Jennison Associates LLC Cuts Position in PTC Inc. (NASDAQ:PTC)

Jennison Associates LLC reduced its holdings in shares of PTC Inc. (NASDAQ:PTC - Free Report) by 27.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 115,870 shares of the technology company's stock after selling 43,144 shares during the period. Jennison Associates LLC owned about 0.10% of PTC worth $20,933,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its position in PTC by 0.6% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 10,267 shares of the technology company's stock worth $1,865,000 after acquiring an additional 61 shares during the last quarter. Diversified Trust Co increased its stake in shares of PTC by 2.9% in the second quarter. Diversified Trust Co now owns 2,193 shares of the technology company's stock worth $398,000 after buying an additional 62 shares during the period. First Horizon Advisors Inc. raised its holdings in PTC by 77.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 142 shares of the technology company's stock valued at $26,000 after buying an additional 62 shares during the last quarter. IFM Investors Pty Ltd boosted its position in PTC by 0.3% during the 3rd quarter. IFM Investors Pty Ltd now owns 25,963 shares of the technology company's stock valued at $4,690,000 after buying an additional 66 shares during the period. Finally, Metis Global Partners LLC grew its holdings in PTC by 1.1% in the 3rd quarter. Metis Global Partners LLC now owns 6,655 shares of the technology company's stock worth $1,202,000 after acquiring an additional 73 shares during the last quarter. 95.14% of the stock is owned by hedge funds and other institutional investors.

PTC Stock Performance

Shares of NASDAQ PTC traded up $4.89 during trading on Friday, reaching $197.64. 932,083 shares of the company traded hands, compared to its average volume of 900,161. The firm has a 50 day simple moving average of $184.36 and a 200-day simple moving average of $179.28. PTC Inc. has a 52-week low of $153.11 and a 52-week high of $199.48. The stock has a market capitalization of $23.74 billion, a PE ratio of 63.55, a P/E/G ratio of 2.61 and a beta of 1.17. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.38.

Insider Activity at PTC

In related news, CAO Alice Christenson sold 1,703 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $193.20, for a total value of $329,019.60. Following the completion of the sale, the chief accounting officer now directly owns 830 shares of the company's stock, valued at approximately $160,356. This represents a 67.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.17% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PTC. Berenberg Bank cut PTC from a "buy" rating to a "hold" rating and reduced their target price for the company from $210.00 to $196.00 in a research note on Friday, November 1st. StockNews.com raised shares of PTC from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Royal Bank of Canada raised their target price on shares of PTC from $202.00 to $230.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Piper Sandler boosted their price target on shares of PTC from $182.00 to $202.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Finally, Robert W. Baird raised their price objective on shares of PTC from $226.00 to $228.00 and gave the stock an "outperform" rating in a report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $204.83.

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.