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BOSTON - PTC (NASDAQ:PTC), a $23.6 billion market cap industrial software company with impressive financial health metrics according to InvestingPro, appointed James (Jim) Lico to its Board of Directors, effective Monday, the industrial software company announced in a press release.
Lico previously served as President and Chief Executive Officer of Fortive Corporation, where he led the company’s transformation following its 2016 separation from Danaher Corporation. During his tenure, he grew Fortive’s annual revenue to more than $6 billion and oversaw the separation of its Precision Technologies segment into the independent company Ralliant. This appointment comes as PTC maintains strong financial performance, with InvestingPro data showing an impressive 82.2% gross profit margin and 11.4% revenue growth in the last twelve months.
Currently, Lico serves on the Board of Directors of DuPont de Nemours, Inc., where he is a member of the People and Compensation Committee and the Environment, Health, Safety & Sustainability Committee.
"Jim brings decades of experience running global businesses and working closely with customers to transform their operations," said Neil Barua, President and CEO of PTC.
Prior to his leadership at Fortive, Lico spent nearly two decades at Danaher Corporation in senior leadership roles, managing global businesses across test and measurement and industrial technologies. His earlier career included management positions at AlliedSignal and General Motors.
Lico will serve on PTC’s Corporate Governance Committee.
PTC, headquartered in Boston, provides software that enables industrial and manufacturing companies to digitally transform their design, manufacturing, and service operations. The company employs over 7,000 people and supports more than 30,000 customers globally. Notable for its financial strength, PTC has achieved a perfect Piotroski Score of 9, as reported by InvestingPro, which offers comprehensive analysis and 17 additional key insights about the company’s performance and valuation.
In other recent news, PTC Inc. reported strong fiscal third-quarter results, with revenue growing by 24% year-over-year, significantly surpassing consensus expectations of 12%. The company’s earnings per share were $1.64, exceeding the consensus estimate of $1.21. Following these results, several analyst firms have adjusted their price targets for PTC. Mizuho raised its target to $220 from $160, maintaining a Neutral rating, while Rosenblatt increased its target to $227 from $204, maintaining a Buy rating. BMO Capital also raised its target to $231 from $187, keeping an Outperform rating on the stock.
Additionally, PTC announced the release of new artificial intelligence capabilities for its ServiceMax and Servigistics solutions, enhancing work order processing and parts queries. The company has also appointed Jon Stevenson as Executive Vice President and Chief Product Officer, bringing over 30 years of experience in product development and engineering leadership. These developments highlight PTC’s continued focus on innovation and leadership in the industrial software sector.
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