Aspen Technology, Inc. (NASDAQ:AZPN) Position Reduced by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its position in shares of Aspen Technology, Inc. (NASDAQ:AZPN) by 6.2% in the third quarter, HoldingsChannel.com reports. The firm owned 32,273 shares of the technology company’s stock after selling 2,119 shares during the period. Retirement Systems of Alabama’s holdings in Aspen Technology were worth $7,707,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Commerce Bank lifted its holdings in shares of Aspen Technology by 3.1% in the third quarter. Commerce Bank now owns 1,550 shares of the technology company’s stock valued at $370,000 after buying an additional 47 shares during the period. US Bancorp DE raised its position in Aspen Technology by 0.4% in the third quarter. US Bancorp DE now owns 13,695 shares of the technology company’s stock worth $3,271,000 after acquiring an additional 50 shares in the last quarter. LRI Investments LLC lifted its holdings in Aspen Technology by 6.7% in the 2nd quarter. LRI Investments LLC now owns 862 shares of the technology company’s stock valued at $171,000 after acquiring an additional 54 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Aspen Technology by 1.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 3,084 shares of the technology company’s stock valued at $736,000 after purchasing an additional 55 shares in the last quarter. Finally, Tortoise Investment Management LLC grew its stake in shares of Aspen Technology by 77.8% in the 2nd quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock worth $25,000 after purchasing an additional 56 shares during the last quarter. 45.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on AZPN. Piper Sandler increased their target price on shares of Aspen Technology from $217.00 to $240.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Loop Capital increased their price objective on Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Bank of America raised their price objective on Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. StockNews.com initiated coverage on Aspen Technology in a research report on Monday. They set a “hold” rating on the stock. Finally, Berenberg Bank lowered Aspen Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $258.00.

Aspen Technology Stock Performance

NASDAQ AZPN opened at $249.25 on Wednesday. The firm’s 50 day moving average price is $243.79 and its two-hundred day moving average price is $221.65. Aspen Technology, Inc. has a twelve month low of $171.25 and a twelve month high of $254.44. The stock has a market cap of $15.77 billion, a price-to-earnings ratio of -429.74, a PEG ratio of 2.89 and a beta of 0.76.

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

Aspen Technology 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.