Aspen Technology, Inc. (AZPN) Upgraded at Zacks Investment Research
Aspen Technology, Inc. (NASDAQ:AZPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $72.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.59% from the stock’s current price.
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 have also issued reports on the company. Canaccord Genuity upped their target price on Aspen Technology from $62.00 to $63.00 and gave the company a “hold” rating in a research report on Friday. Robert W. Baird set a $63.00 target price on Aspen Technology and gave the company a “hold” rating in a research report on Friday, October 6th. Berenberg Bank began coverage on Aspen Technology in a research report on Wednesday, August 23rd. They set a “buy” rating and a $70.00 target price on the stock. Finally, BidaskClub raised Aspen Technology from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $62.50.
Aspen Technology (NASDAQ:AZPN) traded up 0.51% during midday trading on Tuesday, hitting $64.52. The company had a trading volume of 669,334 shares. Aspen Technology has a 52 week low of $47.82 and a 52 week high of $68.32. The stock has a market capitalization of $4.72 billion, a PE ratio of 30.58 and a beta of 1.24. The stock has a 50 day moving average price of $64.45 and a 200-day moving average price of $60.19.
Aspen Technology (NASDAQ:AZPN) last announced its earnings results on Thursday, October 26th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.05. Aspen Technology had a negative return on equity of 66.74% and a net margin of 33.35%. The company had revenue of $122.80 million for the quarter, compared to analyst estimates of $121.73 million. During the same period in the prior year, the company posted $0.49 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts predict that Aspen Technology will post $2.01 EPS for the current year.
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In other Aspen Technology news, insider Karl E. Johnsen sold 1,969 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $59.14, for a total transaction of $116,446.66. Following the sale, the insider now owns 28,530 shares in the company, valued at approximately $1,687,264.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP F G. Hammond sold 3,388 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $60.60, for a total value of $205,312.80. Following the sale, the vice president now owns 20,733 shares in the company, valued at approximately $1,256,419.80. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
Institutional investors have recently bought and sold shares of the business. First Manhattan Co. purchased a new stake in Aspen Technology during the 3rd quarter valued at about $125,000. TrimTabs Asset Management LLC grew its stake in Aspen Technology by 88.8% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,262 shares of the technology company’s stock valued at $133,000 after purchasing an additional 1,064 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Aspen Technology during the 3rd quarter valued at about $106,000. Paradigm Asset Management Co. LLC purchased a new stake in Aspen Technology during the 2nd quarter valued at about $138,000. Finally, Victory Capital Management Inc. grew its stake in Aspen Technology by 77.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,525 shares of the technology company’s stock valued at $102,000 after purchasing an additional 1,101 shares during the last quarter.
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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