Zacks Investment Research upgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a hold rating to a buy rating in a research report sent to investors on Friday, May 5th. They currently have $65.00 price target on the technology company’s stock.
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. “
Other equities analysts also recently issued reports about the stock. Benchmark Co. reissued 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 set a $55.00 target price on shares of Aspen Technology in a research note on Friday, February 24th. Finally, Avondale Partners raised shares of Aspen Technology from an underperform rating to an outperform rating and set a $60.00 target price for the company in a research note on Friday, January 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $57.57.
Aspen Technology (NASDAQ:AZPN) traded up 0.92% during midday trading on Friday, hitting $58.31. The stock had a trading volume of 525,501 shares. The company’s 50-day moving average price is $59.20 and its 200 day moving average price is $55.99. The company has a market capitalization of $4.34 billion, a PE ratio of 32.43 and a beta of 1.02. Aspen Technology has a 52 week low of $37.08 and a 52 week high of $64.34.
Aspen Technology (NASDAQ:AZPN) last announced its earnings results on Tuesday, May 2nd. The technology company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. Aspen Technology had a negative return on equity of 117.73% and a net margin of 29.29%. The firm had revenue of $119.28 million for the quarter, compared to the consensus estimate of $117.64 million. On average, analysts expect that Aspen Technology will post $1.97 EPS for the current year.
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In other news, EVP William Griffin sold 2,427 shares of Aspen Technology stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $58.55, for a total transaction of $142,100.85. Following the transaction, the executive vice president now owns 46,132 shares in the company, valued at approximately $2,701,028.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of 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 last quarter. FMR LLC increased its stake in shares of 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 last quarter. Norges Bank bought a new stake in shares of Aspen Technology during the fourth quarter worth about $36,470,000. Pictet Asset Management Ltd. increased its stake in shares of 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 worth $77,321,000 after buying an additional 360,100 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Aspen Technology by 21.4% in the first quarter. Renaissance Technologies LLC now owns 1,952,300 shares of the technology company’s stock worth $115,030,000 after buying an additional 343,800 shares in 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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