Aspen Technology, Inc. (AZPN) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $72.00 price objective on the technology company’s stock.
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. “
A number of other equities analysts have also weighed in on the stock. Canaccord Genuity lifted their price target on shares of Aspen Technology from $62.00 to $63.00 and gave the company a hold rating in a report on Friday, October 27th. Robert W. Baird set a $63.00 price target on shares of Aspen Technology and gave the company a hold rating in a report on Friday, October 6th. Berenberg Bank began coverage on shares of Aspen Technology in a report on Wednesday, August 23rd. They issued a buy rating and a $70.00 price target on the stock. Finally, BidaskClub upgraded shares of Aspen Technology from a buy rating to a strong-buy rating in a report on Tuesday, August 8th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Aspen Technology presently has an average rating of Buy and a consensus price target of $62.50.
Aspen Technology (NASDAQ AZPN) opened at $66.47 on Tuesday. The company has a market capitalization of $4.72 billion, a P/E ratio of 30.30 and a beta of 1.23.
Aspen Technology (NASDAQ:AZPN) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.05. The company had revenue of $122.80 million for the quarter, compared to analyst estimates of $121.73 million. Aspen Technology had a net margin of 33.35% and a negative return on equity of 66.74%. Aspen Technology’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the business earned $0.49 EPS. equities research analysts forecast that Aspen Technology will post 1.77 EPS for the current fiscal year.
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In other news, VP F G. Hammond sold 1,578 shares of the firm’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $65.00, for a total value of $102,570.00. Following the transaction, the vice president now owns 26,108 shares of the company’s stock, valued at approximately $1,697,020. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Karl E. Johnsen sold 1,969 shares of the firm’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 completion of the transaction, the insider now directly owns 28,530 shares in the company, valued at approximately $1,687,264.20. The disclosure for this sale can be found here. In the last three months, insiders sold 9,554 shares of company stock worth $593,019. Insiders own 0.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Koch Industries Inc. increased its stake in Aspen Technology by 8,875.5% during the 2nd quarter. Koch Industries Inc. now owns 1,184,948 shares of the technology company’s stock worth $1,164,000 after buying an additional 1,171,746 shares during the period. Jennison Associates LLC increased its stake in Aspen Technology by 354.1% during the 2nd quarter. Jennison Associates LLC now owns 31,854 shares of the technology company’s stock worth $1,760,000 after buying an additional 24,839 shares during the period. MARSHALL WACE ASIA Ltd purchased a new stake in Aspen Technology during the 1st quarter worth $314,000. Credit Suisse AG increased its stake in Aspen Technology by 37.2% during the 1st quarter. Credit Suisse AG now owns 109,284 shares of the technology company’s stock worth $6,439,000 after buying an additional 29,605 shares during the period. Finally, BNP Paribas Arbitrage SA increased its stake in Aspen Technology by 444.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 9,636 shares of the technology company’s stock worth $532,000 after buying an additional 7,865 shares during the period.
Aspen Technology Company Profile
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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