Principal Financial Group Inc. Sells 7,962 Shares of PTC Inc. (NASDAQ:PTC)

Principal Financial Group Inc. trimmed its stake in shares of PTC Inc. (NASDAQ:PTC - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 144,852 shares of the technology company's stock after selling 7,962 shares during the period. Principal Financial Group Inc. owned about 0.12% of PTC worth $22,445,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PTC. Wahed Invest LLC lifted its position in PTC by 2.1% during the fourth quarter. Wahed Invest LLC now owns 2,933 shares of the technology company's stock worth $539,000 after buying an additional 61 shares in the last quarter. Portside Wealth Group LLC increased its position in shares of PTC by 2.4% during 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 last quarter. Strategic Advisors LLC raised 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 valued at $1,198,000 after purchasing an additional 83 shares during the period. Steph & Co. lifted its stake in PTC by 6.7% during the 1st quarter. Steph & Co. now owns 1,347 shares of the technology company's stock worth $209,000 after acquiring an additional 84 shares in the last quarter. Finally, Utah Retirement Systems grew its holdings in shares of PTC by 0.5% in the fourth quarter. Utah Retirement Systems now owns 19,577 shares of the technology company's stock valued at $3,600,000 after purchasing an additional 100 shares in the last quarter. 95.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PTC shares. Piper Sandler dropped their price objective on PTC from $202.00 to $180.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut PTC from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Oppenheimer reiterated a "cautious" rating on shares of PTC in a report on Thursday, June 12th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $160.00 price objective (down from $210.00) on shares of PTC in a report on Wednesday, April 9th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $204.00 price target on shares of PTC in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, PTC currently has a consensus rating of "Hold" and a consensus price target of $189.23.

PTC Stock Down 7.5%

PTC traded down $15.88 on Thursday, reaching $194.59. 7,017,807 shares of the company traded hands, compared to its average volume of 927,682. PTC Inc. has a 52-week low of $133.38 and a 52-week high of $213.14. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $23.34 billion, a price-to-earnings ratio of 53.46, a PEG ratio of 2.46 and a beta of 1.17. The stock's 50 day moving average price is $169.82 and its 200-day moving average price is $168.00.

PTC (NASDAQ:PTC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.42. PTC had a return on equity of 15.35% and a net margin of 18.77%. The business had revenue of $636.37 million for the quarter, compared to the consensus estimate of $608.64 million. During the same period last year, the business earned $1.46 EPS. The firm's revenue was up 5.5% compared to the same quarter last year. On average, sell-side analysts expect that PTC Inc. will post 4.46 EPS for the current fiscal year.

Insider Activity

In other PTC news, EVP Staats Aaron C. Von sold 1,988 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $160.00, for a total transaction of $318,080.00. Following the sale, the executive vice president directly owned 17,731 shares of the company's stock, valued at approximately $2,836,960. This represents a 10.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.32% 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.