Analysts Offer Insights on Technology Companies: PTC Inc (NASDAQ: PTC) and NIC Inc (NASDAQ: EGOV)

By Carrie Williams

There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on PTC Inc (PTCResearch Report) and NIC Inc (EGOVResearch Report) with bullish sentiments.

PTC Inc (PTC)

Evercore ISI analyst Kenneth Talanian maintained a Buy rating on PTC Inc on June 11 and set a price target of $110. The company’s shares closed yesterday at $87.47.

Talanian observed:

“We attended PTC’s customer conference (LiveWorx) in Boston. With a couple noisy quarters behind the company we found the conference as an opportunity to revisit the long-term story. Though we believe some expected an update on the F23 targets, additional work needs to be done to convert the estimates to ASC 606; importantly, however, management reaffirmed the $850M F23 FCF target. From a technology standpoint, we recommend investors watch the keynote when it is available online as it is helpful in visualizing the company’s technology portfolio, but we also provide detail within. We continue to believe the company has many options for upside on an already compelling TAM inclusive of its meaningful partnerships. We remain encouraged by PTC’s long-term prospect. Maintain Outperform rating and $110 price target.”

According to TipRanks.com, Talanian is a 5-star analyst with an average return of 18.7% and a 71.9% 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 $106.57 average price target.

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NIC Inc (EGOV)

In a report released today, Gary Prestopino from Barrington maintained a Buy rating on NIC Inc, with a price target of $26. The company’s shares closed yesterday at $16.22.

Prestopino noted:

“We believe Complia will be slightly dilutive in 2019. NIC will update guidance with the release of Q2/19 results.”

According to TipRanks.com, Prestopino is a 2-star analyst with an average return of -0.2% and a 40.7% success rate. Prestopino covers the Services sector, focusing on stocks such as Kar Auction Services Inc, Payment Data Systems Inc, and US Auto Parts Network.

Currently, the analyst consensus on NIC Inc is a Moderate Buy with an average price target of $22.

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