Zacks Investment Research Downgrades Aspen Technology, Inc. (AZPN) to Sell
Aspen Technology, Inc. (NASDAQ:AZPN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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. “
Several other research analysts also recently weighed in on AZPN. Wedbush reaffirmed a “neutral” rating and set a $59.00 target price on shares of Aspen Technology in a research note on Wednesday, June 28th. Canaccord Genuity reaffirmed a “hold” rating and set a $60.00 target price on shares of Aspen Technology in a research note on Friday, June 9th. Robert W. Baird assumed coverage on Aspen Technology in a research note on Wednesday, May 10th. They set a “neutral” rating and a $63.00 target price for the company. Finally, Benchmark Co. reaffirmed a “hold” rating and set a $55.00 target price (up from $48.00) on shares of Aspen Technology in a research note on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Aspen Technology has an average rating of “Hold” and a consensus price target of $60.29.
Aspen Technology (NASDAQ AZPN) traded down 0.38% during midday trading on Tuesday, hitting $55.05. 208,356 shares of the stock traded hands. Aspen Technology has a 12 month low of $38.57 and a 12 month high of $64.34. The firm has a market cap of $4.10 billion, a PE ratio of 30.62 and a beta of 1.28. The company’s 50 day moving average price is $58.34 and its 200 day moving average price is $57.44.
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 the Thomson Reuters’ consensus estimate of $0.38 by $0.09. The business had revenue of $119.28 million during the quarter, compared to the consensus estimate of $117.64 million. Aspen Technology had a negative return on equity of 80.54% and a net margin of 29.85%. Equities research analysts predict that Aspen Technology will post $1.97 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. TrimTabs Asset Management LLC increased its position in 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 in the last quarter. First Republic Investment Management Inc. purchased a new position in Aspen Technology during the fourth quarter valued at approximately $203,000. Federated Investors Inc. PA purchased a new position in Aspen Technology during the fourth quarter valued at approximately $203,000. Comerica Bank purchased a new position in Aspen Technology during the fourth quarter valued at approximately $225,000. Finally, Cookson Peirce & Co. Inc. purchased a new position in Aspen Technology during the first quarter valued at approximately $243,000.
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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