Duck Creek Technologies (NASDAQ:DCT) Raised to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Duck Creek Technologies (NASDAQ:DCT) from a hold rating to a strong-buy rating in a research report released on Tuesday morning, Zacks.com reports. They currently have $33.00 price target on the stock.

According to Zacks, “Duck Creek Technologies Inc. is a provider of SaaS-delivered enterprise software to the property and casualty insurance industry. Duck Creek Technologies Inc. is based in BOSTON. “

DCT has been the topic of several other research reports. DA Davidson upped their price objective on Duck Creek Technologies from $50.00 to $52.00 and gave the stock a buy rating in a report on Monday, October 11th. Needham & Company LLC reduced their price objective on Duck Creek Technologies from $55.00 to $40.00 and set a buy rating on the stock in a report on Friday, January 7th. JMP Securities dropped their target price on shares of Duck Creek Technologies from $51.00 to $35.00 and set a market outperform rating for the company in a research report on Friday, January 7th. Raymond James dropped their target price on shares of Duck Creek Technologies from $46.00 to $36.00 and set an outperform rating for the company in a research report on Friday, January 7th. Finally, Barclays dropped their target price on shares of Duck Creek Technologies from $41.00 to $38.00 and set an overweight rating for the company in a research report on Friday, January 7th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $43.20.

Shares of DCT opened at $27.36 on Tuesday. The company has a market capitalization of $3.67 billion, a P/E ratio of -342.00 and a beta of -1.03. Duck Creek Technologies has a one year low of $26.63 and a one year high of $59.40. The business’s 50 day simple moving average is $29.04 and its 200-day simple moving average is $38.04.

Duck Creek Technologies (NASDAQ:DCT) last announced its earnings results on Thursday, January 6th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. The business had revenue of $73.42 million for the quarter, compared to the consensus estimate of $68.91 million. Duck Creek Technologies had a positive return on equity of 0.57% and a negative net margin of 4.22%. Duck Creek Technologies’s revenue was up 24.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 EPS. Sell-side analysts anticipate that Duck Creek Technologies will post 0.02 EPS for the current fiscal year.

In related news, CFO Vincent A. Chippari sold 50,000 shares of the business’s stock in a transaction on Monday, January 10th. The shares were sold at an average price of $28.01, for a total value of $1,400,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vincent A. Chippari sold 25,000 shares of Duck Creek Technologies stock in a transaction on Tuesday, December 7th. The shares were sold at an average price of $30.00, for a total transaction of $750,000.00. The disclosure for this sale can be found here. Insiders have sold 75,003 shares of company stock worth $2,150,601 over the last ninety days. Insiders own 2.90% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. boosted its holdings in Duck Creek Technologies by 2.8% during the third quarter. Oppenheimer Asset Management Inc. now owns 13,904 shares of the company’s stock worth $615,000 after purchasing an additional 374 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Duck Creek Technologies by 64.3% during the third quarter. First Horizon Advisors Inc. now owns 1,272 shares of the company’s stock worth $33,000 after purchasing an additional 498 shares during the last quarter. Heritage Wealth Management LLC boosted its holdings in Duck Creek Technologies by 23.1% during the third quarter. Heritage Wealth Management LLC now owns 2,662 shares of the company’s stock worth $118,000 after purchasing an additional 500 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Duck Creek Technologies by 5.7% during the second quarter. Federated Hermes Inc. now owns 9,564 shares of the company’s stock worth $416,000 after purchasing an additional 518 shares during the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in Duck Creek Technologies by 3.7% during the second quarter. NewEdge Wealth LLC now owns 15,899 shares of the company’s stock worth $692,000 after purchasing an additional 563 shares during the last quarter. Institutional investors and hedge funds own 71.68% of the company’s stock.

Duck Creek Technologies Company Profile

Duck Creek Technologies, Inc provides software-as-a-service core systems to the property and casualty insurance industry in North America. It offers Duck Creek Policy, a full lifecycle solution for the development of products and quoting, binding, and servicing of policies across various channels from agents and brokers to end-users; 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 the entire claims lifecycle from first notice of loss through investigation, payments, negotiations, reporting, and closure.

Recommended Story: What is the definition of market timing?

Get a free copy of the Zacks research report on Duck Creek Technologies (DCT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Duck Creek Technologies (NASDAQ:DCT)

Receive News & Ratings for Duck Creek Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Duck Creek Technologies and related companies with MarketBeat.com's FREE daily email newsletter.