PTC (NASDAQ:PTC) Price Target Lowered to $90.00 at Wedbush

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PTC (NASDAQ:PTC) had its target price reduced by Wedbush from $100.00 to $90.00 in a research report released on Thursday morning, The Fly reports. They currently have a neutral rating on the technology company’s stock.

Several other brokerages also recently issued reports on PTC. Royal Bank of Canada restated a hold rating and set a $21.00 price objective on shares of ABB in a research report on Thursday. Griffin Securities downgraded PTC from a buy rating to a neutral rating in a research report on Thursday. TheStreet upgraded Viacom from a c+ rating to a b- rating in a research report on Wednesday, April 24th. Evercore ISI restated a hold rating and set a $70.00 price objective on shares of Akamai Technologies in a research report on Thursday, June 13th. Finally, Deutsche Bank cut their price objective on Xilinx from $125.00 to $120.00 and set a hold rating for the company in a research report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $95.13.

Shares of PTC stock traded up $0.28 during trading on Thursday, hitting $73.18. 74,583 shares of the company were exchanged, compared to its average volume of 877,248. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.32 and a quick ratio of 1.32. PTC has a fifty-two week low of $72.87 and a fifty-two week high of $107.44. The stock has a market cap of $10.54 billion, a PE ratio of 81.28, a price-to-earnings-growth ratio of 2.70 and a beta of 1.19. The stock has a 50 day moving average of $88.83.

PTC (NASDAQ:PTC) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.18. PTC had a return on equity of 11.68% and a net margin of 3.06%. The firm had revenue of $322.40 million during the quarter, compared to the consensus estimate of $322.42 million. During the same period in the previous year, the firm posted $0.36 EPS. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, research analysts forecast that PTC will post 1.05 EPS for the current year.

In other news, insider James E. Heppelmann sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $89.02, for a total transaction of $1,335,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Matthew Lessner Cohen sold 10,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the sale, the executive vice president now directly owns 25,672 shares of the company’s stock, valued at $2,310,480. The disclosure for this sale can be found here. Insiders sold a total of 25,700 shares of company stock valued at $2,295,738 over the last quarter. 9.91% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PTC. Sumitomo Life Insurance Co. lifted its position in PTC by 59.4% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 25,402 shares of the technology company’s stock worth $2,280,000 after buying an additional 9,467 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its holdings in shares of PTC by 202.1% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 57,400 shares of the technology company’s stock valued at $5,152,000 after purchasing an additional 38,400 shares in the last quarter. Campbell Newman Asset Management Inc. raised its holdings in shares of PTC by 7.1% during the 2nd quarter. Campbell Newman Asset Management Inc. now owns 7,847 shares of the technology company’s stock valued at $704,000 after purchasing an additional 520 shares in the last quarter. Boston Financial Mangement LLC raised its holdings in shares of PTC by 10.0% during the 2nd quarter. Boston Financial Mangement LLC now owns 181,463 shares of the technology company’s stock valued at $16,288,000 after purchasing an additional 16,455 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of PTC by 4.9% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 430,000 shares of the technology company’s stock valued at $38,597,000 after purchasing an additional 20,000 shares in the last quarter. 92.46% of the stock is owned by institutional investors.

About PTC

PTC Inc operates as software and services company in Americas, Europe, and the Asia Pacific. The company operates in two segments, Software Products and Professional Services. It offers ThingWorx, an industrial innovation platform to develop and deploy industrial Internet of Things applications; and KEPServerEX solution to provide communications connectivity for industrial automation environments to connect, manage, monitor, and control disparate devices and software applications.

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