Aspen Technology (NASDAQ:AZPN) Shares Gap Up on Analyst Upgrade

Aspen Technology, Inc. (NASDAQ:AZPN) gapped up before the market opened on Wednesday after Loop Capital raised their price target on the stock from $204.00 to $260.00. The stock had previously closed at $226.10, but opened at $233.54. Loop Capital currently has a buy rating on the stock. Aspen Technology shares last traded at $233.54, with a volume of 1,263 shares changing hands.

Several other analysts have also issued reports on AZPN. Bank of America upped their target price on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday. Robert W. Baird upped their target price on Aspen Technology from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Finally, Piper Sandler lifted their price target on Aspen Technology from $200.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $248.40.

Insider Activity at Aspen Technology

In related news, Director Jr. Robert M. Whelan sold 1,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $219.10, for a total value of $219,100.00. Following the sale, the director now directly owns 8,540 shares in the company, valued at approximately $1,871,114. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AZPN. LRI Investments LLC grew its position in shares of Aspen Technology by 6.7% in the second quarter. LRI Investments LLC now owns 862 shares of the technology company’s stock valued at $171,000 after purchasing an additional 54 shares in the last quarter. Tortoise Investment Management LLC lifted its holdings in shares of Aspen Technology by 77.8% in the second quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock worth $25,000 after buying an additional 56 shares in the last quarter. OFI Invest Asset Management lifted its holdings in shares of Aspen Technology by 7.4% in the second quarter. OFI Invest Asset Management now owns 872 shares of the technology company’s stock worth $162,000 after buying an additional 60 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Aspen Technology by 4.1% in the second quarter. Assenagon Asset Management S.A. now owns 1,536 shares of the technology company’s stock valued at $305,000 after acquiring an additional 60 shares during the period. Finally, Mitchell & Pahl Private Wealth LLC grew its stake in Aspen Technology by 2.5% during the second quarter. Mitchell & Pahl Private Wealth LLC now owns 2,654 shares of the technology company’s stock valued at $527,000 after acquiring an additional 65 shares in the last quarter. 45.66% of the stock is currently owned by hedge funds and other institutional investors.

Aspen Technology Trading Up 1.4 %

The firm has a market cap of $15.15 billion, a P/E ratio of -543.77, a price-to-earnings-growth ratio of 2.63 and a beta of 0.75. The stock’s fifty day moving average is $209.90 and its two-hundred day moving average is $205.88.

Aspen Technology (NASDAQ:AZPN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.49. The company had revenue of $342.91 million for the quarter, compared to the consensus estimate of $319.10 million. Aspen Technology had a positive return on equity of 2.96% and a negative net margin of 0.87%. The firm’s revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.87 earnings per share. On average, analysts forecast that Aspen Technology, Inc. will post 6.53 EPS for the current year.

Aspen Technology Company Profile

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.