Riverhead Capital Management LLC Boosts Holdings in PTC Inc. (PTC)
Riverhead Capital Management LLC boosted its stake in PTC Inc. (NASDAQ:PTC) by 60.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,691 shares of the technology company’s stock after purchasing an additional 3,291 shares during the quarter. Riverhead Capital Management LLC’s holdings in PTC were worth $479,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. BlackRock Inc. grew its holdings in PTC by 10,192.0% in the first quarter. BlackRock Inc. now owns 10,303,522 shares of the technology company’s stock worth $541,450,000 after purchasing an additional 10,203,410 shares during the period. Vanguard Group Inc. grew its holdings in PTC by 4.9% in the first quarter. Vanguard Group Inc. now owns 9,188,631 shares of the technology company’s stock worth $482,863,000 after purchasing an additional 430,924 shares during the period. FMR LLC grew its holdings in PTC by 115.0% in the first quarter. FMR LLC now owns 5,150,179 shares of the technology company’s stock worth $270,642,000 after purchasing an additional 2,755,079 shares during the period. State Street Corp grew its holdings in PTC by 2.0% in the first quarter. State Street Corp now owns 2,944,568 shares of the technology company’s stock worth $154,737,000 after purchasing an additional 58,720 shares during the period. Finally, Eagle Asset Management Inc. grew its holdings in PTC by 20.9% in the second quarter. Eagle Asset Management Inc. now owns 2,490,631 shares of the technology company’s stock worth $137,283,000 after purchasing an additional 430,379 shares during the period. Institutional investors and hedge funds own 97.92% of the company’s stock.
PTC has been the topic of a number of recent research reports. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $68.00 price objective on shares of PTC in a research note on Thursday, July 20th. Pacific Crest raised their price objective on shares of PTC from $62.00 to $67.00 and gave the company an “overweight” rating in a research note on Tuesday, June 6th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of PTC in a research note on Monday, July 17th. They issued a “neutral” rating and a $62.00 price objective on the stock. Evercore ISI set a $65.00 price objective on shares of PTC and gave the company a “buy” rating in a research note on Monday, August 28th. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $65.00 price objective on shares of PTC in a research note on Thursday, August 31st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $62.65.
PTC Inc. (NASDAQ PTC) opened at 56.23 on Friday. The company’s market capitalization is $6.50 billion. PTC Inc. has a 52-week low of $43.01 and a 52-week high of $60.22. The company’s 50 day moving average is $54.68 and its 200-day moving average is $55.05.
PTC (NASDAQ:PTC) last announced its quarterly earnings data on Wednesday, July 19th. The technology company reported $0.28 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.28. PTC had a negative net margin of 3.46% and a positive return on equity of 6.69%. The company had revenue of $291.92 million for the quarter, compared to the consensus estimate of $290.55 million. During the same period in the prior year, the firm posted $0.26 EPS. PTC’s revenue for the quarter was up .8% on a year-over-year basis. Equities analysts anticipate that PTC Inc. will post $1.20 EPS for the current fiscal year.
PTC announced that its Board of Directors has approved a stock buyback plan on Tuesday, September 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 7.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
In related news, Director Donald K. Grierson sold 5,000 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $53.77, for a total transaction of $268,850.00. Following the sale, the director now directly owns 62,300 shares of the company’s stock, valued at approximately $3,349,871. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Anthony Dibona sold 2,205 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $55.88, for a total transaction of $123,215.40. Following the sale, the executive vice president now directly owns 22,228 shares in the company, valued at $1,242,100.64. The disclosure for this sale can be found here. Insiders have sold a total of 65,329 shares of company stock worth $3,588,097 over the last three months. 1.11% of the stock is currently owned by insiders.
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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