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. Zacks Investment Research currently has $33.00 target price 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. “

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered Duck Creek Technologies from an overweight rating to a neutral rating and lowered their price objective for the stock from $62.00 to $50.00 in a research report on Friday, October 15th. Raymond James cut their target price on Duck Creek Technologies from $46.00 to $36.00 and set an outperform rating for the company in a research note on Friday, January 7th. Barclays dropped their target price on 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. DA Davidson lifted their price objective on Duck Creek Technologies from $50.00 to $52.00 and gave the company a buy rating in a research note on Monday, October 11th. Finally, Needham & Company LLC decreased their target price on Duck Creek Technologies from $55.00 to $40.00 and set a buy rating for the company in a research note on Friday, January 7th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $43.20.

Duck Creek Technologies stock opened at $27.36 on Tuesday. The firm’s 50 day moving average price is $29.04 and its 200-day moving average price is $38.04. Duck Creek Technologies has a 1 year low of $26.63 and a 1 year high of $59.40. The stock has a market cap of $3.67 billion, a P/E ratio of -342.00 and a beta of -1.03.

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

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

Several institutional investors have recently modified their holdings of DCT. Neuberger Berman Group LLC boosted its position in Duck Creek Technologies by 756.3% during the third quarter. Neuberger Berman Group LLC now owns 2,226,454 shares of the company’s stock valued at $98,495,000 after purchasing an additional 1,966,435 shares during the last quarter. Capital International Investors acquired a new stake in Duck Creek Technologies during the second quarter valued at $63,912,000. Invesco Ltd. boosted its position in Duck Creek Technologies by 190.1% during the third quarter. Invesco Ltd. now owns 1,573,378 shares of the company’s stock valued at $69,606,000 after purchasing an additional 1,031,038 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in Duck Creek Technologies by 6.0% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 15,780,067 shares of the company’s stock valued at $686,590,000 after purchasing an additional 895,379 shares during the last quarter. Finally, BlackRock Inc. boosted its position in Duck Creek Technologies by 32.4% during the third quarter. BlackRock Inc. now owns 2,954,572 shares of the company’s stock valued at $130,709,000 after purchasing an additional 723,186 shares during the last quarter. 71.68% of the stock is owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Duck Creek Technologies (NASDAQ:DCT)

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