Citigroup Increases PTC (NASDAQ:PTC) Price Target to $135.00

PTC (NASDAQ:PTCGet Rating) had its price objective increased by equities researchers at Citigroup to $135.00 in a research note issued to investors on Tuesday, Stock Target Advisor reports. Citigroup’s price objective suggests a potential upside of 3.98% from the company’s previous close.

Several other analysts also recently issued reports on PTC. Robert W. Baird cut their price objective on PTC from $153.00 to $144.00 and set an “outperform” rating on the stock in a report on Monday, October 24th. JPMorgan Chase & Co. began coverage on PTC in a report on Friday, September 16th. They set a “neutral” rating and a $128.00 price objective on the stock. Rosenblatt Securities cut their price objective on PTC from $146.00 to $138.00 and set a “buy” rating on the stock in a report on Thursday, November 3rd. Wolfe Research started coverage on PTC in a research note on Tuesday, August 16th. They issued an “outperform” rating and a $155.00 price target for the company. Finally, StockNews.com raised PTC from a “hold” rating to a “buy” rating in a research note on Friday, November 4th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $135.00.

PTC Price Performance

Shares of PTC stock opened at $129.83 on Tuesday. The company’s 50-day moving average price is $114.87 and its two-hundred day moving average price is $113.43. The company has a current ratio of 1.75, a quick ratio of 1.23 and a debt-to-equity ratio of 0.59. The stock has a market cap of $15.25 billion, a PE ratio of 48.99, a price-to-earnings-growth ratio of 2.77 and a beta of 1.16. PTC has a 52 week low of $96.55 and a 52 week high of $133.14.

Insider Buying and Selling at PTC

In related news, Director Blake D. Moret sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $125.62, for a total transaction of $1,004,960.00. Following the completion of the sale, the director now owns 8,854,017 shares of the company’s stock, valued at $1,112,241,615.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Blake D. Moret sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $125.62, for a total value of $1,004,960.00. Following the transaction, the director now owns 8,854,017 shares in the company, valued at $1,112,241,615.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Blake D. Moret sold 100,000 shares of PTC stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $118.84, for a total value of $11,884,000.00. Following the sale, the director now owns 9,191,050 shares in the company, valued at $1,092,264,382. The disclosure for this sale can be found here. Over the last three months, insiders sold 124,613 shares of company stock worth $14,909,744. 10.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PTC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of PTC by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 12,097,561 shares of the technology company’s stock valued at $1,265,405,000 after acquiring an additional 143,827 shares during the last quarter. BlackRock Inc. grew its holdings in shares of PTC by 4.3% during the 3rd quarter. BlackRock Inc. now owns 8,736,220 shares of the technology company’s stock worth $913,806,000 after acquiring an additional 358,134 shares during the period. Pictet Asset Management SA grew its holdings in shares of PTC by 3.8% during the 3rd quarter. Pictet Asset Management SA now owns 4,409,684 shares of the technology company’s stock worth $461,380,000 after acquiring an additional 161,700 shares during the period. State Street Corp grew its holdings in shares of PTC by 0.8% during the 3rd quarter. State Street Corp now owns 4,058,371 shares of the technology company’s stock worth $424,506,000 after acquiring an additional 31,252 shares during the period. Finally, Invesco Ltd. grew its stake in shares of PTC by 1.6% in the 1st quarter. Invesco Ltd. now owns 2,576,733 shares of the technology company’s stock worth $277,566,000 after buying an additional 41,474 shares during the last quarter. 94.84% of the stock is currently owned by hedge funds and other institutional investors.

About PTC

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PTC Inc operates as software and services company in the Americas, Europe, and the Asia Pacific. The company operates in two segments, Software Products and Professional Services. It offers ThingWorx platform, which offers a set of capabilities that enable enterprises to digitally transform every aspect of their business with innovative solutions that are simple to create, easy to implement, scalable to meet future needs, and designed to enable customers to accelerate time to value; and Vuforia, which enables the visualization of digital information in a physical context and the creation of AR.

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