Palestra Capital Management LLC Acquires 132,690 Shares of PTC Inc. (NASDAQ:PTC)

Palestra Capital Management LLC lifted its stake in shares of PTC Inc. (NASDAQ:PTC - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 914,948 shares of the technology company's stock after acquiring an additional 132,690 shares during the quarter. PTC comprises approximately 4.6% of Palestra Capital Management LLC's holdings, making the stock its 7th largest position. Palestra Capital Management LLC owned about 0.76% of PTC worth $168,231,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Bank Pictet & Cie Europe AG lifted its position in shares of PTC by 1.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 3,925 shares of the technology company's stock worth $722,000 after purchasing an additional 55 shares during the last quarter. Wedmont Private Capital boosted its position in shares of PTC by 1.6% in the fourth quarter. Wedmont Private Capital now owns 4,026 shares of the technology company's stock valued at $734,000 after acquiring an additional 64 shares during the period. Allworth Financial LP grew its stake in shares of PTC by 58.0% in the fourth quarter. Allworth Financial LP now owns 188 shares of the technology company's stock worth $35,000 after acquiring an additional 69 shares during the last quarter. Otter Creek Advisors LLC increased its position in PTC by 0.4% during the fourth quarter. Otter Creek Advisors LLC now owns 19,181 shares of the technology company's stock worth $3,527,000 after acquiring an additional 80 shares during the period. Finally, Kirtland Hills Capital Management LLC boosted its holdings in PTC by 3.2% in the 4th quarter. Kirtland Hills Capital Management LLC now owns 2,948 shares of the technology company's stock valued at $542,000 after purchasing an additional 91 shares during the period. Institutional investors and hedge funds own 95.14% of the company's stock.

PTC Price Performance

Shares of PTC stock traded up $3.75 during trading hours on Friday, reaching $160.09. 852,238 shares of the company were exchanged, compared to its average volume of 869,026. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $19.26 billion, a price-to-earnings ratio of 49.41, a P/E/G ratio of 2.27 and a beta of 1.17. The stock's fifty day moving average is $153.51 and its two-hundred day moving average is $175.32. PTC Inc. has a fifty-two week low of $133.38 and a fifty-two week high of $203.09.

PTC (NASDAQ:PTC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The technology company reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.37 by $0.42. PTC had a net margin of 16.95% and a return on equity of 14.49%. The business had revenue of $636.37 million during the quarter, compared to the consensus estimate of $608.64 million. During the same period in the previous year, the firm posted $1.46 earnings per share. PTC's revenue for the quarter was up 5.5% compared to the same quarter last year. Sell-side analysts forecast that PTC Inc. will post 4.46 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Stifel Nicolaus cut their price objective on shares of PTC from $230.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $160.00 price objective (down previously from $210.00) on shares of PTC in a research report on Wednesday, April 9th. Piper Sandler lowered their price objective on PTC from $202.00 to $180.00 and set a "neutral" rating on the stock in a research report on Thursday. Mizuho lowered their price target on shares of PTC from $190.00 to $160.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Citigroup dropped their price objective on shares of PTC from $200.00 to $195.00 and set a "neutral" rating for the company in a research note on Wednesday, February 5th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, PTC currently has an average rating of "Moderate Buy" and an average target price of $187.15.

Insider Transactions at PTC

In other news, Director Corinna Lathan sold 622 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $155.53, for a total transaction of $96,739.66. Following the completion of the transaction, the director now directly owns 7,604 shares in the company, valued at approximately $1,182,650.12. The trade was a 7.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.32% of the stock is owned by corporate insiders.

PTC Profile

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.