Clearbridge Investments LLC Cuts Position in PTC Inc. (NASDAQ:PTC)

Clearbridge Investments LLC decreased its position in PTC Inc. (NASDAQ:PTC) by 16.4% during the second quarter, Holdings Channel reports. The firm owned 126,171 shares of the technology company’s stock after selling 24,722 shares during the quarter. Clearbridge Investments LLC’s holdings in PTC were worth $22,921,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PTC. First Horizon Advisors Inc. increased its position in shares of PTC by 77.5% during the second quarter. First Horizon Advisors Inc. now owns 142 shares of the technology company’s stock worth $26,000 after acquiring an additional 62 shares during the period. Blue Trust Inc. increased its position in shares of PTC by 762.5% during the second quarter. Blue Trust Inc. now owns 138 shares of the technology company’s stock worth $26,000 after acquiring an additional 122 shares during the period. Rothschild Investment LLC purchased a new stake in shares of PTC during the second quarter worth $29,000. International Assets Investment Management LLC purchased a new stake in shares of PTC during the second quarter worth $30,000. Finally, OFI Invest Asset Management purchased a new stake in shares of PTC during the second quarter worth $31,000. Hedge funds and other institutional investors own 95.14% of the company’s stock.

PTC Stock Performance

NASDAQ PTC opened at $179.60 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.70 and a quick ratio of 0.70. PTC Inc. has a 1 year low of $134.61 and a 1 year high of $194.24. The company has a market capitalization of $21.50 billion, a PE ratio of 75.15, a P/E/G ratio of 3.40 and a beta of 1.17. The company has a fifty day moving average of $174.45 and a two-hundred day moving average of $178.18.

PTC (NASDAQ:PTC) last announced its earnings results on Wednesday, July 31st. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.02. PTC had a net margin of 13.32% and a return on equity of 13.36%. The business had revenue of $518.64 million during the quarter, compared to the consensus estimate of $533.04 million. As a group, analysts expect that PTC Inc. will post 3.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. StockNews.com lowered PTC from a “buy” rating to a “hold” rating in a report on Monday, August 5th. Piper Sandler increased their target price on PTC from $177.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Royal Bank of Canada reissued an “outperform” rating and issued a $202.00 target price on shares of PTC in a report on Thursday, August 1st. Finally, Rosenblatt Securities increased their target price on PTC from $190.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $200.18.

Insider Transactions at PTC

In other news, Director Janice Chaffin sold 4,000 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $179.33, for a total transaction of $717,320.00. Following the completion of the sale, the director now owns 48,137 shares in the company, valued at approximately $8,632,408.21. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Janice Chaffin sold 4,000 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $179.33, for a total value of $717,320.00. Following the completion of the sale, the director now owns 48,137 shares in the company, valued at $8,632,408.21. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Staats Aaron C. Von sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $170.00, for a total transaction of $170,000.00. Following the completion of the sale, the executive vice president now owns 13,902 shares of the company’s stock, valued at approximately $2,363,340. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,000 shares of company stock worth $2,431,330. Company insiders own 1.17% of the company’s stock.

About PTC

PTC Inc operates as software company in the Americas, Europe, and the Asia Pacific. The company provides Windchill, a suite that manages all aspects of the product development lifecycle(PLM) that provides real-time information sharing, dynamic data visualization, collaborate across geographically distributed teams, and enabling manufacturers to elevate product development, manufacturing, and field service processes; ThingWorx, a platform for Industrial Internet of Things; ServiceMax, a field service management solutions enable companies to asset uptime with optimized in-person and remote service and technician productivity with mobile tools.