Aspen Technology (NASDAQ:AZPN) Price Target Raised to $146.00

Aspen Technology (NASDAQ:AZPN) had its price objective boosted by Wedbush from $131.00 to $146.00 in a research note issued to investors on Monday, The Fly reports. Wedbush currently has an outperform rating on the technology company’s stock.

Several other research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of GALP ENERGIA SG/ADR from a hold rating to a sell rating in a report on Monday, May 6th. BidaskClub lowered shares of Zynga from a buy rating to a hold rating in a report on Tuesday, June 18th. Benchmark restated a buy rating and set a $80.00 price target (up previously from $72.00) on shares of Pegasystems in a report on Wednesday, May 8th. Bank of America set a $64.00 price target on shares of Verizon Communications and gave the stock a buy rating in a report on Tuesday, April 23rd. Finally, Canaccord Genuity lowered their price target on shares of Delta 9 Cannabis from C$2.40 to C$2.20 in a report on Thursday, April 25th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $119.13.

NASDAQ:AZPN opened at $135.65 on Monday. The stock’s 50 day simple moving average is $124.25. Aspen Technology has a one year low of $74.84 and a one year high of $136.41. The firm has a market cap of $9.25 billion, a P/E ratio of 48.05 and a beta of 1.56.

Aspen Technology (NASDAQ:AZPN) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.79 by $0.10. Aspen Technology had a net margin of 37.25% and a return on equity of 76.36%. The business had revenue of $148.00 million for the quarter, compared to the consensus estimate of $136.38 million. During the same period last year, the company earned $0.52 EPS. The firm’s revenue was up 15.8% compared to the same quarter last year. Analysts predict that Aspen Technology will post 3.26 EPS for the current year.

In other news, insider Karl E. Johnsen sold 3,037 shares of Aspen Technology stock in a transaction on Monday, April 29th. The shares were sold at an average price of $121.38, for a total value of $368,631.06. Following the completion of the sale, the insider now owns 26,453 shares in the company, valued at approximately $3,210,865.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Antonio J. Pietri sold 44,754 shares of Aspen Technology stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $119.30, for a total transaction of $5,339,152.20. Following the completion of the sale, the chief executive officer now owns 227,577 shares of the company’s stock, valued at approximately $27,149,936.10. The disclosure for this sale can be found here. Insiders sold a total of 71,597 shares of company stock valued at $8,580,241 in the last quarter. 0.90% of the stock is currently owned by company insiders.

Several large investors have recently added to or reduced their stakes in AZPN. Norges Bank bought a new stake in shares of Aspen Technology in the 4th quarter valued at $54,448,000. Wedge Capital Management L L P NC acquired a new stake in Aspen Technology in the 1st quarter valued at $44,882,000. William Blair Investment Management LLC grew its position in Aspen Technology by 32.3% in the 1st quarter. William Blair Investment Management LLC now owns 1,582,680 shares of the technology company’s stock valued at $165,010,000 after purchasing an additional 386,376 shares during the period. Riverbridge Partners LLC acquired a new stake in Aspen Technology in the 2nd quarter valued at $22,156,000. Finally, Financial Advocates Investment Management grew its position in Aspen Technology by 20,232.2% in the 4th quarter. Financial Advocates Investment Management now owns 150,458 shares of the technology company’s stock valued at $4,402,000 after purchasing an additional 149,718 shares during the period. Institutional investors own 98.61% of the company’s stock.

Aspen Technology Company Profile

Aspen Technology, Inc, together with its subsidiaries, operates as an asset optimization software company in the United States, Europe, and internationally. The company operates through two segments, Subscription and Software, and Services. It supplies asset optimization solutions that optimize asset design, operations, and maintenance lifecycle in various industrial environments.

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