Citigroup Cuts PTC (NASDAQ:PTC) Price Target to $187.00

PTC (NASDAQ:PTC) had its price objective cut by Citigroup from $195.00 to $187.00 in a report issued on Thursday morning, Benzinga 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 reissued an outperform rating and set a $202.00 target price on shares of PTC in a research note on Thursday, February 1st. StockNews.com downgraded shares of PTC from a buy rating to a hold rating in a report on Saturday, April 27th. Barclays raised their target price on shares of PTC from $198.00 to $215.00 and gave the company an overweight rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. raised PTC from a neutral rating to an overweight rating and lifted their target price for the stock from $130.00 to $200.00 in a report on Thursday, January 4th. Finally, Piper Sandler increased their price target on PTC from $155.00 to $177.00 and gave the company a neutral rating in a research note on Tuesday, January 9th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $200.64.

PTC Stock Performance

Shares of NASDAQ:PTC traded up $5.17 during trading on Thursday, hitting $175.77. The company’s stock had a trading volume of 1,491,232 shares, compared to its average volume of 866,022. The company has a 50-day moving average of $183.30 and a 200-day moving average of $171.35. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.32 and a quick ratio of 1.19. The firm has a market cap of $21.01 billion, a price-to-earnings ratio of 73.54, a P/E/G ratio of 3.14 and a beta of 1.19. PTC has a 12 month low of $124.42 and a 12 month high of $194.24.

PTC (NASDAQ:PTC) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.07. The firm had revenue of $550.21 million for the quarter, compared to analysts’ expectations of $538.59 million. PTC had a return on equity of 13.76% and a net margin of 12.84%. On average, sell-side analysts expect that PTC will post 3.3 earnings per share for the current year.

Insider Activity at PTC

In other news, CEO James E. Heppelmann sold 35,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $177.24, for a total value of $6,203,400.00. Following the completion of the sale, the chief executive officer now owns 968,357 shares in the company, valued at approximately $171,631,594.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO James E. Heppelmann sold 35,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $177.24, for a total transaction of $6,203,400.00. Following the transaction, the chief executive officer now owns 968,357 shares of the company’s stock, valued at $171,631,594.68. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Catherine Kniker sold 1,330 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $179.59, for a total value of $238,854.70. Following the sale, the insider now directly owns 13,864 shares of the company’s stock, valued at $2,489,835.76. The disclosure for this sale can be found here. 1.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PTC. Coldstream Capital Management Inc. raised its position in PTC by 2.1% during the 4th quarter. Coldstream Capital Management Inc. now owns 2,615 shares of the technology company’s stock valued at $458,000 after purchasing an additional 55 shares in the last quarter. Fifth Third Bancorp raised its holdings in shares of PTC by 3.1% in the first quarter. Fifth Third Bancorp now owns 2,165 shares of the technology company’s stock valued at $409,000 after acquiring an additional 65 shares in the last quarter. Fidelis Capital Partners LLC lifted its stake in PTC by 5.4% in the first quarter. Fidelis Capital Partners LLC now owns 1,454 shares of the technology company’s stock worth $275,000 after acquiring an additional 74 shares during the period. US Bancorp DE lifted its stake in PTC by 0.8% in the fourth quarter. US Bancorp DE now owns 9,931 shares of the technology company’s stock worth $1,738,000 after acquiring an additional 77 shares during the period. Finally, First Trust Direct Indexing L.P. grew its holdings in PTC by 4.7% during the 4th quarter. First Trust Direct Indexing L.P. now owns 1,797 shares of the technology company’s stock worth $314,000 after acquiring an additional 81 shares in the last quarter. 95.14% of the stock is currently owned by institutional investors.

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.