Aspen Technology, Inc. (NASDAQ:AZPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $67.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.06% 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. “

Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Aspen Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Canaccord Genuity reiterated a “hold” rating and set a $60.00 target price on shares of Aspen Technology in a research report on Friday, June 9th. Benchmark Co. reiterated a “hold” rating and set a $55.00 target price (up from $48.00) on shares of Aspen Technology in a research report on Wednesday, May 3rd. Wedbush restated a “neutral” rating and issued a $59.00 price target on shares of Aspen Technology in a research report on Wednesday, June 28th. Finally, Robert W. Baird started coverage on shares of Aspen Technology in a research report on Wednesday, May 10th. They issued a “neutral” rating and a $63.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $60.57.

Shares of Aspen Technology (NASDAQ:AZPN) traded down 0.12% during trading on Wednesday, hitting $59.79. 386,211 shares of the stock were exchanged. Aspen Technology has a 52 week low of $41.30 and a 52 week high of $64.34. The firm has a 50 day moving average price of $56.76 and a 200 day moving average price of $57.90. The firm has a market capitalization of $4.39 billion, a P/E ratio of 28.34 and a beta of 1.28.

Aspen Technology (NASDAQ:AZPN) last posted its earnings results on Thursday, August 10th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.44 by $0.29. Aspen Technology had a net margin of 33.58% and a negative return on equity of 73.17%. The business had revenue of $123.68 million for the quarter, compared to the consensus estimate of $119.55 million. During the same period last year, the company earned $0.44 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. Analysts forecast that Aspen Technology will post $1.99 EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Advisors LLC increased its position in shares of Aspen Technology by 28.0% in the fourth quarter. Teachers Advisors LLC now owns 173,622 shares of the technology company’s stock worth $9,494,000 after buying an additional 37,963 shares during the period. Acadian Asset Management LLC increased its position in shares of Aspen Technology by 27.0% in the first quarter. Acadian Asset Management LLC now owns 62,469 shares of the technology company’s stock worth $3,681,000 after buying an additional 13,295 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Aspen Technology by 35.5% in the first quarter. Janney Montgomery Scott LLC now owns 36,805 shares of the technology company’s stock worth $2,169,000 after buying an additional 9,642 shares during the period. Russell Investments Group Ltd. increased its position in shares of Aspen Technology by 9.9% in the first quarter. Russell Investments Group Ltd. now owns 170,422 shares of the technology company’s stock worth $10,041,000 after buying an additional 15,403 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its position in shares of Aspen Technology by 2,444.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 102,799 shares of the technology company’s stock worth $6,056,000 after buying an additional 98,759 shares during the period.

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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Analyst Recommendations for Aspen Technology (NASDAQ:AZPN)

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