Zacks Investment Research cut shares of Aspen Technology (NASDAQ:AZPN) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “AspenTech offers end-to-end asset management and optimization solutions. Robust adoption of company’s Asset Performance Management (“APM”) suite remains a key catalyst. Furthermore, the company’s subscription based business model is strengthened by long-term contracts with high-end customers. Additionally, the company’s diversified product portfolio and a sticky customer base impose significant barriers to entry which is a positive. The company has positive record of earnings surprises in recent quarters. Shares have outperformed the industry in the past year. However, stiff competition in the asset management market is a major headwind. Estimates have been stable lately ahead of the company’s Q1 earnings release. Integration risks and continuing investments to stay afloat remain other woes.”

Several other research firms have also issued reports on AZPN. Berenberg Bank cut their target price on Aspen Technology from $127.00 to $98.00 and set a buy rating on the stock in a research note on Tuesday, August 21st. BidaskClub upgraded Aspen Technology from a buy rating to a strong-buy rating in a research note on Tuesday, August 7th. Canaccord Genuity lifted their target price on Aspen Technology from $84.00 to $100.00 and gave the company a hold rating in a research note on Friday, August 17th. KeyCorp lifted their target price on Aspen Technology from $100.00 to $112.00 and gave the company an overweight rating in a research note on Thursday, August 9th. Finally, ValuEngine lowered Aspen Technology from a strong-buy rating to a buy rating in a research note on Monday, July 2nd. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $97.63.

Shares of AZPN stock traded up $1.23 on Wednesday, hitting $101.63. The stock had a trading volume of 658,495 shares, compared to its average volume of 490,080. The company has a market capitalization of $8.09 billion, a P/E ratio of 49.33, a PEG ratio of 2.42 and a beta of 1.27. Aspen Technology has a one year low of $61.71 and a one year high of $118.86.

Aspen Technology (NASDAQ:AZPN) last posted its earnings results on Wednesday, August 8th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. Aspen Technology had a negative return on equity of 53.91% and a net margin of 29.77%. The company had revenue of $125.96 million for the quarter, compared to analyst estimates of $125.60 million. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, analysts predict that Aspen Technology will post 2.85 EPS for the current year.

In other news, CEO Antonio J. Pietri sold 9,193 shares of the business’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $109.44, for a total transaction of $1,006,081.92. Following the sale, the chief executive officer now owns 228,730 shares in the company, valued at $25,032,211.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Karl E. Johnsen sold 9,438 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $108.07, for a total value of $1,019,964.66. The disclosure for this sale can be found here. Insiders sold 33,250 shares of company stock worth $3,595,936 in the last quarter. 0.80% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. grew its stake in shares of Aspen Technology by 266.7% during the second quarter. Macquarie Group Ltd. now owns 1,100 shares of the technology company’s stock worth $102,000 after acquiring an additional 800 shares during the last quarter. Fort L.P. purchased a new stake in shares of Aspen Technology during the second quarter worth about $118,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Aspen Technology by 411.1% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 1,753 shares of the technology company’s stock worth $163,000 after acquiring an additional 1,410 shares during the last quarter. Hexavest Inc. purchased a new stake in shares of Aspen Technology during the third quarter worth about $168,000. Finally, Cerebellum GP LLC purchased a new stake in shares of Aspen Technology during the third quarter worth about $179,000. Institutional investors and hedge funds own 98.40% of the company’s stock.

About Aspen Technology

Aspen Technology, Inc, together with its subsidiaries, operates as an asset optimization software company in the United States, Europe, and internationally. The company operates through two segments, Subscription and Software, and Services. It supplies asset optimization solutions that optimize asset design, operations, and maintenance lifecycle in various industrial environments.

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