The Manufacturers Life Insurance Company Reduces Stock Position in Aspen Technology, Inc. (NASDAQ:AZPN)

The Manufacturers Life Insurance Company lessened its stake in Aspen Technology, Inc. (NASDAQ:AZPN) by 6.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,647 shares of the technology company’s stock after selling 1,643 shares during the period. The Manufacturers Life Insurance Company’s holdings in Aspen Technology were worth $5,409,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Mirabella Financial Services LLP grew its holdings in shares of Aspen Technology by 78.8% in the third quarter. Mirabella Financial Services LLP now owns 13,410 shares of the technology company’s stock worth $3,140,000 after acquiring an additional 5,908 shares during the period. Brown Brothers Harriman & Co. boosted its position in Aspen Technology by 31.0% in the third quarter. Brown Brothers Harriman & Co. now owns 166,352 shares of the technology company’s stock worth $39,728,000 after purchasing an additional 39,396 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Aspen Technology during the 3rd quarter valued at about $713,000. Fisher Asset Management LLC increased its holdings in Aspen Technology by 5.8% during the third quarter. Fisher Asset Management LLC now owns 187,109 shares of the technology company’s stock valued at $44,685,000 after buying an additional 10,325 shares during the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in shares of Aspen Technology by 4.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 9,768 shares of the technology company’s stock worth $2,332,000 after purchasing an additional 434 shares in the last quarter. 45.66% of the stock is currently owned by hedge funds and other institutional investors.

Aspen Technology Stock Down 0.4 %

AZPN opened at $249.93 on Friday. Aspen Technology, Inc. has a 52 week low of $171.25 and a 52 week high of $254.04. The firm has a 50-day simple moving average of $241.72 and a two-hundred day simple moving average of $219.99. The company has a market capitalization of $15.81 billion, a PE ratio of -430.91, a price-to-earnings-growth ratio of 2.83 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 the consensus estimate of $1.39 by ($0.54). The firm had revenue of $215.90 million for the quarter, compared to analysts’ expectations of $265.04 million. Aspen Technology had a negative net margin of 3.26% and a positive return on equity of 2.81%. The business’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. As a group, sell-side analysts expect that Aspen Technology, Inc. will post 6.68 earnings per share for the current year.

Analyst Ratings Changes

AZPN has been the subject of a number of analyst reports. StockNews.com began coverage on Aspen Technology in a research report on Saturday, November 30th. They issued a “hold” rating for the company. Bank of America increased their price objective on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Piper Sandler upped their target price on shares of Aspen Technology from $217.00 to $240.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Berenberg Bank cut Aspen Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Loop Capital boosted their price objective on Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Aspen Technology presently has a consensus rating of “Hold” and an average price target of $253.00.

About Aspen Technology

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.