Zacks Investment Research Lowers Aspen Technology, Inc. (AZPN) to Hold
Zacks Investment Research lowered shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a buy rating to a hold rating in a research report released on Tuesday.
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 analysts also recently issued reports on AZPN. Berenberg Bank began coverage on shares of Aspen Technology in a report on Wednesday, August 23rd. They issued a buy rating and a $70.00 price objective for the company. Canaccord Genuity reissued a hold rating on shares of Aspen Technology in a report on Friday, August 11th. BidaskClub raised shares of Aspen Technology from a buy rating to a strong-buy rating in a report on Tuesday, August 8th. Wedbush reissued a neutral rating and issued a $59.00 price objective on shares of Aspen Technology in a report on Wednesday, June 28th. Finally, Robert W. Baird reissued an outperform rating and issued a $65.00 price objective on shares of Aspen Technology in a report on Thursday, May 11th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $61.75.
Aspen Technology (AZPN) opened at 63.25 on Tuesday. The firm has a market cap of $4.62 billion, a price-to-earnings ratio of 29.98 and a beta of 1.28. The stock’s 50 day moving average is $58.30 and its 200-day moving average is $58.36. Aspen Technology has a 12 month low of $44.60 and a 12 month high of $64.34.
Aspen Technology (NASDAQ:AZPN) last announced its earnings results on Thursday, August 10th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.44 by $0.29. The business had revenue of $123.68 million during the quarter, compared to the consensus estimate of $119.55 million. Aspen Technology had a net margin of 33.58% and a negative return on equity of 73.17%. Aspen Technology’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.44 EPS. On average, analysts anticipate that Aspen Technology will post $1.99 earnings per share for the current fiscal year.
In other news, insider Karl E. Johnsen sold 1,969 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $59.14, for a total value of $116,446.66. Following the completion of the transaction, the insider now directly owns 28,530 shares in the company, valued at approximately $1,687,264.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP F G. Hammond sold 3,388 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $60.60, for a total transaction of $205,312.80. Following the completion of the transaction, the vice president now owns 20,733 shares of the company’s stock, valued at $1,256,419.80. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Several institutional investors have recently modified their holdings of AZPN. TrimTabs Asset Management LLC boosted its position in shares of Aspen Technology by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,262 shares of the technology company’s stock valued at $133,000 after buying an additional 1,064 shares during the last quarter. Paradigm Asset Management Co. LLC purchased a new position in shares of Aspen Technology during the second quarter valued at approximately $138,000. Pacad Investment Ltd. purchased a new position in shares of Aspen Technology during the second quarter valued at approximately $166,000. Advisor Group Inc. boosted its position in shares of Aspen Technology by 69.9% in the second quarter. Advisor Group Inc. now owns 3,149 shares of the technology company’s stock valued at $173,000 after buying an additional 1,296 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Aspen Technology by 12.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,312 shares of the technology company’s stock valued at $183,000 after buying an additional 357 shares during the last quarter.
Aspen Technology Company Profile
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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