Duck Creek Technologies, Inc. (NASDAQ:DCT) Short Interest Up 63.1% in June – MarketBeat
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Duck Creek Technologies, Inc. (NASDAQ:DCT – Get Rating) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 3,360,000 shares, an increase of 63.1% from the June 15th total of 2,060,000 shares. Based on an average daily trading volume, of 998,700 shares, the days-to-cover ratio is currently 3.4 days. Currently, 4.5% of the shares of the company are sold short.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Wolfe Research lowered Duck Creek Technologies from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $32.00 to $19.00 in a research report on Monday, April 4th. Needham & Company LLC decreased their target price on Duck Creek Technologies from $27.00 to $20.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. DA Davidson cut their price target on shares of Duck Creek Technologies to $30.00 in a report on Monday, July 4th. Barclays reduced their price objective on shares of Duck Creek Technologies from $25.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, June 30th. Finally, Bank of America lowered shares of Duck Creek Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $39.00 to $16.00 in a research report on Thursday, June 30th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Duck Creek Technologies presently has an average rating of “Moderate Buy” and an average target price of $27.90.
Insider Buying and Selling
In related news, CFO Kevin R. Rhodes acquired 3,000 shares of the stock in a transaction that occurred on Monday, April 25th. The stock was purchased at an average cost of $16.66 per share, for a total transaction of $49,980.00. Following the purchase, the chief financial officer now directly owns 137,393 shares in the company, valued at $2,288,967.38. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Duck Creek Technologies news, insider Eva F. Harris purchased 3,516 shares of Duck Creek Technologies stock in a transaction on Friday, July 1st. The stock was bought at an average price of $14.25 per share, for a total transaction of $50,103.00. Following the transaction, the insider now owns 76,901 shares of the company’s stock, valued at approximately $1,095,839.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin R. Rhodes purchased 3,000 shares of Duck Creek Technologies stock in a transaction on Monday, April 25th. The shares were acquired at an average price of $16.66 per share, with a total value of $49,980.00. Following the transaction, the chief financial officer now directly owns 137,393 shares in the company, valued at approximately $2,288,967.38. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.
Institutional Trading of Duck Creek Technologies
Hedge funds have recently made changes to their positions in the stock. Advisor Group Holdings Inc. lifted its position in shares of Duck Creek Technologies by 8.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 37,670 shares of the company’s stock worth $1,135,000 after purchasing an additional 2,888 shares in the last quarter. Cornerstone Investment Partners LLC purchased a new stake in shares of Duck Creek Technologies in the fourth quarter worth approximately $210,000. Squarepoint Ops LLC lifted its position in shares of Duck Creek Technologies by 335.3% in the fourth quarter. Squarepoint Ops LLC now owns 185,843 shares of the company’s stock worth $5,596,000 after purchasing an additional 143,148 shares in the last quarter. Bayesian Capital Management LP acquired a new position in Duck Creek Technologies in the fourth quarter worth approximately $493,000. Finally, Intercontinental Wealth Advisors LLC acquired a new position in Duck Creek Technologies in the fourth quarter worth approximately $210,000. 71.84% of the stock is owned by hedge funds and other institutional investors.
Duck Creek Technologies Price Performance
DCT stock traded up $0.47 during mid-day trading on Friday, reaching $14.41. 974,739 shares of the stock traded hands, compared to its average volume of 1,321,845. Duck Creek Technologies has a 52-week low of $13.44 and a 52-week high of $50.90. The stock’s fifty day moving average is $17.18 and its 200-day moving average is $20.42.
Duck Creek Technologies (NASDAQ:DCT – Get Rating) last posted its quarterly earnings data on Wednesday, June 29th. The company reported $0.01 EPS for the quarter. Duck Creek Technologies had a negative net margin of 3.93% and a positive return on equity of 0.69%. The company had revenue of $72.36 million during the quarter, compared to analyst estimates of $72.08 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The business’s quarterly revenue was up 6.5% on a year-over-year basis. On average, analysts forecast that Duck Creek Technologies will post 0.05 earnings per share for the current year.
Duck Creek Technologies Company Profile
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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.
Further Reading
- Get a free copy of the StockNews.com research report on Duck Creek Technologies (DCT)
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