PTC Inc (PTC) Gets a Buy Rating from Evercore ISI


In a report released today, Kenneth Talanian from Evercore ISI maintained a Buy rating on PTC Inc (PTC), with a price target of $110. The company’s shares closed yesterday at $91.60.

Talanian wrote:

“We remind investors that L&S bookings only represent on new business (explained in detail within) whereas ARR reflects the recurring revenue base and came in at $1.1B up 13% y/y in cc. and FCF push out. The critical L&S bookings metric was guided to $458-468M from $485-505M for F19 primarily because of lower than expected channel contributions from Russia and China and lower than expected subscription conversions (along with no associated mega deals). In addition the company pushed out its long-term $850M FCF target to F24 from F23 prior. While we believe the target is even more achievable in F23 it is likely to cause concern among investors.”

According to TipRanks.com, Talanian is a 5-star analyst with an average return of 21.2% and a 81.5% success rate. Talanian covers the Technology sector, focusing on stocks such as CyberArk Software, Proofpoint Inc, and Check Point.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for PTC Inc with a $98.80 average price target.

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The company has a one-year high of $107.44 and a one-year low of $76.67. Currently, PTC Inc has an average volume of 1.07M.

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PTC, Inc. engages in the development and provision of software-based product management and development solutions. It operates through the Software products and Professional Services segments. The Software Products segment includes license, subscription and related support revenue for its products.

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