Aspen Technology (NASDAQ:AZPN) Sets New 52-Week High – Here’s Why

Aspen Technology, Inc. (NASDAQ:AZPN)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $249.91 and last traded at $249.53, with a volume of 380397 shares trading hands. The stock had previously closed at $245.00.

Analyst Upgrades and Downgrades

AZPN has been the topic of a number of research analyst reports. Bank of America lifted their target price on Aspen Technology from $225.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Berenberg Bank cut Aspen Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Loop Capital boosted their target price on Aspen Technology from $204.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird boosted their target price on Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler boosted their target price on Aspen Technology from $217.00 to $240.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $253.00.

Aspen Technology Stock Performance

The company has a 50-day simple moving average of $235.80 and a 200-day simple moving average of $215.15. The company has a market cap of $15.56 billion, a price-to-earnings ratio of -424.22, a PEG ratio of 2.81 and a beta of 0.76.

Aspen Technology (NASDAQ:AZPN) last released its quarterly earnings results on Monday, November 4th. The technology company reported $0.85 earnings per share for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.54). The firm had revenue of $215.90 million during the quarter, compared to analyst estimates of $265.04 million. Aspen Technology had a positive return on equity of 2.81% and a negative net margin of 3.26%. The business’s revenue was down 13.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.96 EPS. As a group, equities research analysts forecast that Aspen Technology, Inc. will post 6.68 EPS for the current year.

Insider Buying and Selling

In related news, Director Jr. Robert M. Whelan sold 1,000 shares of the company’s stock in a transaction that occurred on 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 owns 8,540 shares in the company, valued at $1,871,114. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Aspen Technology

A number of large investors have recently bought and sold shares of the stock. Tortoise Investment Management LLC lifted its stake in shares of Aspen Technology by 77.8% during the 2nd quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock worth $25,000 after purchasing an additional 56 shares during the period. Mather Group LLC. raised its position in shares of Aspen Technology by 2,600.0% in the 2nd quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock worth $29,000 after buying an additional 130 shares during the period. Crewe Advisors LLC raised its position in shares of Aspen Technology by 313.2% in the 2nd quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock worth $31,000 after buying an additional 119 shares during the period. GAMMA Investing LLC raised its position in shares of Aspen Technology by 65.7% in the 2nd quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock worth $35,000 after buying an additional 69 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in shares of Aspen Technology in the 2nd quarter worth $37,000. Institutional investors and hedge funds own 45.66% of the company’s stock.

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.