PTC

As mentioned in past portfolio commentaries, our holding in PTC was simply too small in terms of our portfolio management methodology. While we felt that the reaction of PTC to its most recent earnings release and guidance left the shares at a bargain valuation with an EV/S of just 8.7X, we wanted to eliminate an…

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We made a small change in the High Growth portfolio this morning. We chose to sell about 40% of our PTC holding at a small profit, and to buy a small position in Shift4 with the proceeds of that sale. We simply didn’t wish to increase our margin position. Currently our margin position is about…

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Earnings season got underway in earnest last week. It was not a great week for the software names. The IGV fell a couple of percent and the CLOU index was unchanged. The CLOU index benefited significantly from the announcement that one of its heavily weighted constituents, Proofpoint, is being acquired by the PE firm, Thomas…

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Summary PTC reported a particularly strong quarter with almost all metrics well above expectations when it reported results about 6 weeks ago. The shares have pulled back from their highs and are now about 10% below their February peak. The company is benefitting substantially from the economic reopening-much of that benefit should be seen as…

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This afternoon we sold our position in Shift4. We had a holding of 150 shares that we had acquired at the end of last year at a price of $71.49. The shares have spiked almost 20% today-primarily based on a recommendation by B of A-which contained a double upgrade. While we do not like to…

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Before dealing with the individual names in this post, I just want to repeat my concerns about the mania that seems to be gripping a class of retail investors to find short squeeze targets. As I mentioned to many subscribers, my background is analytical and it is basically analysis that I try to provide to…

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In the distant past-say maybe 6-7 years ago, the period before earnings season was particularly tense for analysts. We would wait after the close to see which company if any had been forced to preannounce. Most quarters there was typically some high-profile casualties. With the broad adoption of SaaS consumption models for software procurement, there…

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For the most part, this earnings season has been similar to many others in terms of seeing few outright misses. IT firms continue to beat estimates, and continue to raise guidance. That said, there have been some high-profile casualties. The most prominent name that has been sold on earnings has been ServiceNow. The reality is…

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Yesterday and today are flooded with earnings reports- information overload watch. I will not seek to discuss all of the earnings reports that have been released in the sector-and Microsoft’s stellar release deserves its own article. Needless to say, as a very long-term holder of Microsoft shares, the results for the quarter were gratifying. It…

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This  post addresses Aspen and PTC. It also addresses some commentary about the Dropbox acquisition of HelloSign and some further thoughts about ANET shares. Aspen (AZPN) What to do with the shares of Aspen Tech. It is a company whose shares I would like to recommend, and it has many attractive elements in terms of…

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