PTC'S Shares Fly Following Q4 and Fiscal 2017 Results

- October 30th, 2017

The company stated it remains on target for revenue of $1.8 billion by 2021.

Ever since 3D printing giant PTC released its Q3 and fiscal 2017 results on October 25, the company’s share price has responded positively thanks in part to its affirmation that it will reach $1.8 billion in total revenue by 2021.
Since the announcement, shares of PTC have risen 8.30 percent to close at $66.16 on Monday (October 30).  Year-to-date shares of the company have also been on the steady incline, rising 42.99 percent since January 3.
As highlighted, PTC’s generally accepted accounting principles (GAAP) revenue totaled $306 million, while its non-GAAP revenue was $307 million during Q4. Over the fiscal year, PTC reported $1.164 billion in GAAP revenue and $1.167 billion in non-GAAP revenue.

 

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“We are very pleased with our fourth quarter results and strong finish to the fiscal year,” James Heppelman, president and CEO of PTC said in the release. During Q4, PTC obtained new license and subscription bookings totaling $144 million, which Heppelman said “were well above the high end of our guidance range and set a new record for quarterly bookings performance.”
Heppelman continued, stating that the company’s fiscal 2017 was ” a[nother] year of great progress ” as PTC looks to transition towards a high-growth subscription software company and industrial IoT leader.
“During the year, we delivered strong results in our core CAD [computer aided drawing] and PLM [product lifecycle management] businesses, grew bookings in our IoT business well above current market growth rates, and exited the ‘subscription trough’, setting the company up for strong revenue and EPS growth going forward,” he said.
That being said, however, perhaps the biggest takeaway from PTC’s announcement is–as mentioned–it’s affirmation for its fiscal 2021 target of $1.8 billion in revenue, growing double digits, and $1.6 billion in software revenue also growing in double digits.
On that note, analysts covering PTC have given their price target for the company, including Evercore (NYSE:EVR) who set its price at $65 for PTC.  According to the Week Herald, the investment company has a “buy” rating on PTC, although its price target is 2.15 percent less than the company’s current stock price.
According to data from NASDAQ, eight analysts currently have PTC as a “strong buy,” whereas one has it as  “buy” and two analysts list it as a “hold.”
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
 

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