PNC Financial Services Group Inc. Grows Stake in PTC Inc. (NASDAQ:PTC)

Key Points

• PNC Financial Services Group Inc. increased its stake in PTC Inc. by 208.5% in the first quarter, owning a total of 30,234 shares valued at approximately $4.68 million.
• PTC reported a quarterly earnings per share (EPS) of $1.64, surpassing analysts' expectations of $1.22, with revenues rising 24.2% year-over-year to $643.94 million.
• Institutional investors now own 95.14% of PTC's stock, indicating strong interest and confidence in the company's performance.

PNC Financial Services Group Inc. grew its holdings in shares of PTC Inc. (NASDAQ:PTC - Free Report) by 208.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 30,234 shares of the technology company's stock after buying an additional 20,435 shares during the period. PNC Financial Services Group Inc.'s holdings in PTC were worth $4,685,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wahed Invest LLC lifted its holdings in shares of PTC by 2.1% during the 4th quarter. Wahed Invest LLC now owns 2,933 shares of the technology company's stock valued at $539,000 after buying an additional 61 shares during the period. D.A. Davidson & CO. increased its position in PTC by 1.9% during the first quarter. D.A. Davidson & CO. now owns 3,755 shares of the technology company's stock valued at $582,000 after acquiring an additional 70 shares during the last quarter. Portside Wealth Group LLC lifted its holdings in PTC by 2.4% in the first quarter. Portside Wealth Group LLC now owns 3,317 shares of the technology company's stock valued at $514,000 after acquiring an additional 78 shares during the period. Strategic Advisors LLC boosted its position in PTC by 1.1% in the first quarter. Strategic Advisors LLC now owns 7,729 shares of the technology company's stock worth $1,198,000 after purchasing an additional 83 shares during the last quarter. Finally, Dynasty Wealth Management LLC grew its stake in shares of PTC by 5.8% during the 1st quarter. Dynasty Wealth Management LLC now owns 1,525 shares of the technology company's stock valued at $236,000 after purchasing an additional 83 shares during the period. Institutional investors own 95.14% of the company's stock.

PTC Price Performance

PTC stock opened at $215.71 on Thursday. PTC Inc. has a 52 week low of $133.38 and a 52 week high of $219.69. The firm has a market capitalization of $25.84 billion, a P/E ratio of 50.88, a price-to-earnings-growth ratio of 2.28 and a beta of 1.17. The company has a fifty day simple moving average of $183.10 and a two-hundred day simple moving average of $170.17. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.34.

PTC (NASDAQ:PTC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.42. PTC had a net margin of 20.74% and a return on equity of 17.09%. The firm had revenue of $643.94 million during the quarter, compared to the consensus estimate of $582.12 million. During the same quarter last year, the firm earned $0.98 EPS. The firm's revenue for the quarter was up 24.2% compared to the same quarter last year. Analysts anticipate that PTC Inc. will post 4.46 earnings per share for the current fiscal year.

Insider Activity at PTC

In other news, EVP Staats Aaron C. Von sold 1,988 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $216.29, for a total transaction of $429,984.52. Following the transaction, the executive vice president owned 15,743 shares of the company's stock, valued at approximately $3,405,053.47. The trade was a 11.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PTC. Wells Fargo & Company reissued an "overweight" rating on shares of PTC in a research report on Tuesday, July 29th. UBS Group reissued a "buy" rating on shares of PTC in a report on Tuesday, July 29th. Oppenheimer upped their price target on PTC from $225.00 to $240.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Barclays set a $233.00 price objective on PTC in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $160.00 price target (down previously from $210.00) on shares of PTC in a report on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $202.14.

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.

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