Parametric Technology Came Back Strongly From 52-week Low (NASDAQ:PMTC, ADSK, ADBE)

Parametric Technology(NASDAQ:PMTC) shares have almost doubled from its 52-week low of made in the month of October last year.In late 80s, the company came out with solid software innovation that offered a new and unique way for engineers to create 3D digital images of new prototypes so that they could see the product before production. With the growing demand for the software products and competition, the company has been active in acquiring, and developing new, completely organic software.The company’s product is mostly popular among automobiles, industrial machinery, refrigerators, and consumer electronics industries.

In the beginning of 2011, the stock was under pressure with the stock falling from $24 to $14.25 within 6 months, but since then the stock came back strongly and made a new 52-week high of $28.71 in yesterday’s session. Moving forward the stock has the potential of continued upward momentum.For the FY2011, the company had reported EPS of 88 cents, up from a year ago profit of 63 cents a share. The company projects to earn 27 cents a share in the second quarter. The company also projects its gross margin to improve by about 2% to 20%. The company is schedule to report its second quarter 2012 results on April 25. Analysts are estimating the company to report 34 cents a share on revenue of $314.67 million.
Of the 9 analysts who cover PMTC, 9 have strong buy or buy rating on the stock and other two have hold rating. Parametric has surprised analysts to the upside in the past four consecutive quarters.The company faces strong competition from Autodesk, Inc.(NASDAQ:ADSK) and Adobe Systems Incorporated(NASDAQ:ADBE). Based on recent volume and price action, keep a watchful eye on PMTC.