Aspen Technology, Inc. (AZPN) Lowered to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a buy rating to a hold rating in a research note released 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 firms have also recently weighed in on AZPN. Robert W. Baird reiterated an outperform rating and issued a $65.00 price target on shares of Aspen Technology in a report on Thursday, May 11th. Benchmark Co. reiterated a hold rating and issued a $55.00 price target (up previously from $48.00) on shares of Aspen Technology in a report on Wednesday, May 3rd. Berenberg Bank initiated coverage on shares of Aspen Technology in a report on Wednesday, August 23rd. They issued a buy rating and a $70.00 price target for the company. Canaccord Genuity reiterated a hold rating and issued a $60.00 price target on shares of Aspen Technology in a report on Friday, June 9th. Finally, BidaskClub cut shares of Aspen Technology from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $61.75.
Aspen Technology (NASDAQ AZPN) opened at 61.25 on Tuesday. The firm has a market capitalization of $4.48 billion, a P/E ratio of 29.03 and a beta of 1.28. Aspen Technology has a one year low of $44.60 and a one year high of $64.34. The firm has a 50-day moving average price of $57.70 and a 200 day moving average price of $58.17.
Aspen Technology (NASDAQ:AZPN) last released its quarterly earnings results on Thursday, August 10th. The technology company reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.29. The company had revenue of $123.68 million during the quarter, compared to analysts’ expectations of $119.55 million. Aspen Technology had a net margin of 33.58% and a negative return on equity of 73.17%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 earnings per share. Equities research analysts anticipate that Aspen Technology will post $1.99 earnings per share for the current year.
In other Aspen Technology news, insider Karl E. Johnsen sold 1,969 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $59.14, for a total transaction of $116,446.66. Following the sale, the insider now directly owns 28,530 shares of the company’s stock, valued at $1,687,264.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP F G. Hammond sold 3,388 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $60.60, for a total transaction of $205,312.80. Following the sale, the vice president now directly owns 20,733 shares in the company, valued at $1,256,419.80. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. ClariVest Asset Management LLC bought a new position in shares of Aspen Technology during the first quarter valued at $1,540,000. MARSHALL WACE ASIA Ltd bought a new position in shares of Aspen Technology during the first quarter valued at $314,000. Credit Suisse AG raised its position in shares of Aspen Technology by 37.2% in the first quarter. Credit Suisse AG now owns 109,284 shares of the technology company’s stock valued at $6,439,000 after buying an additional 29,605 shares during the last quarter. Stephens Investment Management Group LLC raised its position in shares of Aspen Technology by 3.6% in the first quarter. Stephens Investment Management Group LLC now owns 905,240 shares of the technology company’s stock valued at $53,337,000 after buying an additional 31,672 shares during the last quarter. Finally, Highbridge Capital Management LLC bought a new position in shares of Aspen Technology during the first quarter valued at $300,000.
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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