Piper Jaffray Neutral On Parametric Technology

Piper Jaffray has a Neutral rating and a $27 price target on shares of Parametric Technology PMTC. In a note to clients, Piper Jaffray writes, "PTC held its annual user conference this week (6/14) in conjunction with an analyst update; we attended the conference and spoke with 48 PTC customers. PTC customers remain optimistic for the remainder of CY11 hiring and spending. Specifically, 75% of customers expect to increase headcount in the next 12 months, an all-time high since we started this survey 7 years ago. PTC maintained its FY11 guidance and indicated that it feels optimistic about achieving its 5-year plan of 20% non-GAAP EPS growth annually (ending in FY14)." Shares of PMTC lost 32 cents yesterday to close at $21.50, a loss of 1.47%.