Spruce Point Short PTC Inc – The Accounting Of Things

Spruce Point Capital Management is pleased to announce it has released the contents of a unique short idea involving PTC Inc. (Nasdaq: PTC or "the Company"), a legacy application software company (formerly Parametric Technology, Nasdaq: PMTC) struggling to transform through a subscription conversion story while hyping its Internet-of-Things (“IoT”) roll-up. We have conducted an extensive fundamental and forensic accounting review, and believe the nearly 100% appreciation in PTC’s share price since early 2016 is unwarranted. As a result, we have a "Strong Sell" opinion and a price target of approximately $27 - $32 per share, or approximately 50% to 60% downside. Our short thesis, which details PTC's struggles to transform its technology legacy business, has striking similarities to our earlier...