Aspen Technology, Inc. (NASDAQ:AZPN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $67.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.77% from the company’s previous close.

According to Zacks, “Aspen Technology Inc. is a recognized expert and leading provider of award-winning process optimization software and services. AspenTech’s integrated aspenONE solutions enable manufacturers to reduce costs, increase capacity, and optimize operational performance end-to-end throughout the engineering, plant operations, and supply chain management processes, resulting in millions of dollars in cost savings. “

Several other equities research analysts have also issued reports on AZPN. Benchmark Co. reaffirmed a “hold” rating and set a $55.00 target price (up from $48.00) on shares of Aspen Technology in a research report on Wednesday, May 3rd. Robert W. Baird started coverage on Aspen Technology in a research report on Wednesday, May 10th. They set a “neutral” rating and a $63.00 target price for the company. Canaccord Genuity reaffirmed a “hold” rating and set a $60.00 target price on shares of Aspen Technology in a research report on Friday, June 9th. Wedbush reaffirmed a “neutral” rating and set a $59.00 target price on shares of Aspen Technology in a research report on Wednesday, June 28th. Finally, BidaskClub lowered Aspen Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Aspen Technology currently has an average rating of “Buy” and an average price target of $60.57.

Aspen Technology (AZPN) opened at 58.38 on Wednesday. Aspen Technology has a 52-week low of $44.60 and a 52-week high of $64.34. The firm’s 50-day moving average is $56.97 and its 200-day moving average is $57.92. The company has a market capitalization of $4.27 billion, a PE ratio of 27.67 and a beta of 1.28.

Aspen Technology (NASDAQ:AZPN) last announced its earnings results on Thursday, August 10th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.29. Aspen Technology had a negative return on equity of 73.17% and a net margin of 33.58%. The firm had revenue of $123.68 million during the quarter, compared to analyst estimates of $119.55 million. During the same period last year, the firm posted $0.44 EPS. The business’s revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts forecast that Aspen Technology will post $1.99 EPS for the current year.

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In other news, insider Karl E. Johnsen sold 1,969 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $59.14, for a total transaction of $116,446.66. Following the completion of the transaction, the insider now owns 28,530 shares in the company, valued at approximately $1,687,264.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Teachers Advisors LLC increased its position in Aspen Technology by 28.0% in the fourth quarter. Teachers Advisors LLC now owns 173,622 shares of the technology company’s stock valued at $9,494,000 after buying an additional 37,963 shares during the last quarter. Acadian Asset Management LLC increased its position in Aspen Technology by 27.0% in the first quarter. Acadian Asset Management LLC now owns 62,469 shares of the technology company’s stock valued at $3,681,000 after buying an additional 13,295 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Aspen Technology by 35.5% in the first quarter. Janney Montgomery Scott LLC now owns 36,805 shares of the technology company’s stock valued at $2,169,000 after buying an additional 9,642 shares during the last quarter. Russell Investments Group Ltd. increased its position in Aspen Technology by 9.9% in the first quarter. Russell Investments Group Ltd. now owns 170,422 shares of the technology company’s stock valued at $10,041,000 after buying an additional 15,403 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its position in Aspen Technology by 2,444.5% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 102,799 shares of the technology company’s stock valued at $6,056,000 after buying an additional 98,759 shares during the last quarter.

About Aspen Technology

Aspen Technology, Inc is a global provider of process optimization software solutions designed to manage and optimize plant and process design, operational performance, and supply chain planning. The Company’s aspenONE software and related services have been developed specifically for companies in the process industries, including the energy, chemicals, and engineering and construction industries.

Analyst Recommendations for Aspen Technology (NASDAQ:AZPN)

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