Fred Alger Management Inc. Invests $9.97 Million in PTC Inc. (PTC)
Fred Alger Management Inc. bought a new stake in PTC Inc. (NASDAQ:PTC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 180,822 shares of the technology company’s stock, valued at approximately $9,967,000. Fred Alger Management Inc. owned 0.16% of PTC as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also made changes to their positions in the company. Stephens Inc. AR bought a new stake in shares of PTC in the second quarter valued at about $126,000. US Bancorp DE boosted its position in shares of PTC by 56.2% in the second quarter. US Bancorp DE now owns 2,604 shares of the technology company’s stock valued at $144,000 after acquiring an additional 937 shares during the period. Advisor Group Inc. boosted its position in shares of PTC by 7.4% in the second quarter. Advisor Group Inc. now owns 2,711 shares of the technology company’s stock valued at $150,000 after acquiring an additional 186 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of PTC by 85.5% in the second quarter. PNC Financial Services Group Inc. now owns 3,013 shares of the technology company’s stock valued at $165,000 after acquiring an additional 1,389 shares during the period. Finally, Asset Management One Co. Ltd. bought a new stake in shares of PTC in the first quarter valued at about $189,000. 97.92% of the stock is owned by institutional investors.
In other news, Director Donald K. Grierson sold 5,000 shares of PTC stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $53.77, for a total transaction of $268,850.00. Following the completion of the sale, the director now owns 62,300 shares in the company, valued at approximately $3,349,871. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Barry F. Cohen sold 27,374 shares of PTC stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $54.67, for a total value of $1,496,536.58. Following the sale, the executive vice president now owns 79,729 shares of the company’s stock, valued at approximately $4,358,784.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,329 shares of company stock valued at $3,588,097. 1.11% of the stock is owned by corporate insiders.
Shares of PTC Inc. (NASDAQ PTC) opened at 57.37 on Friday. The company’s 50-day moving average is $55.56 and its 200 day moving average is $55.13. PTC Inc. has a 52-week low of $43.01 and a 52-week high of $60.22. The company’s market cap is $6.63 billion.
PTC (NASDAQ:PTC) last issued its earnings results on Wednesday, July 19th. The technology company reported $0.28 EPS for the quarter, hitting the consensus estimate of $0.28. PTC had a positive return on equity of 6.69% and a negative net margin of 3.46%. The business had revenue of $291.92 million during the quarter, compared to the consensus estimate of $290.55 million. During the same quarter last year, the company earned $0.26 EPS. The firm’s revenue was up .8% compared to the same quarter last year. On average, analysts anticipate that PTC Inc. will post $1.20 EPS for the current year.
PTC announced that its Board of Directors has initiated a share buyback plan on Tuesday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to reacquire up to 7.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
A number of equities research analysts have recently issued reports on the stock. Barclays PLC reissued an “overweight” rating and issued a $65.00 target price (down previously from $67.00) on shares of PTC in a research report on Saturday, July 22nd. J P Morgan Chase & Co reissued an “overweight” rating and issued a $68.00 target price on shares of PTC in a research report on Thursday, July 20th. BidaskClub raised shares of PTC from a “sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Robert W. Baird reissued a “buy” rating and issued a $65.00 target price on shares of PTC in a research report on Thursday, August 31st. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of PTC in a research report on Monday, July 17th. They issued a “neutral” rating and a $62.00 target price for the company. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $63.31.
PTC Inc is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications.
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