Zacks Investment Research downgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a buy rating to a hold rating in a research report released on Wednesday morning.
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 research analysts have also commented on AZPN. Canaccord Genuity reiterated a hold rating on shares of Aspen Technology in a research report on Friday, August 11th. BidaskClub upgraded Aspen Technology from a buy rating to a strong-buy rating in a research report on Tuesday, August 8th. Berenberg Bank assumed coverage on Aspen Technology in a research report on Wednesday, August 23rd. They issued a buy rating and a $70.00 price objective on the stock. Finally, Robert W. Baird set a $63.00 price objective on Aspen Technology and gave the company a hold rating in a research report on Friday, October 6th. Five research 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 company. The stock has a consensus rating of Buy and a consensus price target of $62.50.
Aspen Technology (NASDAQ:AZPN) last released 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. Aspen Technology had a negative return on equity of 66.74% and a net margin of 33.35%. The firm had revenue of $122.80 million during the quarter, compared to analysts’ expectations of $121.73 million. During the same period last year, the firm posted $0.49 EPS. The business’s revenue was up 2.2% on a year-over-year basis.
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In other news, insider Karl E. Johnsen sold 1,969 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $59.14, for a total value of $116,446.66. Following the transaction, the insider now directly owns 28,530 shares in the company, valued at approximately $1,687,264.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP F G. Hammond sold 3,388 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $60.60, for a total value of $205,312.80. Following the completion of the transaction, the vice president now owns 20,733 shares in the company, valued at $1,256,419.80. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Koch Industries Inc. lifted its holdings in Aspen Technology by 8,875.5% during the second quarter. Koch Industries Inc. now owns 1,184,948 shares of the technology company’s stock worth $1,164,000 after acquiring an additional 1,171,746 shares in the last quarter. Jennison Associates LLC lifted its holdings in Aspen Technology by 354.1% during the second quarter. Jennison Associates LLC now owns 31,854 shares of the technology company’s stock worth $1,760,000 after acquiring an additional 24,839 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new position in Aspen Technology during the first quarter worth about $314,000. Credit Suisse AG lifted its holdings in Aspen Technology by 37.2% during the first quarter. Credit Suisse AG now owns 109,284 shares of the technology company’s stock worth $6,439,000 after acquiring an additional 29,605 shares in the last quarter. Finally, BNP Paribas Arbitrage SA lifted its holdings in Aspen Technology by 444.1% during the second quarter. BNP Paribas Arbitrage SA now owns 9,636 shares of the technology company’s stock worth $532,000 after acquiring an additional 7,865 shares in the last quarter.
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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