Aspen Technology (NASDAQ:AZPN) Sets New 1-Year High – Here’s Why

31 Oct 2024, 23:30 by Mitch Edgeman · The Markets Daily

Shares of Aspen Technology, Inc. (NASDAQ:AZPN – Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $241.35 and last traded at $240.82, with a volume of 49943 shares. The stock had previously closed at $239.92.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America increased their price objective on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Robert W. Baird increased their price objective on shares of Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Loop Capital increased their price objective on shares of Aspen Technology from $204.00 to $260.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Finally, Piper Sandler increased their price objective on shares of Aspen Technology from $200.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $248.40.

Check Out Our Latest Report on Aspen Technology

Aspen Technology Trading Down 2.5 %

The stock’s 50-day moving average is $232.00 and its 200-day moving average is $212.07. The stock has a market cap of $14.85 billion, a P/E ratio of -1,505.19, a price-to-earnings-growth ratio of 2.75 and a beta of 0.76.

Aspen Technology (NASDAQ:AZPN – Get Free Report) last announced its earnings results on Tuesday, August 6th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.49. Aspen Technology had a negative net margin of 0.87% and a positive return on equity of 2.96%. The firm had revenue of $342.91 million during the quarter, compared to analyst estimates of $319.10 million. During the same quarter in the prior year, the firm posted $1.87 EPS. Aspen Technology’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that Aspen Technology, Inc. will post 6.53 EPS for the current year.

Insider Transactions at Aspen Technology

In other news, Director Jr. Robert M. Whelan sold 1,000 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $219.10, for a total value of $219,100.00. Following the completion of the sale, the director now directly owns 8,540 shares of the company’s stock, valued at $1,871,114. This represents a 0.00 % decrease in their ownership of the stock. 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 owned by insiders.

Hedge Funds Weigh In On Aspen Technology

A number of institutional investors have recently modified their holdings of AZPN. Tortoise Investment Management LLC raised its position in shares of Aspen Technology by 77.8% in the second quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock valued at $25,000 after purchasing an additional 56 shares during the period. Mather Group LLC. grew its stake in shares of Aspen Technology by 2,600.0% in the second quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock worth $29,000 after acquiring an additional 130 shares during the last quarter. Crewe Advisors LLC grew its stake in shares of Aspen Technology by 313.2% in the second quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock worth $31,000 after acquiring an additional 119 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Aspen Technology by 65.7% in the second quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock worth $35,000 after acquiring an additional 69 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in shares of Aspen Technology in the second quarter worth $37,000. Institutional investors own 45.66% of the company’s stock.

About Aspen Technology

(Get Free Report)