Aspen Technology, Inc. (AZPN) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Aspen Technology, Inc. (NASDAQ:AZPN) from a hold rating to a sell rating in a research note released 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. “

A number of other research analysts have also issued reports on the stock. Wedbush reiterated a neutral rating and set a $59.00 price target on shares of Aspen Technology in a research note on Wednesday, June 28th. Canaccord Genuity reiterated a hold rating and set a $60.00 price target on shares of Aspen Technology in a research note on Friday, June 9th. Robert W. Baird reiterated an outperform rating and set a $65.00 price target on shares of Aspen Technology in a research note on Thursday, May 11th. Finally, Benchmark Co. reiterated a hold rating and set a $55.00 price target (up from $48.00) on shares of Aspen Technology in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $60.29.

Shares of Aspen Technology (NASDAQ:AZPN) opened at 56.33 on Tuesday. The firm has a 50-day moving average of $58.34 and a 200 day moving average of $57.44. Aspen Technology has a 12-month low of $40.11 and a 12-month high of $64.34. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of 31.33 and a beta of 1.28.

Aspen Technology (NASDAQ:AZPN) last issued its quarterly earnings results on Tuesday, May 2nd. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.09. Aspen Technology had a net margin of 29.85% and a negative return on equity of 80.54%. The business had revenue of $119.28 million for the quarter, compared to analyst estimates of $117.64 million. Equities analysts forecast that Aspen Technology will post $1.97 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently modified their holdings of AZPN. Clearbridge Investments LLC raised its position in shares of Aspen Technology by 3.2% in the first quarter. Clearbridge Investments LLC now owns 2,573,161 shares of the technology company’s stock worth $151,611,000 after buying an additional 79,189 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Aspen Technology during the first quarter worth about $1,526,000. Public Employees Retirement System of Ohio raised its position in shares of Aspen Technology by 1.7% in the first quarter. Public Employees Retirement System of Ohio now owns 51,033 shares of the technology company’s stock worth $3,007,000 after buying an additional 844 shares during the period. HighTower Advisors LLC raised its position in shares of Aspen Technology by 9.9% in the first quarter. HighTower Advisors LLC now owns 5,535 shares of the technology company’s stock worth $329,000 after buying an additional 498 shares during the period. Finally, Credit Suisse AG raised its position in shares of Aspen Technology by 37.2% in the first quarter. Credit Suisse AG now owns 109,284 shares of the technology company’s stock worth $6,439,000 after buying an additional 29,605 shares during the period.

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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