Aspen Technology (NASDAQ:AZPN) Hits New 52-Week High After Analyst Upgrade

Aspen Technology, Inc. (NASDAQ:AZPN)’s stock price hit a new 52-week high during mid-day trading on Monday after Piper Sandler raised their price target on the stock from $240.00 to $265.00. Piper Sandler currently has a neutral rating on the stock. Aspen Technology traded as high as $263.64 and last traded at $263.40, with a volume of 327294 shares traded. The stock had previously closed at $255.16.

A number of other equities research analysts have also issued reports on AZPN. Robert W. Baird reiterated a “neutral” rating and set a $265.00 target price (down from $275.00) on shares of Aspen Technology in a report on Monday. StockNews.com initiated coverage on Aspen Technology in a research note on Saturday. They issued a “hold” rating on the stock. Finally, Berenberg Bank lowered Aspen Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $261.00.

Hedge Funds Weigh In On Aspen Technology

Large investors have recently bought and sold shares of the business. Quent Capital LLC lifted its position in Aspen Technology by 364.9% in the third quarter. Quent Capital LLC now owns 172 shares of the technology company’s stock valued at $41,000 after acquiring an additional 135 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Aspen Technology during the third quarter worth about $48,000. GAMMA Investing LLC lifted its holdings in shares of Aspen Technology by 30.1% in the 4th quarter. GAMMA Investing LLC now owns 251 shares of the technology company’s stock valued at $63,000 after purchasing an additional 58 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Aspen Technology by 126.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 270 shares of the technology company’s stock valued at $68,000 after purchasing an additional 151 shares during the period. Finally, Blue Trust Inc. increased its holdings in shares of Aspen Technology by 7,575.0% in the 4th quarter. Blue Trust Inc. now owns 307 shares of the technology company’s stock valued at $73,000 after acquiring an additional 303 shares during the period. Hedge funds and other institutional investors own 45.66% of the company’s stock.

Aspen Technology Stock Up 0.2 %

The stock has a fifty day moving average of $251.28 and a 200-day moving average of $233.27. The stock has a market cap of $16.70 billion, a PE ratio of -455.17, a price-to-earnings-growth ratio of 2.94 and a beta of 0.76.

Aspen Technology (NASDAQ:AZPN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.54). Aspen Technology had a negative net margin of 3.26% and a positive return on equity of 2.81%. The firm had revenue of $215.90 million during the quarter, compared to analyst estimates of $265.04 million. During the same quarter in the previous year, the business earned $0.96 EPS. Aspen Technology’s revenue for the quarter was down 13.4% on a year-over-year basis. Equities research analysts forecast that Aspen Technology, Inc. will post 6.68 earnings per share for the current fiscal year.

About Aspen Technology

Aspen Technology, Inc provides industrial software that focuses on helping customers in asset-intensive industries worldwide. The company’s solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. Its software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management.