StockNews.com Initiates Coverage on Aspen Technology (NASDAQ:AZPN)

Investment analysts at StockNews.com started coverage on shares of Aspen Technology (NASDAQ:AZPN) in a research report issued on Thursday. The brokerage set a “hold” rating on the technology company’s stock.

Several other research analysts also recently commented on the company. Robert W. Baird raised their price objective on Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Berenberg Bank lowered Aspen Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Piper Sandler boosted their target price on Aspen Technology from $217.00 to $240.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Bank of America increased their target price on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Loop Capital raised their price objective on shares of Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Aspen Technology currently has a consensus rating of “Hold” and a consensus price target of $253.00.

Aspen Technology Stock Performance

Shares of AZPN stock traded up $0.99 during mid-day trading on Thursday, hitting $247.04. The company’s stock had a trading volume of 368,152 shares, compared to its average volume of 226,917. The stock has a market cap of $15.63 billion, a price-to-earnings ratio of -425.93, a PEG ratio of 2.81 and a beta of 0.76. Aspen Technology has a 52-week low of $171.25 and a 52-week high of $249.91. The business has a 50-day moving average price of $235.80 and a 200 day moving average price of $215.15.

Aspen Technology (NASDAQ:AZPN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.54). Aspen Technology had a positive return on equity of 2.81% and a negative net margin of 3.26%. The company had revenue of $215.90 million during the quarter, compared to analysts’ expectations of $265.04 million. During the same quarter in the previous year, the company earned $0.96 EPS. The business’s quarterly revenue was down 13.4% compared to the same quarter last year. Equities research analysts predict that Aspen Technology will post 6.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jr. Robert M. Whelan sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $219.10, for a total value of $219,100.00. Following the completion of the sale, the director now directly owns 8,540 shares in the company, valued at approximately $1,871,114. This trade represents a 10.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Aspen Technology

Institutional investors have recently modified their holdings of the business. Tortoise Investment Management LLC increased 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 worth $25,000 after purchasing an additional 56 shares in the last quarter. Mather Group LLC. raised its stake in shares of Aspen Technology by 2,600.0% during the 2nd quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock valued at $29,000 after purchasing an additional 130 shares during the period. Crewe Advisors LLC grew its position in Aspen Technology by 313.2% during the second quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock worth $31,000 after buying an additional 119 shares in the last quarter. GAMMA Investing LLC grew its position in Aspen Technology by 65.7% during the second quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock worth $35,000 after buying an additional 69 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Aspen Technology in the 2nd quarter worth about $37,000. 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.