Citigroup Issues Pessimistic Forecast for PTC (NASDAQ:PTC) Stock Price

PTC (NASDAQ:PTC) had its price target lowered by equities researchers at Citigroup from $185.00 to $181.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 11.71% from the stock’s previous close.

Other analysts also recently issued reports about the company. Piper Sandler decreased their price target on PTC from $200.00 to $175.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Oppenheimer cut their price target on shares of PTC from $240.00 to $200.00 and set an “outperform” rating for the company in a report on Wednesday. Robert W. Baird set a $255.00 price target on shares of PTC in a research report on Wednesday, October 22nd. Rosenblatt Securities reissued a “buy” rating and set a $220.00 price target on shares of PTC in a research report on Tuesday. Finally, Wall Street Zen raised PTC from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $201.77.

PTC Stock Down 1.6%

PTC traded down $2.61 on Wednesday, reaching $162.03. The company’s stock had a trading volume of 240,556 shares, compared to its average volume of 793,014. The company has a market capitalization of $19.27 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 2.76 and a beta of 1.01. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.31. PTC has a fifty-two week low of $133.38 and a fifty-two week high of $219.69. The stock has a 50 day moving average of $172.54 and a two-hundred day moving average of $191.77.

PTC (NASDAQ:PTC) last posted its earnings results on Friday, November 21st. The technology company reported $2.10 EPS for the quarter. The business had revenue of $1.76 billion for the quarter. PTC had a return on equity of 23.02% and a net margin of 27.05%. As a group, analysts forecast that PTC will post 4.46 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kristian Talvitie sold 50,291 shares of the stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $173.14, for a total transaction of $8,707,383.74. Following the completion of the sale, the executive vice president owned 12,386 shares in the company, valued at $2,144,512.04. This trade represents a 80.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Staats Aaron C. Von sold 6,328 shares of the business’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $174.79, for a total value of $1,106,071.12. Following the transaction, the executive vice president owned 22,461 shares of the company’s stock, valued at $3,925,958.19. The trade was a 21.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 61,277 shares of company stock valued at $10,624,076 in the last three months. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On PTC

Several large investors have recently modified their holdings of PTC. Root Financial Partners LLC bought a new stake in PTC during the third quarter valued at $30,000. SJS Investment Consulting Inc. lifted its holdings in PTC by 2,257.1% during the third quarter. SJS Investment Consulting Inc. now owns 165 shares of the technology company’s stock worth $34,000 after acquiring an additional 158 shares during the period. Versant Capital Management Inc grew its position in shares of PTC by 37.6% during the 3rd quarter. Versant Capital Management Inc now owns 194 shares of the technology company’s stock valued at $39,000 after acquiring an additional 53 shares during the period. Board of the Pension Protection Fund purchased a new position in PTC in the fourth quarter valued at approximately $35,000. Finally, Quarry LP increased its position in PTC by 86.2% in the third quarter. Quarry LP now owns 203 shares of the technology company’s stock worth $41,000 after buying an additional 94 shares during the last quarter. Institutional investors own 95.14% of the company’s stock.

About PTC

PTC Inc (NASDAQ: PTC) is a global technology company that develops software and services to help manufacturers design, operate, and service physical products. Founded in 1985 as Parametric Technology Corporation, PTC pioneered parametric, feature-based CAD with its Pro/ENGINEER product (now marketed as Creo) and has since expanded its portfolio to address product lifecycle management, Internet of Things (IoT), augmented reality (AR) and industrial connectivity.

Key product lines include Creo for 3D CAD; Windchill for product lifecycle management (PLM); ThingWorx, an IoT platform for connecting devices and building industrial applications; Vuforia, an AR platform for creating immersive service and training experiences; and Kepware, a suite for industrial connectivity and protocol translation.