Zacks Investment Research downgraded shares of Aspen Technology (NASDAQ:AZPN) from a buy rating to a hold rating in a research note published on Monday, Zacks.com reports.

According to Zacks, “Aspen Technology delivered stellar third-quarter results. Robust adoption of its Asset Performance Management and Aspen Mtell suite, and advancement in bookings drove top line growth. Anticipating momentum in bookings to continue, the company raised fiscal 2019 revenues guidance. Moreover, Aspen is also witnessing increased demand from global economy industries (GEIs) and E&C customers. Furthermore, the company’s subscription based business model is strengthened by long-term contracts with high-end customers. Additionally, the company’s diversified product portfolio and a sticky customer base impose significant barriers to entry which is a positive. Shares have outperformed the industry on a year to date basis. However, stiff competition in the asset management market is a major headwind. Integration risks and continuing investments to stay afloat remains a concern.”

AZPN has been the subject of a number of other research reports. Wedbush restated a neutral rating and set a $99.00 price objective (down previously from $104.00) on shares of Aspen Technology in a report on Thursday, January 24th. Benchmark boosted their price objective on Aspen Technology from $95.00 to $110.00 and gave the company a buy rating in a report on Thursday, January 24th. Bank of America upgraded Aspen Technology from an underperform rating to a neutral rating and boosted their price objective for the company from $88.00 to $116.00 in a report on Tuesday, April 23rd. BidaskClub upgraded Aspen Technology from a hold rating to a buy rating in a report on Friday, January 25th. Finally, Canaccord Genuity boosted their price objective on Aspen Technology from $100.00 to $110.00 and gave the company a buy rating in a report on Thursday, January 24th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $114.38.

AZPN opened at $118.28 on Monday. Aspen Technology has a 52-week low of $74.84 and a 52-week high of $124.96. The firm has a market cap of $8.29 billion, a P/E ratio of 57.42 and a beta of 1.61.

Aspen Technology (NASDAQ:AZPN) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.10. Aspen Technology had a return on equity of 76.36% and a net margin of 37.25%. The company had revenue of $148.00 million during the quarter, compared to analysts’ expectations of $136.38 million. During the same quarter in the previous year, the business earned $0.52 EPS. Aspen Technology’s revenue was up 15.8% compared to the same quarter last year. As a group, equities analysts expect that Aspen Technology will post 3.26 earnings per share for the current year.

In other Aspen Technology news, insider Karl E. Johnsen sold 3,037 shares of the company’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $121.38, for a total value of $368,631.06. Following the completion of the sale, the insider now directly owns 26,453 shares in the company, valued at approximately $3,210,865.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Antonio J. Pietri sold 7,095 shares of the company’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $99.49, for a total value of $705,881.55. Following the completion of the sale, the chief executive officer now owns 237,920 shares of the company’s stock, valued at $23,670,660.80. The disclosure for this sale can be found here. Insiders sold a total of 72,792 shares of company stock valued at $8,585,144 over the last quarter. Company insiders own 0.90% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Ellis Investment Partners LLC purchased a new stake in shares of Aspen Technology in the 1st quarter worth $33,000. Riverview Trust Co purchased a new stake in shares of Aspen Technology in the 4th quarter worth $65,000. First Hawaiian Bank lifted its holdings in shares of Aspen Technology by 478.4% in the 4th quarter. First Hawaiian Bank now owns 885 shares of the technology company’s stock worth $73,000 after buying an additional 732 shares during the period. NumerixS Investment Technologies Inc lifted its holdings in shares of Aspen Technology by 75.0% in the 4th quarter. NumerixS Investment Technologies Inc now owns 1,400 shares of the technology company’s stock worth $113,000 after buying an additional 600 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Aspen Technology by 11.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 2,244 shares of the technology company’s stock worth $184,000 after buying an additional 229 shares during the period. Institutional investors and hedge funds own 98.66% of the company’s stock.

Aspen Technology Company Profile

Aspen Technology, Inc, together with its subsidiaries, operates as an asset optimization software company in the United States, Europe, and internationally. The company operates through two segments, Subscription and Software, and Services. It supplies asset optimization solutions that optimize asset design, operations, and maintenance lifecycle in various industrial environments.

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