Covea Finance Reduces Stake in PTC Inc. $PTC

by · The Markets Daily

Covea Finance cut its holdings in shares of PTC Inc. (NASDAQ:PTC – Free Report) by 31.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,500 shares of the technology company’s stock after selling 10,500 shares during the quarter. Covea Finance’s holdings in PTC were worth $4,568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in PTC by 2.9% in the second quarter. Vanguard Group Inc. now owns 14,748,971 shares of the technology company’s stock worth $2,541,838,000 after acquiring an additional 416,791 shares during the period. State Street Corp raised its holdings in PTC by 4.0% in the 2nd quarter. State Street Corp now owns 5,372,296 shares of the technology company’s stock worth $925,861,000 after purchasing an additional 205,029 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of PTC by 8.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,415,785 shares of the technology company’s stock worth $586,438,000 after purchasing an additional 265,558 shares during the period. Lazard Asset Management LLC boosted its stake in shares of PTC by 31.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,547,622 shares of the technology company’s stock valued at $266,715,000 after purchasing an additional 370,097 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of PTC by 27.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,517,480 shares of the technology company’s stock valued at $235,134,000 after purchasing an additional 327,326 shares in the last quarter. Institutional investors own 95.14% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PTC. Robert W. Baird set a $255.00 price target on shares of PTC in a research note on Wednesday, October 22nd. BMO Capital Markets reduced their target price on PTC from $231.00 to $219.00 and set an “outperform” rating on the stock in a report on Thursday, November 6th. Wall Street Zen cut PTC from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 6th. Zacks Research lowered PTC from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of PTC in a research note on Monday. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.92.

Check Out Our Latest Report on PTC

PTC Price Performance

Shares of NASDAQ:PTC opened at $176.47 on Friday. The business has a fifty day moving average price of $182.29 and a 200-day moving average price of $192.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.12 and a quick ratio of 1.43. The company has a market capitalization of $20.99 billion, a PE ratio of 28.74, a PEG ratio of 2.94 and a beta of 1.03. PTC Inc. has a 1-year low of $133.38 and a 1-year high of $219.69.

PTC (NASDAQ:PTC – Get Free Report) last announced its quarterly earnings results on Friday, November 21st. The technology company reported $2.10 earnings per share (EPS) for the quarter. The company had revenue of $1.76 billion for the quarter. PTC had a net margin of 27.05% and a return on equity of 23.03%. As a group, equities analysts expect that PTC Inc. will post 4.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Staats Aaron C. Von sold 6,328 shares of the company’s stock in a transaction that occurred on 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 directly owned 22,461 shares of the company’s stock, valued at approximately $3,925,958.19. This represents a 21.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kristian Talvitie sold 50,291 shares of the stock in a transaction on Tuesday, December 9th. The shares were sold at an average price of $173.14, for a total value of $8,707,383.74. Following the sale, the executive vice president owned 12,386 shares in the company, valued at approximately $2,144,512.04. This represents a 80.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 61,277 shares of company stock worth $10,624,076. Corporate insiders own 0.32% of the company’s stock.

PTC Profile

(Free Report)

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.

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