Aspen Technology (NASDAQ:AZPN) Hits New 52-Week High on Earnings Beat

Aspen Technology, Inc. (NASDAQ:AZPN) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $265.25 and last traded at $265.25, with a volume of 676922 shares changing hands. The stock had previously closed at $263.97.

The technology company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.85 by $0.03. Aspen Technology had a positive return on equity of 2.81% and a negative net margin of 3.26%.

Analyst Ratings Changes

A number of research firms have recently commented on AZPN. StockNews.com initiated coverage on Aspen Technology in a research report on Sunday. They set a “hold” rating for the company. Berenberg Bank cut shares of Aspen Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Piper Sandler upped their target price on shares of Aspen Technology from $240.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, January 27th. Robert W. Baird reiterated a “neutral” rating and issued a $265.00 price target (down previously from $275.00) on shares of Aspen Technology in a research report on Monday, January 27th. Finally, Loop Capital downgraded Aspen Technology from a “buy” rating to a “hold” rating and upped their price objective for the company from $260.00 to $265.00 in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $262.00.

Institutional Trading of Aspen Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in shares of Aspen Technology by 37,990.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 634,210 shares of the technology company’s stock worth $158,318,000 after buying an additional 632,545 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Aspen Technology by 5.2% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 582,682 shares of the technology company’s stock worth $139,156,000 after purchasing an additional 28,820 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Aspen Technology by 89.2% during the third quarter. JPMorgan Chase & Co. now owns 363,449 shares of the technology company’s stock worth $86,799,000 after purchasing an additional 171,351 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Aspen Technology by 5.9% during the third quarter. Raymond James & Associates now owns 281,961 shares of the technology company’s stock valued at $67,338,000 after purchasing an additional 15,744 shares during the period. Finally, Stephens Investment Management Group LLC grew its holdings in shares of Aspen Technology by 0.3% in the third quarter. Stephens Investment Management Group LLC now owns 251,257 shares of the technology company’s stock worth $60,005,000 after purchasing an additional 677 shares during the last quarter. 45.66% of the stock is owned by hedge funds and other institutional investors.

Aspen Technology Trading Up 0.5 %

The company’s 50 day moving average is $253.07 and its 200 day moving average is $235.85. The company has a market cap of $16.78 billion, a PE ratio of -457.33, a P/E/G ratio of 3.00 and a beta of 0.76.

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.