Aspen Technology (NASDAQ:AZPN) Downgraded to “Sell” at BidaskClub

BidaskClub downgraded shares of Aspen Technology (NASDAQ:AZPN) from a hold rating to a sell rating in a research report released on Thursday morning, BidAskClub reports.

A number of other equities analysts have also commented on the company. Bank of America restated a neutral rating and set a $136.00 price objective (up previously from $130.00) on shares of Aspen Technology in a research note on Thursday, August 8th. KeyCorp raised their price objective on Aspen Technology from $124.00 to $141.00 and gave the stock an overweight rating in a research note on Thursday, August 8th. Wedbush restated an outperform rating and set a $155.00 price objective (up previously from $146.00) on shares of Aspen Technology in a research note on Monday, August 12th. Canaccord Genuity raised their price objective on Aspen Technology from $126.00 to $135.00 and gave the stock a buy rating in a research note on Thursday. Finally, ValuEngine lowered Aspen Technology from a strong-buy rating to a buy rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $134.57.

Shares of NASDAQ AZPN traded down $2.69 during trading hours on Thursday, reaching $122.15. 24,221 shares of the stock were exchanged, compared to its average volume of 323,285. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 32.32, a P/E/G ratio of 20.18 and a beta of 1.59. Aspen Technology has a 52 week low of $74.84 and a 52 week high of $142.15. The stock’s fifty day simple moving average is $133.23 and its 200 day simple moving average is $119.51.

Aspen Technology (NASDAQ:AZPN) last announced its earnings results on Wednesday, August 7th. The technology company reported $1.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.50. Aspen Technology had a return on equity of 60.30% and a net margin of 43.91%. The company had revenue of $195.77 million for the quarter, compared to analyst estimates of $162.71 million. During the same quarter last year, the company earned $0.59 earnings per share. The firm’s quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts predict that Aspen Technology will post 3.08 EPS for the current fiscal year.

In other Aspen Technology news, CFO Karl E. Johnsen sold 2,972 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $136.80, for a total value of $406,569.60. Following the sale, the chief financial officer now owns 22,150 shares of the company’s stock, valued at approximately $3,030,120. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.90% of the company’s stock.

Hedge funds have recently modified their holdings of the business. William Blair Investment Management LLC boosted its holdings in shares of Aspen Technology by 32.3% during the 1st quarter. William Blair Investment Management LLC now owns 1,582,680 shares of the technology company’s stock valued at $165,010,000 after acquiring an additional 386,376 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in Aspen Technology during the 2nd quarter worth about $44,241,000. Riverbridge Partners LLC acquired a new position in Aspen Technology during the 2nd quarter worth about $22,156,000. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Aspen Technology by 2.6% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,072,554 shares of the technology company’s stock worth $754,697,000 after buying an additional 155,276 shares during the period. Finally, BlackRock Inc. lifted its holdings in Aspen Technology by 3.8% during the 2nd quarter. BlackRock Inc. now owns 3,877,106 shares of the technology company’s stock worth $481,849,000 after buying an additional 141,490 shares during the period. 96.45% of the stock is currently owned by hedge funds and other institutional investors.

Aspen Technology Company Profile

Aspen Technology, Inc, together with its subsidiaries, operates as an asset optimization software company in the United States, Europe, and internationally. The company operates through two segments, Subscription and Software, and Services. It supplies asset optimization solutions that optimize asset design, operations, and maintenance lifecycle in various industrial environments.

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Analyst Recommendations for Aspen Technology (NASDAQ:AZPN)

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