Aspen Technology, Inc. (NASDAQ:AZPN) Position Increased by Covestor Ltd

Covestor Ltd raised its stake in Aspen Technology, Inc. (NASDAQ:AZPN) by 36.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 468 shares of the technology company’s stock after buying an additional 124 shares during the period. Covestor Ltd’s holdings in Aspen Technology were worth $100,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Aspen Technology by 3.5% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,864 shares of the technology company’s stock valued at $410,000 after purchasing an additional 63 shares during the period. Pacer Advisors Inc. lifted its stake in Aspen Technology by 139.6% in the 4th quarter. Pacer Advisors Inc. now owns 7,474 shares of the technology company’s stock worth $1,645,000 after acquiring an additional 4,355 shares in the last quarter. Austin Private Wealth LLC acquired a new stake in Aspen Technology during the 4th quarter worth about $202,000. Snider Financial Group grew its stake in Aspen Technology by 5.2% during the 4th quarter. Snider Financial Group now owns 16,502 shares of the technology company’s stock valued at $3,633,000 after acquiring an additional 822 shares in the last quarter. Finally, State of Michigan Retirement System increased its holdings in shares of Aspen Technology by 3.6% in the 4th quarter. State of Michigan Retirement System now owns 8,607 shares of the technology company’s stock valued at $1,895,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 45.66% of the company’s stock.

Aspen Technology Price Performance

Shares of NASDAQ AZPN traded down $0.82 during mid-day trading on Wednesday, hitting $188.34. The company had a trading volume of 73,702 shares, compared to its average volume of 203,892. Aspen Technology, Inc. has a 12 month low of $162.26 and a 12 month high of $224.77. The firm has a market cap of $11.93 billion, a P/E ratio of -429.90, a PEG ratio of 2.37 and a beta of 0.73. The business’s 50-day simple moving average is $202.91 and its 200-day simple moving average is $200.38.

Aspen Technology (NASDAQ:AZPN) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.39. Aspen Technology had a positive return on equity of 2.76% and a negative net margin of 2.46%. The company had revenue of $278.11 million for the quarter, compared to analyst estimates of $251.65 million. As a group, sell-side analysts predict that Aspen Technology, Inc. will post 5.52 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Robert W. Baird reaffirmed an “outperform” rating and set a $230.00 price objective on shares of Aspen Technology in a research report on Friday, June 14th. William Blair upgraded Aspen Technology to a “hold” rating in a report on Tuesday, May 7th. Berenberg Bank upgraded Aspen Technology from a “hold” rating to a “buy” rating and boosted their target price for the company from $185.00 to $255.00 in a research note on Friday, May 17th. Finally, Piper Sandler cut their price target on Aspen Technology from $196.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $219.50.

About Aspen Technology

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.