The Manufacturers Life Insurance Company Sells 1,643 Shares of Aspen Technology, Inc. (NASDAQ:AZPN)

The Manufacturers Life Insurance Company reduced its stake in shares of Aspen Technology, Inc. (NASDAQ:AZPN) by 6.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,647 shares of the technology company’s stock after selling 1,643 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Aspen Technology were worth $5,409,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Aspen Technology in the 2nd quarter worth approximately $3,042,000. Brown Brothers Harriman & Co. boosted its stake in Aspen Technology by 31.0% in the third quarter. Brown Brothers Harriman & Co. now owns 166,352 shares of the technology company’s stock valued at $39,728,000 after acquiring an additional 39,396 shares in the last quarter. Citigroup Inc. grew its holdings in Aspen Technology by 15.9% in the third quarter. Citigroup Inc. now owns 23,240 shares of the technology company’s stock worth $5,550,000 after purchasing an additional 3,186 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Aspen Technology by 5.2% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 582,682 shares of the technology company’s stock worth $139,156,000 after purchasing an additional 28,820 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Aspen Technology during the 3rd quarter valued at $713,000. Hedge funds and other institutional investors own 45.66% of the company’s stock.

Aspen Technology Stock Down 0.4 %

Aspen Technology stock opened at $249.93 on Friday. Aspen Technology, Inc. has a 52 week low of $171.25 and a 52 week high of $254.04. The stock has a 50-day moving average price of $241.72 and a 200 day moving average price of $219.99. The company has a market capitalization of $15.81 billion, a price-to-earnings ratio of -430.91, a price-to-earnings-growth ratio of 2.83 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 the consensus estimate of $1.39 by ($0.54). The business had revenue of $215.90 million for the quarter, compared to analyst estimates of $265.04 million. Aspen Technology had a negative net margin of 3.26% and a positive return on equity of 2.81%. The business’s revenue was down 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.96 earnings per share. Research analysts anticipate that Aspen Technology, Inc. will post 6.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AZPN. Piper Sandler upped their target price on Aspen Technology from $217.00 to $240.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Berenberg Bank downgraded shares of Aspen Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Bank of America increased their price objective on shares of Aspen Technology from $225.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Loop Capital upped their price target on shares of Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, StockNews.com initiated coverage on shares of Aspen Technology in a report on Saturday, November 30th. They issued a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $253.00.

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.