Aspen Technology, Inc. (NASDAQ:AZPN – Get Rating)'s share price dropped 8.4% during trading on Thursday after Loop Capital lowered their price target on the stock from $255.00 to $230.00. The stock traded as low as $178.01 and last traded at $178.01. Approximately 16,724 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 151,425 shares. The stock had previously closed at $194.27.
Other equities research analysts have also recently issued reports about the company. StockNews.com initiated coverage on Aspen Technology in a research note on Wednesday, October 12th. They set a "hold" rating for the company. Berenberg Bank initiated coverage on Aspen Technology in a report on Wednesday, January 11th. They issued a "hold" rating and a $210.00 price objective for the company. KeyCorp decreased their price objective on Aspen Technology from $280.00 to $244.00 and set an "overweight" rating for the company in a report on Thursday. Robert W. Baird decreased their price target on Aspen Technology from $224.00 to $202.00 and set a "neutral" rating for the company in a report on Thursday. Finally, Piper Sandler cut their price objective on shares of Aspen Technology from $240.00 to $195.00 and set a "neutral" rating on the stock in a research report on Thursday. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Aspen Technology has an average rating of "Hold" and an average price target of $218.50.
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Insider Transactions at Aspen Technology
In related news, VP F G. Hammond sold 2,495 shares of Aspen Technology stock in a transaction that occurred on Wednesday, November 30th. The shares were sold at an average price of $223.75, for a total value of $558,256.25. Following the completion of the transaction, the vice president now directly owns 20,152 shares in the company, valued at approximately $4,509,010. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. bought a new stake in shares of Aspen Technology during the 3rd quarter worth $662,551,000. BlackRock Inc. lifted its stake in Aspen Technology by 16.2% in the third quarter. BlackRock Inc. now owns 3,281,955 shares of the technology company's stock worth $781,763,000 after purchasing an additional 457,024 shares during the last quarter. Lord Abbett & CO. LLC lifted its stake in Aspen Technology by 121.2% in the third quarter. Lord Abbett & CO. LLC now owns 552,630 shares of the technology company's stock worth $131,636,000 after purchasing an additional 302,741 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Aspen Technology by 146.5% in the second quarter. Allianz Asset Management GmbH now owns 419,868 shares of the technology company's stock valued at $77,121,000 after acquiring an additional 249,553 shares during the period. Finally, AXA S.A. purchased a new position in shares of Aspen Technology in the third quarter valued at about $31,734,000. 44.40% of the stock is owned by institutional investors.
Aspen Technology Stock Down 2.3 %
The business's 50-day simple moving average is $211.92 and its 200-day simple moving average is $218.43. The stock has a market cap of $12.25 billion, a PE ratio of 63.26, a PEG ratio of 1.82 and a beta of 1.01.
Aspen Technology (NASDAQ:AZPN – Get Rating) last announced its quarterly earnings results on Wednesday, October 26th. The technology company reported $1.98 earnings per share (EPS) for the quarter, beating 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 company had revenue of $250.82 million for the quarter, compared to analysts' expectations of $236.76 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. Aspen Technology's quarterly revenue was up 84.4% on a year-over-year basis. As a group, equities research analysts anticipate that Aspen Technology, Inc. will post 5.99 earnings per share for the current fiscal year.
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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