PTC (NASDAQ:PTC) Sets New 12-Month High After Strong Earnings

PTC Inc. (NASDAQ:PTC) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $197.21 and last traded at $197.21, with a volume of 16391 shares changing hands. The stock had previously closed at $189.99.

The technology company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.11. PTC had a return on equity of 13.36% and a net margin of 13.32%. The business had revenue of $626.55 million during the quarter, compared to analysts’ expectations of $620.49 million.

Analysts Set New Price Targets

A number of brokerages have weighed in on PTC. StockNews.com downgraded PTC from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Robert W. Baird raised their price target on shares of PTC from $226.00 to $228.00 and gave the stock an “outperform” rating in a research note on Thursday. Berenberg Bank downgraded PTC from a “buy” rating to a “hold” rating and dropped their target price for the stock from $210.00 to $196.00 in a research report on Friday, November 1st. Piper Sandler boosted their target price on PTC from $182.00 to $202.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Royal Bank of Canada raised their price objective on PTC from $202.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $204.83.

Insiders Place Their Bets

In other PTC news, Director Janice Chaffin sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $171.34, for a total value of $685,360.00. Following the completion of the sale, the director now owns 44,137 shares in the company, valued at approximately $7,562,433.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.17% of the stock is owned by company insiders.

Institutional Trading of PTC

Institutional investors and hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its holdings in PTC by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 10,267 shares of the technology company’s stock valued at $1,865,000 after buying an additional 61 shares during the last quarter. Diversified Trust Co increased its stake in PTC by 2.9% in the 2nd quarter. Diversified Trust Co now owns 2,193 shares of the technology company’s stock worth $398,000 after purchasing an additional 62 shares in the last quarter. First Horizon Advisors Inc. raised its stake in PTC by 77.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 142 shares of the technology company’s stock valued at $26,000 after purchasing an additional 62 shares during the period. IFM Investors Pty Ltd boosted its holdings in shares of PTC by 0.3% during the third quarter. IFM Investors Pty Ltd now owns 25,963 shares of the technology company’s stock worth $4,690,000 after purchasing an additional 66 shares during the period. Finally, Metis Global Partners LLC boosted its position in PTC by 1.1% during the third quarter. Metis Global Partners LLC now owns 6,655 shares of the technology company’s stock valued at $1,202,000 after purchasing an additional 73 shares during the last quarter. 95.14% of the stock is currently owned by institutional investors and hedge funds.

PTC Trading Down 4.0 %

The company’s 50 day moving average price is $179.76 and its 200 day moving average price is $178.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $22.83 billion, a price-to-earnings ratio of 77.57, a price-to-earnings-growth ratio of 2.74 and a beta of 1.17.

About PTC

PTC Inc operates as software company in the Americas, Europe, and the Asia Pacific. The company provides Windchill, a suite that manages all aspects of the product development lifecycle(PLM) that provides real-time information sharing, dynamic data visualization, collaborate across geographically distributed teams, and enabling manufacturers to elevate product development, manufacturing, and field service processes; ThingWorx, a platform for Industrial Internet of Things; ServiceMax, a field service management solutions enable companies to asset uptime with optimized in-person and remote service and technician productivity with mobile tools.