Aspen Technology, Inc. (NASDAQ:AZPN) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a sell rating to a hold rating in a report released on Wednesday.
According to Zacks, “Aspen Technology Inc. is a recognized expert and leading provider of award-winning process optimization software and services. AspenTech’s integrated aspenONE solutions enable manufacturers to reduce costs, increase capacity, and optimize operational performance end-to-end throughout the engineering, plant operations, and supply chain management processes, resulting in millions of dollars in cost savings. “
A number of other equities analysts have also recently commented on the company. Robert W. Baird reaffirmed an outperform rating and issued a $65.00 price target on shares of Aspen Technology in a research note on Thursday, May 11th. Wedbush reaffirmed a neutral rating and issued a $59.00 price target on shares of Aspen Technology in a research note on Wednesday, June 28th. Benchmark Co. reaffirmed a hold rating and issued a $55.00 price target (up from $48.00) on shares of Aspen Technology in a research note on Wednesday, May 3rd. Canaccord Genuity reaffirmed a hold rating and issued a $60.00 price target on shares of Aspen Technology in a research note on Friday, June 9th. Finally, BidaskClub raised Aspen Technology from a buy rating to a strong-buy rating in a research note on Tuesday. Four analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $60.29.
Aspen Technology (NASDAQ:AZPN) traded up 5.67% on Wednesday, hitting $59.86. The stock had a trading volume of 1,515,453 shares. The company has a 50-day moving average price of $56.56 and a 200-day moving average price of $57.81. Aspen Technology has a 1-year low of $44.55 and a 1-year high of $64.34. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 28.37 and a beta of 1.28.
Aspen Technology (NASDAQ:AZPN) last announced its quarterly earnings results on Thursday, August 10th. The technology company reported $0.73 EPS for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.29. The business had revenue of $123.68 million for the quarter, compared to analysts’ expectations of $119.55 million. Aspen Technology had a negative return on equity of 77.74% and a net margin of 33.58%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 EPS. Equities analysts predict that Aspen Technology will post $2.03 earnings per share for the current year.
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Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Aspen Technology by 46,846.9% in the first quarter. BlackRock Inc. now owns 5,503,112 shares of the technology company’s stock valued at $324,242,000 after buying an additional 5,491,390 shares during the period. FMR LLC boosted its position in Aspen Technology by 48.5% in the first quarter. FMR LLC now owns 4,206,339 shares of the technology company’s stock valued at $247,837,000 after buying an additional 1,374,200 shares during the period. Renaissance Technologies LLC boosted its position in Aspen Technology by 20.9% in the second quarter. Renaissance Technologies LLC now owns 2,360,500 shares of the technology company’s stock valued at $130,441,000 after buying an additional 408,200 shares during the period. Pictet Asset Management Ltd. boosted its position in Aspen Technology by 37.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,312,312 shares of the technology company’s stock valued at $77,321,000 after buying an additional 360,100 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its position in Aspen Technology by 304.8% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 416,171 shares of the technology company’s stock valued at $22,997,000 after buying an additional 313,372 shares during the period.
About Aspen Technology
Aspen Technology, Inc is a global provider of process optimization software solutions designed to manage and optimize plant and process design, operational performance, and supply chain planning. The Company’s aspenONE software and related services have been developed specifically for companies in the process industries, including the energy, chemicals, and engineering and construction industries.
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