can be found here. Insiders have sold 65,329 shares of company stock worth $3,588,097 over the last three months. 1.11% of the stock is owned by insiders.
Several equities research analysts recently commented on the stock. BidaskClub raised shares of PTC from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Berenberg Bank assumed coverage on shares of PTC in a research report on Wednesday, August 23rd. They issued a “buy” rating and a $66.00 price objective on the stock. Barclays PLC reaffirmed an “overweight” rating and issued a $65.00 price objective (down from $67.00) on shares of PTC in a research report on Saturday, July 22nd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $65.00 price objective on shares of PTC in a research report on Monday, September 4th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $65.00 price objective on shares of PTC in a research report on Thursday, August 31st. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. PTC presently has a consensus rating of “Buy” and an average target price of $63.31.
PTC Inc. (NASDAQ PTC) traded up 1.07% on Thursday, hitting $57.61. 196,108 shares of the stock traded hands. The firm’s market capitalization is $6.66 billion. The stock has a 50 day moving average of $55.45 and a 200 day moving average of $55.12. PTC Inc. has a 52 week low of $43.01 and a 52 week high of $60.22.
PTC (NASDAQ:PTC) last released its quarterly earnings results on Wednesday, July 19th. The technology company reported $0.28 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.28. PTC had a negative net margin of 3.46% and a positive return on equity of 6.69%. The company had revenue of $291.92 million for the quarter, compared to analyst estimates of $290.55 million. During the same period last year, the firm earned $0.26 earnings per share. The firm’s revenue was up .8% on a year-over-year basis. Equities research analysts anticipate that PTC Inc. will post $1.20 earnings per share for the current year.
PTC announced that its Board of Directors has approved a stock repurchase 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 reacquire up to 7.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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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