Bank of America Corporation Begins Coverage on PTC Inc. (PTC)

Bank of America Corporation started coverage on shares of PTC Inc. (NASDAQ:PTC) in a report published on Monday, November 6th, MarketBeat reports. The firm issued an underperform rating and a $60.00 price target on the technology company’s stock.

Several other analysts have also issued reports on the stock. KeyCorp reaffirmed a buy rating and set a $74.00 price target (up from $64.00) on shares of PTC in a research report on Thursday, October 26th. Goldman Sachs Group Inc initiated coverage on shares of PTC in a report on Monday, July 17th. They issued a neutral rating and a $62.00 price objective on the stock. J P Morgan Chase & Co reiterated 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. Finally, Evercore ISI set a $65.00 price objective on shares of PTC and gave the company a buy rating in a report on Monday, August 28th. One investment 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 stock. PTC currently has an average rating of Buy and an average target price of $65.88.

PTC (NASDAQ PTC) opened at $65.77 on Monday. The firm has a market cap of $7,680.00, a P/E ratio of 110.34 and a beta of 1.36. PTC has a 1-year low of $45.57 and a 1-year high of $67.12. The company has a quick ratio of 0.94, a current ratio of 1.05 and a debt-to-equity ratio of 0.80.

PTC (NASDAQ:PTC) last announced its quarterly earnings data on Wednesday, October 25th. The technology company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.02). The business had revenue of $306.38 million during the quarter, compared to the consensus estimate of $306.59 million. PTC had a return on equity of 8.08% and a net margin of 0.54%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 EPS. sell-side analysts expect that PTC will post 0.81 EPS for the current fiscal year.

PTC declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 19th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the technology company to buy up to 7.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

In related news, EVP Anthony Dibona sold 10,929 shares of PTC stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $65.25, for a total value of $713,117.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert Schechter sold 1,128 shares of PTC stock in a transaction on 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 of the company’s stock, valued at approximately $4,335,562.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,924 shares of company stock valued at $3,627,304. 1.11% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the business. OZ Management LP bought a new stake in shares of PTC during the 3rd quarter worth $187,542,000. Artisan Partners Limited Partnership bought a new stake in shares of PTC during the 2nd quarter worth $104,303,000. FMR LLC raised its stake in shares of PTC by 31.1% during the 2nd quarter. FMR LLC now owns 6,753,178 shares of the technology company’s stock worth $372,235,000 after purchasing an additional 1,602,999 shares during the period. Newbrook Capital Advisors LP bought a new stake in shares of PTC during the 2nd quarter worth $88,346,000. Finally, TimesSquare Capital Management LLC bought a new stake in shares of PTC during the 3rd quarter worth $51,958,000. Institutional investors and hedge funds own 97.99% of the company’s stock.

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About PTC

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.

Analyst Recommendations for PTC (NASDAQ:PTC)

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