Bank of America Corp DE Sells 68,500 Shares of PTC Inc. (NASDAQ:PTC)

Posted by Defense World Staff on Jun 8th, 2023

Bank of America Corp DE decreased its holdings in PTC Inc. (NASDAQ:PTC – Get Rating) by 14.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 405,445 shares of the technology company’s stock after selling 68,500 shares during the period. Bank of America Corp DE owned about 0.34% of PTC worth $48,670,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lone Pine Capital LLC bought a new position in shares of PTC during the third quarter worth approximately $263,591,000. Palestra Capital Management LLC bought a new position in shares of PTC during the third quarter worth approximately $113,237,000. Select Equity Group L.P. bought a new position in shares of PTC during the first quarter worth approximately $43,148,000. BlackRock Inc. grew its position in PTC by 4.3% during the third quarter. BlackRock Inc. now owns 8,736,220 shares of the technology company’s stock worth $913,806,000 after buying an additional 358,134 shares in the last quarter. Finally, DAVENPORT & Co LLC grew its position in PTC by 342.2% during the fourth quarter. DAVENPORT & Co LLC now owns 257,210 shares of the technology company’s stock worth $31,001,000 after buying an additional 199,044 shares in the last quarter. Institutional investors own 86.79% of the company’s stock.

Insider Buying and Selling at PTC

In other PTC news, insider Catherine Kniker sold 2,000 shares of PTC stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $140.00, for a total transaction of $280,000.00. Following the completion of the transaction, the insider now owns 10,114 shares in the company, valued at approximately $1,415,960. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Paul A. Lacy sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $140.00, for a total value of $350,000.00. Following the transaction, the director now owns 24,136 shares in the company, valued at $3,379,040. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Catherine Kniker sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $140.00, for a total value of $280,000.00. Following the completion of the transaction, the insider now owns 10,114 shares in the company, valued at approximately $1,415,960. The disclosure for this sale can be found here. In the last quarter, insiders sold 497,712 shares of company stock worth $63,633,786. Insiders own 8.26% of the company’s stock.

PTC Stock Performance

Shares of PTC opened at $135.95 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.73 and a quick ratio of 0.73. The stock has a 50-day moving average of $129.32 and a 200-day moving average of $127.08. The company has a market cap of $16.10 billion, a PE ratio of 51.11, a P/E/G ratio of 3.07 and a beta of 1.19. PTC Inc. has a one year low of $97.97 and a one year high of $141.70.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PTC. Citigroup reduced their price target on PTC from $147.00 to $140.00 in a research report on Monday, April 24th. BMO Capital Markets started coverage on PTC in a research report on Wednesday, May 24th. They set an “outperform” rating and a $166.00 target price for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $148.00 target price on shares of PTC in a research report on Friday, April 14th. Mizuho raised their target price on PTC from $165.00 to $170.00 in a research report on Wednesday, May 17th. Finally, StockNews.com raised PTC from a “hold” rating to a “buy” rating in a research report on Friday, May 26th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PTC currently has an average rating of “Moderate Buy” and a consensus price target of $155.50.

About PTC

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PTC, Inc is a global software company, which engages in the provision of portfolio of innovative digital solutions that work together to transform how physical products are engineered, manufactured, and serviced. It operates through the Software Products and Professional Services segments. The Software Products segment includes license, subscription, and related support revenue for its products.

Institutional Ownership by Quarter for PTC (NASDAQ:PTC)

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