PTC (PTC) Earns “Buy” Rating from Evercore ISI
PTC (NASDAQ:PTC)‘s stock had its “buy” rating reissued by Evercore ISI in a note issued to investors on Thursday. They currently have a $85.00 target price on the technology company’s stock. Evercore ISI’s price objective would indicate a potential upside of 18.95% from the stock’s previous close.
The analysts wrote, “We believe this also de-risks the company’s F21 targets (which they maintained again). Recall that the F21 targets do not include the impact of subscription conversions and assume lower than market level growth rates. Given management’s progress and continued execution against their plan as well as the announcement of further perpetual discontinuations (on 1/1/19) we believe the company is positioned to exceed its F21 metrics. We have raised our outlook for F21 accordingly. We remain Outperform rated and are raising our price target to $85 from $75 prior.””
Several other brokerages also recently issued reports on PTC. 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. BidaskClub upgraded shares of PTC from a “sell” rating to a “hold” rating in a report on Saturday, December 30th. Wedbush reiterated an “outperform” rating and set a $69.00 price target on shares of PTC in a report on Tuesday, November 14th. JPMorgan Chase & Co. downgraded shares of PTC from an “overweight” rating to a “neutral” rating and set a $68.00 price target for the company. in a report on Tuesday, December 12th. Finally, Robert W. Baird reiterated a “buy” rating and set a $68.00 price target on shares of PTC in a report on Thursday, January 4th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $70.81.
PTC (NASDAQ:PTC) last announced its quarterly earnings data on Wednesday, January 17th. The technology company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.30 by $0.01. PTC had a net margin of 2.47% and a return on equity of 9.29%. The business had revenue of $306.44 million during the quarter, compared to the consensus estimate of $300.17 million. During the same period in the previous year, the business earned $0.26 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. equities analysts expect that PTC will post 0.81 earnings per share for the current year.
In related news, Director Robert Schechter sold 1,128 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $66.88, for a total value of $75,440.64. Following the sale, the director now owns 64,826 shares of the company’s stock, valued at $4,335,562.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Paul A. Lacy sold 4,000 shares of the business’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $65.81, for a total transaction of $263,240.00. Following the completion of the sale, the director now directly owns 61,486 shares in the company, valued at approximately $4,046,393.66. The disclosure for this sale can be found here. In the last three months, insiders sold 55,924 shares of company stock worth $3,627,304. 1.11% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in PTC by 1.8% during the second 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 during the last quarter. FMR LLC boosted its position in PTC by 31.1% during the second 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 during the last quarter. Epoch Investment Partners Inc. boosted its position in PTC by 7.8% during the third quarter. Epoch Investment Partners Inc. now owns 4,657,693 shares of the technology company’s stock valued at $262,135,000 after acquiring an additional 337,109 shares during the last quarter. OZ Management LP bought a new stake in PTC during the third quarter valued at $187,542,000. Finally, State Street Corp boosted its position in PTC by 2.1% during the second quarter. State Street Corp now owns 3,005,066 shares of the technology company’s stock valued at $165,643,000 after acquiring an additional 60,498 shares during the last quarter.
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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