Duck Creek Technologies (NASDAQ:DCT – Get Rating) was downgraded by equities researchers at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Wednesday, The Fly reports. They presently have a $11.00 price objective on the stock, down from their previous price objective of $16.00. Bank of America‘s price objective indicates a potential downside of 11.43% from the stock’s current price.
Several other analysts have also issued reports on the company. Raymond James cut their price objective on Duck Creek Technologies from $18.00 to $15.00 and set an “outperform” rating for the company in a report on Thursday, October 13th. Barclays cut their price objective on Duck Creek Technologies from $21.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, October 12th. Royal Bank of Canada cut their price objective on Duck Creek Technologies from $14.00 to $12.00 and set a “sector perform” rating for the company in a report on Thursday, October 13th. DA Davidson cut their price objective on Duck Creek Technologies from $30.00 to $27.00 in a report on Thursday, October 13th. Finally, StockNews.com assumed coverage on Duck Creek Technologies in a report on Wednesday, October 12th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $17.11.
Duck Creek Technologies Stock Up 3.1 %
Shares of Duck Creek Technologies stock opened at $12.42 on Wednesday. The stock has a market cap of $1.65 billion, a PE ratio of -206.97, a price-to-earnings-growth ratio of 6.49 and a beta of 0.22. The business has a fifty day simple moving average of $11.41 and a 200-day simple moving average of $12.16. Duck Creek Technologies has a 12 month low of $10.04 and a 12 month high of $32.49.
Duck Creek Technologies (NASDAQ:DCT – Get Rating) last issued its earnings results on Wednesday, October 12th. The company reported $0.01 EPS for the quarter. The business had revenue of $80.70 million during the quarter, compared to analysts’ expectations of $73.08 million. Duck Creek Technologies had a positive return on equity of 1.03% and a negative net margin of 2.75%. Duck Creek Technologies’s revenue was up 13.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. Analysts expect that Duck Creek Technologies will post 0.06 EPS for the current fiscal year.
Hedge Funds Weigh In On Duck Creek Technologies
Several institutional investors have recently bought and sold shares of DCT. First Horizon Advisors Inc. increased its stake in shares of Duck Creek Technologies by 1,040.6% in the second quarter. First Horizon Advisors Inc. now owns 2,133 shares of the company’s stock worth $31,000 after purchasing an additional 1,946 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Duck Creek Technologies in the third quarter worth about $39,000. Wolff Wiese Magana LLC increased its stake in shares of Duck Creek Technologies by 50.0% in the second quarter. Wolff Wiese Magana LLC now owns 2,711 shares of the company’s stock worth $40,000 after purchasing an additional 904 shares during the period. Nisa Investment Advisors LLC bought a new position in shares of Duck Creek Technologies in the second quarter worth about $50,000. Finally, MetLife Investment Management LLC bought a new position in shares of Duck Creek Technologies in the first quarter worth about $51,000. 74.55% of the stock is currently owned by institutional investors.
About Duck Creek Technologies
Duck Creek Technologies, Inc provides software-as-a-service core systems to the property and casualty insurance industry in the United States and internationally. The company provides Duck Creek Policy, a solution that enables insurers to develop and launch new insurance products and manage various aspects of policy administration ranging from product definition to quoting, binding, and servicing; Duck Creek Billing that provides payment and invoicing capabilities, such as billing and collections, commission processing, disbursement management, and general ledger capabilities for insurance lines and bill types; and Duck Creek Claims that supports entire claims lifecycle from first notice of loss through investigation, payments, negotiations, reporting, and closure.
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