Wedbush Reaffirms “Outperform” Rating for PTC Inc. (PTC)
Wedbush restated their outperform rating on shares of PTC Inc. (NASDAQ:PTC) in a research note issued to investors on Tuesday. The firm currently has a $69.00 price target on the technology company’s stock.
A number of other brokerages have also weighed in on PTC. Barclays PLC restated an overweight rating and issued a $65.00 price objective (down from $67.00) on shares of PTC in a report on Saturday, July 22nd. J P Morgan Chase & Co restated an overweight rating and issued a $68.00 price objective on shares of PTC in a report on Thursday, July 20th. BidaskClub upgraded shares of PTC from a sell rating to a hold rating in a report on Tuesday, September 26th. Royal Bank Of Canada restated a buy rating and issued a $74.00 price objective on shares of PTC in a report on Friday, October 27th. Finally, Robert W. Baird restated a buy rating and issued a $65.00 price objective on shares of PTC in a report on Thursday, August 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average target price of $65.88.
PTC (NASDAQ PTC) traded down $0.08 during trading on Tuesday, reaching $65.12. 737,422 shares of the company’s stock were exchanged, compared to its average volume of 1,205,705. The firm has a market cap of $7,540.00, a price-to-earnings ratio of 108.95 and a beta of 1.36. PTC has a 12 month low of $45.57 and a 12 month high of $67.12. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.94 and a current ratio of 1.05.
PTC (NASDAQ:PTC) last released its earnings results on Wednesday, October 25th. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.02). The business had revenue of $306.38 million for the quarter, compared to analyst estimates of $306.59 million. PTC had a return on equity of 8.08% and a net margin of 0.54%. PTC’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.20 earnings per share. analysts predict that PTC will post 0.81 EPS for the current year.
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PTC declared that its Board of Directors has initiated a stock buyback program on Tuesday, September 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 7.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
In other news, Director Paul A. Lacy sold 4,000 shares of PTC stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $65.81, for a total value of $263,240.00. Following the sale, the director now owns 61,486 shares of the company’s stock, valued at $4,046,393.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Schechter sold 1,128 shares of PTC stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $66.88, for a total transaction of $75,440.64. Following the completion of the sale, the director now directly owns 64,826 shares in the company, valued at approximately $4,335,562.88. The disclosure for this sale can be found here. Company insiders own 1.11% of the company’s stock.
Several large investors have recently modified their holdings of PTC. OZ Management LP purchased a new stake in shares of PTC in the third quarter valued at about $187,542,000. Artisan Partners Limited Partnership purchased a new stake in shares of PTC in the second quarter valued at about $104,303,000. FMR LLC lifted its stake in shares of PTC by 31.1% in the second quarter. FMR LLC now owns 6,753,178 shares of the technology company’s stock valued at $372,235,000 after purchasing an additional 1,602,999 shares during the period. Newbrook Capital Advisors LP acquired a new stake in shares of PTC in the second quarter valued at about $88,346,000. Finally, TimesSquare Capital Management LLC acquired a new stake in shares of PTC in the third quarter valued at about $51,958,000. 97.42% of the stock is currently owned by institutional investors and hedge funds.
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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