Canaccord Genuity Boosts Aspen Technology, Inc. (NASDAQ:AZPN) Price Target to $63.00

Aspen Technology, Inc. (NASDAQ:AZPN) had its price objective lifted by Canaccord Genuity from $62.00 to $63.00 in a research note issued to investors on Friday, October 27th. They currently have a hold rating on the technology company’s stock.

A number of other research firms also recently issued reports on AZPN. Robert W. Baird set a $63.00 price target on Aspen Technology and gave the company a hold rating in a research note on Friday, October 6th. Berenberg Bank initiated coverage on Aspen Technology in a research note on Wednesday, August 23rd. They issued a buy rating and a $70.00 target price on the stock. Zacks Investment Research upgraded Aspen Technology from a sell rating to a hold rating in a research note on Wednesday, August 9th. Finally, BidaskClub downgraded Aspen Technology from a strong-buy rating to a buy rating in a research note on Tuesday, July 25th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $63.00.

Shares of Aspen Technology (NASDAQ AZPN) opened at $66.24 on Friday. Aspen Technology has a 12-month low of $48.08 and a 12-month high of $68.32. The company has a market capitalization of $4,804.72, a PE ratio of 30.81 and a beta of 1.23.

Aspen Technology (NASDAQ:AZPN) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 66.74% 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 in the previous year, the business earned $0.49 EPS. equities analysts predict that Aspen Technology will post 1.77 EPS for the current year.

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In related news, VP F G. Hammond sold 1,578 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $65.00, for a total value of $102,570.00. Following the transaction, the vice president now owns 26,108 shares of the company’s stock, valued at $1,697,020. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jr. Robert M. Whelan sold 10,000 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $66.01, for a total value of $660,100.00. Following the completion of the transaction, the director now directly owns 25,559 shares in the company, valued at approximately $1,687,149.59. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,554 shares of company stock worth $1,253,119. Insiders own 0.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Aspen Technology by 1.6% during the first quarter. Vanguard Group Inc. now owns 7,635,099 shares of the technology company’s stock valued at $449,861,000 after buying an additional 120,504 shares during the period. BlackRock Inc. boosted its position in Aspen Technology by 46,846.9% during the first quarter. BlackRock Inc. now owns 5,503,112 shares of the technology company’s stock valued at $324,242,000 after buying an additional 5,491,390 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its position in Aspen Technology by 15.8% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,984,783 shares of the technology company’s stock valued at $250,285,000 after buying an additional 543,592 shares during the period. Renaissance Technologies LLC boosted its position in Aspen Technology by 20.9% during the second quarter. Renaissance Technologies LLC now owns 2,360,500 shares of the technology company’s stock valued at $130,441,000 after buying an additional 408,200 shares during the period. Finally, Pictet Asset Management Ltd. boosted its position in Aspen Technology by 14.1% during the third quarter. Pictet Asset Management Ltd. now owns 1,837,321 shares of the technology company’s stock valued at $115,402,000 after buying an additional 227,609 shares during the period.

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.

Analyst Recommendations for Aspen Technology (NASDAQ:AZPN)

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