Aspen Technology (NASDAQ:AZPN) Given New $260.00 Price Target at Bank of America

Aspen Technology (NASDAQ:AZPN) had its price objective increased by Bank of America from $225.00 to $260.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird increased their price target on shares of Aspen Technology from $230.00 to $250.00 and gave the company an outperform rating in a report on Wednesday, August 7th. Piper Sandler increased their target price on shares of Aspen Technology from $200.00 to $217.00 and gave the company a neutral rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $248.40.

Aspen Technology Trading Down 1.5 %

Shares of AZPN opened at $235.56 on Wednesday. The stock’s 50 day moving average is $210.72 and its two-hundred day moving average is $206.16. Aspen Technology has a twelve month low of $162.26 and a twelve month high of $240.82. The firm has a market capitalization of $14.92 billion, a PE ratio of -535.36, a P/E/G ratio of 2.63 and a beta of 0.75.

Aspen Technology (NASDAQ:AZPN) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.49. The firm had revenue of $342.91 million for the quarter, compared to the consensus estimate of $319.10 million. Aspen Technology had a positive return on equity of 2.96% and a negative net margin of 0.87%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 earnings per share. On average, sell-side analysts predict that Aspen Technology will post 6.53 EPS for the current year.

Insider Buying and Selling at Aspen Technology

In other news, Director Jr. Robert M. Whelan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $219.10, for a total value of $219,100.00. Following the sale, the director now directly owns 8,540 shares in the company, valued at $1,871,114. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Trading of Aspen Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AZPN. Tortoise Investment Management LLC lifted its holdings in Aspen Technology by 77.8% in the 2nd quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock valued at $25,000 after purchasing an additional 56 shares in the last quarter. Mather Group LLC. lifted its stake in shares of Aspen Technology by 2,600.0% during the second quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock valued at $29,000 after buying an additional 130 shares during the period. Crewe Advisors LLC lifted its stake in shares of Aspen Technology by 313.2% during the second quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock valued at $31,000 after buying an additional 119 shares during the period. GAMMA Investing LLC grew its stake in Aspen Technology by 65.7% in the 2nd quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock worth $35,000 after acquiring an additional 69 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in Aspen Technology in the 2nd quarter valued at $37,000. Hedge funds and other institutional investors own 45.66% of the company’s stock.

About Aspen Technology

Aspen Technology, Inc provides industrial software that focuses on helping customers in asset-intensive industries worldwide. The company's solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. Its software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management.