Zacks Investment Research Lowers Aspen Technology (AZPN) to Sell
Zacks Investment Research downgraded shares of Aspen Technology (NASDAQ:AZPN) from a hold rating to a sell rating in a research report sent to investors on Tuesday.
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 research analysts have also commented on AZPN. Robert W. Baird set a $63.00 price target on Aspen Technology and gave the stock a hold rating in a research report on Friday, October 6th. Canaccord Genuity boosted their price target on Aspen Technology from $62.00 to $63.00 and gave the stock a hold rating in a research report on Friday, October 27th. Bank of America initiated coverage on Aspen Technology in a research report on Monday, November 6th. They issued a neutral rating and a $67.00 price target for the company. Finally, BidaskClub lowered Aspen Technology from a buy rating to a hold rating in a research report on Tuesday, December 12th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $63.63.
Aspen Technology (NASDAQ:AZPN) last issued its earnings results on Thursday, October 26th. The technology company reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.05. The business had revenue of $122.80 million during the quarter, compared to analyst estimates of $121.73 million. Aspen Technology had a negative return on equity of 66.74% and a net margin of 33.35%. Aspen Technology’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.49 EPS. equities analysts predict that Aspen Technology will post 1.77 EPS for the current year.
In related news, insider Karl E. Johnsen sold 2,619 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $64.41, for a total transaction of $168,689.79. Following the transaction, the insider now directly owns 40,063 shares of the company’s stock, valued at approximately $2,580,457.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jr. Robert M. Whelan sold 10,000 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $66.01, for a total value of $660,100.00. Following the transaction, the director now directly owns 25,559 shares in the company, valued at $1,687,149.59. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,197 shares of company stock valued at $931,360. Corporate insiders own 0.80% of the company’s stock.
Large investors have recently made changes to their positions in the stock. First Manhattan Co. acquired a new position in Aspen Technology during the 3rd quarter valued at about $125,000. Paradigm Asset Management Co. LLC acquired a new position in Aspen Technology during the 2nd quarter valued at about $138,000. Pacad Investment Ltd. acquired a new position in Aspen Technology during the 2nd quarter valued at about $166,000. Advisor Group Inc. increased its position in Aspen Technology by 69.9% during the 2nd quarter. Advisor Group Inc. now owns 3,149 shares of the technology company’s stock valued at $173,000 after buying an additional 1,296 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in Aspen Technology during the 3rd quarter valued at about $203,000.
Aspen Technology Company Profile
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.
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