BOSTON—Kristian Talvitie, Executive Vice President and Chief Financial Officer of PTC Inc. (NASDAQ:PTC), sold shares worth approximately $1.97 million, according to a recent SEC filing. The transactions took place on December 3, 2024, as part of a pre-established 10b5-1 trading plan. The sale comes as PTC, a $24.2 billion technology company, trades near its 52-week high with a 25% return over the past year. According to InvestingPro analysis, the stock currently appears to be fairly valued.
Talvitie sold a total of 9,852 shares of PTC common stock in three separate transactions. The shares were sold at prices ranging from $199.03 to $200.32, with the weighted average prices for each transaction being $199.03, $199.83, and $200.32, respectively. Following these transactions, Talvitie holds 47,282 shares of PTC directly.
These sales were executed under a trading plan established on August 2, 2024, allowing for systematic selling of shares under predetermined conditions.
In other recent news, PTC Inc. has reported a robust fiscal year 2024, with significant increases in key financial metrics. The company's free cash flow rose by 25%, reaching $736 million, while the constant currency Annual Recurring Revenue (ARR) increased by 12%, hitting $2.207 billion. Additionally, PTC announced a $2 billion share repurchase authorization.
In strategic developments, PTC has partnered with Microsoft (NASDAQ:MSFT) and Volkswagen (ETR:VOWG_p) Group to enhance software development in manufacturing through a generative artificial intelligence (AI) tool named Codebeamer Copilot. The new tool aims to improve the efficiency of creating, managing, testing, validating, and releasing product requirements.
Meanwhile, PTC is also undergoing a realignment of its go-to-market strategy, focusing on five key areas: PLM, ALM, SLM (NASDAQ:SLM), CAD, and SaaS. This includes the hiring of a new Chief Revenue Officer. For fiscal 2025, PTC projects a 9% to 10% ARR growth and free cash flow between $835 million and $850 million.
In governance changes, board member Janesh Moorjani has announced his resignation due to personal reasons, effective November 29, 2024. The company has not yet released information regarding his successor or the potential impact this change may have on the board's composition. These are the recent developments in PTC Inc.
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