Aspen Technology, Inc. (NASDAQ:AZPN – Free Report) shares rose in pre-market trading on Wednesday after the company reported better-than-expected quarterly results. The stock had previously closed at $177.84 but opened at $208.47. Aspen Technology shares were last seen trading at $216.00 with volume of 38,076 shares changing hands.
The technology company reported earnings per share of $2.37 for the quarter, beating the consensus estimate of $1.88 by $0.49. The company had revenue of $342.91 million during the quarter, compared to analyst estimates of $319.10 million. Aspen Technology had a negative net margin of 2.46% and a positive return on equity of 2.76%. Aspen Technology’s revenue grew 6.9% year-over-year. In the same quarter last year, the company reported earnings per share of $1.87.
Upgrades and downgrades by analysts
Several research firms have commented on AZPN. William Blair upgraded shares of Aspen Technology to a “hold” in a research report on Tuesday, May 7th. Robert W. Baird raised their price target on shares of Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a research report on Wednesday. Piper Sandler decreased their price target on shares of Aspen Technology from $196.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Finally, Berenberg Bank upgraded shares of Aspen Technology from a “hold” to a “buy” in a research report on Friday, May 17th and increased their price target on the stock from $185.00 to $255.00. Three research analysts have rated the stock with a Hold rating and three have given it a Buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $224.50.
Check out our latest analysis on Aspen Technology
Institutional inflows and outflows
A number of institutional investors and hedge funds have recently increased or reduced their holdings in AZPN. Texas Permanent School Fund Corp increased its holdings in shares of Aspen Technology by 41.1% in the 2nd quarter. Texas Permanent School Fund Corp now owns 34,530 shares of the technology company’s stock valued at $6,859,000 after acquiring an additional 10,058 shares during the period. Prudential PLC increased its holdings in shares of Aspen Technology by 24.7% in the 2nd quarter. Prudential PLC now owns 6,859 shares of the technology company’s stock valued at $1,362,000 after acquiring an additional 1,359 shares during the period. Quest Partners LLC increased its holdings in shares of Aspen Technology by 15,800.0% in the 2nd quarter. Quest Partners LLC now owns 954 shares of the technology company’s stock valued at $189,000 after acquiring an additional 948 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Aspen Technology during the 2nd quarter valued at about $110,000. Finally, Otter Creek Advisors LLC increased its holdings in shares of Aspen Technology by 345.9% during the 2nd quarter. Otter Creek Advisors LLC now owns 15,605 shares of the technology company’s stock valued at $3,100,000 after acquiring an additional 12,105 shares during the period. 45.66% of the shares are currently held by hedge funds and other institutional investors.
Performance of Aspen Technology shares
The company has a market cap of $13.11 billion, a P/E ratio of -470.45, a price-to-earnings-growth ratio of 2.26 and a beta of 0.73. The company’s 50-day moving average price is $195.87 and its 200-day moving average price is $199.32.
Aspen Technology Company Profile
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Aspen Technology, Inc. provides industrial software that supports customers in asset-intensive industries worldwide. The company’s solutions address complex environments where it is critical to optimize the lifecycle of asset design, operations, and maintenance. The software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management.
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