Aspen Technology (NASDAQ:AZPN) Releases FY23 Earnings Guidance

Aspen Technology (NASDAQ:AZPNGet Rating) updated its FY23 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $6.83-$7.43 for the period, compared to the consensus estimate of $6.86. The company issued revenue guidance of $1.14-$1.20 billion, compared to the consensus revenue estimate of $1.17 billion.

Aspen Technology Price Performance

AZPN traded down $3.98 during trading on Wednesday, reaching $194.27. 149,560 shares of the company’s stock were exchanged, compared to its average volume of 159,845. The company’s fifty day simple moving average is $212.95 and its 200-day simple moving average is $218.63. The stock has a market capitalization of $12.54 billion, a P/E ratio of 64.76, a price-to-earnings-growth ratio of 1.83 and a beta of 1.01. Aspen Technology has a 1 year low of $135.48 and a 1 year high of $263.59.

Aspen Technology (NASDAQ:AZPNGet Rating) last issued its earnings results on Wednesday, October 26th. The technology company reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.89. Aspen Technology had a net margin of 21.55% and a return on equity of 5.75%. The firm had revenue of $250.82 million during the quarter, compared to analysts’ expectations of $236.76 million. During the same quarter last year, the company posted $0.65 earnings per share. The firm’s revenue was up 84.4% compared to the same quarter last year. Equities analysts forecast that Aspen Technology will post 5.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AZPN shares. StockNews.com assumed coverage on shares of Aspen Technology in a research report on Wednesday, October 12th. They issued a hold rating for the company. KeyCorp upped their price target on Aspen Technology from $270.00 to $280.00 and gave the stock an overweight rating in a report on Thursday, October 27th. Berenberg Bank started coverage on Aspen Technology in a report on Wednesday, January 11th. They issued a hold rating and a $210.00 price objective on the stock. Finally, Robert W. Baird reduced their target price on Aspen Technology from $242.00 to $224.00 and set a neutral rating for the company in a research note on Wednesday, January 18th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Aspen Technology has an average rating of Hold and a consensus price target of $234.83.

Insider Buying and Selling at Aspen Technology

In other news, VP F G. Hammond sold 2,495 shares of the firm’s stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $223.75, for a total value of $558,256.25. Following the transaction, the vice president now owns 20,152 shares in the company, valued at $4,509,010. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Aspen Technology

A number of hedge funds have recently modified their holdings of AZPN. Brown Brothers Harriman & Co. grew its position in shares of Aspen Technology by 1,434.4% in the first quarter. Brown Brothers Harriman & Co. now owns 491 shares of the technology company’s stock valued at $81,000 after purchasing an additional 459 shares in the last quarter. Covestor Ltd increased its stake in shares of Aspen Technology by 96.7% in the 1st quarter. Covestor Ltd now owns 665 shares of the technology company’s stock worth $110,000 after acquiring an additional 327 shares during the last quarter. Raymond James Trust N.A. purchased a new position in shares of Aspen Technology during the 1st quarter worth $222,000. First Republic Investment Management Inc. boosted its position in shares of Aspen Technology by 13.0% during the 1st quarter. First Republic Investment Management Inc. now owns 2,574 shares of the technology company’s stock valued at $426,000 after acquiring an additional 297 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in shares of Aspen Technology during the 2nd quarter valued at about $454,000. 44.40% of the stock is currently owned by institutional investors and hedge funds.

Aspen Technology Company Profile

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Aspen Technology, Inc provides enterprise asset performance management, asset performance monitoring, and asset optimization solutions worldwide. The company's solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. It offers artificial intelligence of things, aspen hybrid models, asset performance management, OSI digital grid management, and performance engineering; production optimization for commodity polymers, olefins, refining, and specialty chemicals; subsurface science and engineering; and value chain optimization for energy and polymers and specialty chemicals solutions.

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