RBC Capital Believes PTC Inc (NASDAQ: PTC) Still Has Room to Grow

By Austin Angelo

RBC Capital analyst Matthew Hedberg reiterated a Buy rating on PTC Inc (NASDAQ: PTC) yesterday and set a price target of $85. The company’s shares closed on Friday at $80.45, close to its 52-week high of $81.97.

According to TipRanks.com, Hedberg is a top 25 analyst with an average return of 30.6% and a 79.3% success rate. Hedberg covers the Technology sector, focusing on stocks such as Altair Engineering Inc, Netscout Systems, and SecureWorks Corp.

Currently, the analyst consensus on PTC Inc is Strong Buy and the average price target is $84, representing a 4.4% upside.

In a report issued on April 12, Barclays also maintained a Buy rating on the stock with a $86 price target.

Based on PTC Inc’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $307 million and quarterly net profit of $13.88 million. In comparison, last year the company earned revenue of $279 million and had a GAAP net loss of $1.1 million.

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PTC, Inc. engages in the development and provision of software-based product management and development solutions. It operates through the following business segments: Internet of Things (IoT) Group, Solutions Group, and Professional Services.