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BOSTON - Industrial software company PTC (NASDAQ:PTC), a $24.6 billion market cap technology leader with impressive gross margins of 82%, announced Monday the appointment of Jon Stevenson as Executive Vice President and Chief Product Officer, responsible for overseeing the company’s Digital Thread product portfolio.
Stevenson brings more than 30 years of experience in product development and engineering leadership across CAD, PLM, AI, and SaaS technologies. He previously held executive positions at Stratasys and GrabCAD, and has recently served as a board member and advisor to various product development and AI-focused companies. Stevenson also previously worked at PTC as a Vice President in the R&D Group and as Executive Vice President of the company’s CAD business.
"Jon’s technical and engineering expertise, proven leadership, and fresh perspective will help us accelerate priorities such as PLM and ALM integration, CAD, our transition to SaaS, and embedding AI across our product portfolio," said Neil Barua, President and CEO of PTC, in a press release statement.
Kevin Wrenn, PTC’s previous Chief Product Officer, is transitioning to a new leadership role within the company’s product organization, focusing on customer engagement within PTC’s vertical-focused model that was announced at the beginning of the fiscal year.
PTC, headquartered in Boston, develops software that enables manufacturers to design, manufacture, and service physical products. The company employs over 7,000 people and supports more than 30,000 customers globally, generating annual revenues of $2.47 billion with strong year-over-year growth of 11.4%.
In other recent news, PTC Inc. reported impressive fiscal third-quarter results, with revenue reaching $644 million, surpassing the anticipated $582.3 million. The company’s earnings per share (EPS) came in at $1.64, significantly exceeding the consensus estimate of $1.21. This robust performance led several analyst firms to revise their price targets for PTC. Mizuho raised its price target to $220 from $160, maintaining a Neutral rating, while Rosenblatt increased its target to $227 from $204, keeping a Buy rating. BMO Capital also adjusted its price target to $231 from $187, with an Outperform rating, noting improvements in deal trends. These developments highlight the strong financial health of PTC, as reflected in its third-quarter earnings. Despite the positive earnings report, the stock experienced a slight decline, indicating cautious market sentiment.
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