Aspen Technology (NASDAQ:AZPN) Sees Strong Trading Volume – What’s Next?

Shares of Aspen Technology, Inc. (NASDAQ:AZPN) saw strong trading volume on Tuesday . 185,016 shares changed hands during mid-day trading, a decline of 23% from the previous session’s volume of 239,293 shares.The stock last traded at $248.90 and had previously closed at $248.34.

Analysts Set New Price Targets

A number of analysts recently issued reports on AZPN shares. Berenberg Bank cut Aspen Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Robert W. Baird lifted their price objective on shares of Aspen Technology from $230.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Piper Sandler upped their target price on Aspen Technology from $217.00 to $240.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Bank of America lifted their price objective on shares of Aspen Technology from $225.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Loop Capital increased their price objective on shares of Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $253.00.

Aspen Technology Price Performance

The business has a 50 day simple moving average of $240.69 and a 200-day simple moving average of $219.38.

Aspen Technology (NASDAQ:AZPN) last posted its earnings results on Monday, November 4th. The technology company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.39 by ($0.54). The business had revenue of $215.90 million for the quarter, compared to analysts’ expectations of $265.04 million. Aspen Technology had a positive return on equity of 2.81% and a negative net margin of 3.26%. Aspen Technology’s quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.96 earnings per share. On average, equities research analysts expect that Aspen Technology, Inc. will post 6.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Aspen Technology

Large investors have recently bought and sold shares of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Aspen Technology by 38.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 553,862 shares of the technology company’s stock worth $110,014,000 after purchasing an additional 153,897 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Aspen Technology during the third quarter valued at $290,880,000. Dimensional Fund Advisors LP boosted its position in Aspen Technology by 26.5% during the second quarter. Dimensional Fund Advisors LP now owns 524,604 shares of the technology company’s stock valued at $104,199,000 after purchasing an additional 109,783 shares in the last quarter. American Capital Management Inc. increased its position in Aspen Technology by 116.9% during the 3rd quarter. American Capital Management Inc. now owns 195,271 shares of the technology company’s stock valued at $46,635,000 after buying an additional 105,254 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Aspen Technology in the 3rd quarter valued at $19,928,000. 45.66% of the stock is currently owned by institutional investors.

Aspen Technology Company Profile

Aspen Technology, Inc provides industrial software that focuses on helping customers in asset-intensive industries worldwide. The company’s solutions address complex environments where it is critical to optimize the asset design, operation, and maintenance lifecycle. Its software is used in performance engineering, modeling and design, supply chain management, predictive and prescriptive maintenance, digital grid management, and industrial data management.