Short Interest in Duck Creek Technologies, Inc. (NASDAQ:DCT) Declines By 11.5% – MarketBeat

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Duck Creek Technologies, Inc. (NASDAQ:DCT – Get Rating) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 2,300,000 shares, a decrease of 11.5% from the September 15th total of 2,600,000 shares. Currently, 3.1% of the company’s stock are sold short. Based on an average daily trading volume, of 645,000 shares, the short-interest ratio is presently 3.6 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Duck Creek Technologies by 24.1% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 16,741,451 shares of the company’s stock valued at $248,610,000 after acquiring an additional 3,252,753 shares during the last quarter. Echo Street Capital Management LLC lifted its position in Duck Creek Technologies by 40.5% in the second quarter. Echo Street Capital Management LLC now owns 7,426,423 shares of the company’s stock worth $110,282,000 after buying an additional 2,142,215 shares during the last quarter. State Street Corp lifted its position in Duck Creek Technologies by 45.4% in the second quarter. State Street Corp now owns 1,533,331 shares of the company’s stock worth $22,770,000 after buying an additional 478,497 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Duck Creek Technologies by 11.9% in the first quarter. JPMorgan Chase & Co. now owns 4,383,011 shares of the company’s stock worth $96,952,000 after buying an additional 465,629 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Duck Creek Technologies by 148.0% in the second quarter. Northern Trust Corp now owns 726,839 shares of the company’s stock worth $10,794,000 after buying an additional 433,749 shares during the last quarter. 77.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on DCT shares. Royal Bank of Canada lowered their target price on shares of Duck Creek Technologies from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Thursday. Bank of America downgraded shares of Duck Creek Technologies from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $39.00 to $16.00 in a report on Thursday, June 30th. Needham & Company LLC decreased their price objective on shares of Duck Creek Technologies from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday. Raymond James decreased their price objective on shares of Duck Creek Technologies from $18.00 to $15.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, DA Davidson decreased their price objective on shares of Duck Creek Technologies from $30.00 to $27.00 in a report on Thursday. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Duck Creek Technologies presently has a consensus rating of “Hold” and a consensus price target of $18.25.

Duck Creek Technologies Stock Performance

Shares of Duck Creek Technologies stock traded down $0.11 during midday trading on Friday, hitting $11.84. The company had a trading volume of 1,252,325 shares, compared to its average volume of 823,818. The company has a 50 day moving average of $12.27 and a 200 day moving average of $14.55. Duck Creek Technologies has a 52-week low of $10.55 and a 52-week high of $37.40. The stock has a market capitalization of $1.57 billion, a P/E ratio of -197.30, a P/E/G ratio of 5.97 and a beta of 0.33.
Duck Creek Technologies (NASDAQ:DCT – Get Rating) last released its quarterly earnings results on Wednesday, October 12th. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. Duck Creek Technologies had a negative net margin of 2.75% and a positive return on equity of 1.03%. The firm had revenue of $80.70 million during the quarter, compared to analyst estimates of $73.08 million. During the same quarter in the prior year, the firm earned $0.02 EPS. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. Equities research analysts forecast that Duck Creek Technologies will post 0.04 EPS 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.

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