Aspen Technology, Inc. (AZPN) Reaches New 1-Year High on Strong Earnings

Aspen Technology, Inc. (NASDAQ:AZPN) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $66.69 and last traded at $66.76, with a volume of 162,794 shares. The stock had previously closed at $65.67.

The technology company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.05. The business had revenue of $122.80 million during the quarter, compared to the consensus estimate of $121.73 million. Aspen Technology had a negative return on equity of 69.10% and a net margin of 33.35%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $0.49 earnings per share.

Several equities research analysts have weighed in on the company. BidaskClub raised Aspen Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 8th. Zacks Investment Research downgraded Aspen Technology from a “buy” rating to a “hold” rating in a report on Tuesday, August 29th. Canaccord Genuity reaffirmed a “hold” rating on shares of Aspen Technology in a report on Friday, August 11th. Berenberg Bank started coverage on Aspen Technology in a report on Wednesday, August 23rd. They set a “buy” rating and a $70.00 target price for the company. Finally, Robert W. Baird set a $63.00 target price on Aspen Technology and gave the stock a “hold” rating in a report on Friday, October 6th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $61.88.

In related news, VP F G. Hammond sold 3,388 shares of Aspen Technology stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $60.60, for a total transaction of $205,312.80. Following the completion of the sale, the vice president now owns 20,733 shares of the company’s stock, valued at $1,256,419.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Karl E. Johnsen sold 1,969 shares of Aspen Technology stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $59.14, for a total value of $116,446.66. Following the sale, the insider now directly owns 28,530 shares of the company’s stock, valued at approximately $1,687,264.20. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in AZPN. First Manhattan Co. acquired a new stake in shares of Aspen Technology during the third quarter worth about $125,000. Paradigm Asset Management Co. LLC acquired a new stake in shares of Aspen Technology during the second quarter worth about $138,000. Pacad Investment Ltd. purchased a new position in Aspen Technology during the second quarter valued at approximately $166,000. Advisor Group Inc. raised its position in Aspen Technology by 69.9% during the second quarter. Advisor Group Inc. now owns 3,149 shares of the technology company’s stock valued at $173,000 after acquiring an additional 1,296 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Aspen Technology by 12.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,312 shares of the technology company’s stock valued at $183,000 after acquiring an additional 357 shares in the last quarter.

The company has a market capitalization of $4.77 billion, a P/E ratio of 30.95 and a beta of 1.24. The firm’s 50-day moving average is $64.29 and its 200 day moving average is $60.03.

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Aspen Technology Company Profile

Aspen Technology, Inc is a global provider of process optimization software solutions designed to manage and optimize plant and process design, operational performance, and supply chain planning. The Company’s aspenONE software and related services have been developed specifically for companies in the process industries, including the energy, chemicals, and engineering and construction industries.

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