Bank of America Increases Aspen Technology (NASDAQ:AZPN) Price Target to $260.00

Aspen Technology (NASDAQ:AZPN) had its target price lifted by Bank of America from $225.00 to $260.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective suggests a potential upside of 8.67% from the stock’s current price.

Several other research firms have also commented on AZPN. Robert W. Baird raised their target price on Aspen Technology from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Piper Sandler raised their price objective on shares of Aspen Technology from $200.00 to $217.00 and gave the stock a “neutral” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $248.40.

Aspen Technology Price Performance

AZPN stock opened at $239.26 on Wednesday. The company has a market capitalization of $15.15 billion, a P/E ratio of -543.77, a price-to-earnings-growth ratio of 2.63 and a beta of 0.75. Aspen Technology has a 12 month low of $162.26 and a 12 month high of $240.82. The firm’s fifty day simple moving average is $209.90 and its 200-day simple moving average is $205.88.

Aspen Technology (NASDAQ:AZPN) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $2.37 EPS for the quarter, beating the consensus estimate of $1.88 by $0.49. The company had revenue of $342.91 million for the quarter, compared to analyst estimates of $319.10 million. Aspen Technology had a negative net margin of 0.87% and a positive return on equity of 2.96%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.87 earnings per share. As a group, sell-side analysts forecast that Aspen Technology will post 6.53 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Jr. Robert M. Whelan sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was 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 in the company, valued at $1,871,114. 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 currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tortoise Investment Management LLC increased its stake in Aspen Technology by 77.8% during the 2nd quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock worth $25,000 after buying an additional 56 shares in the last quarter. Mather Group LLC. increased its position in shares of Aspen Technology by 2,600.0% during the second quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock worth $29,000 after purchasing an additional 130 shares in the last quarter. Crewe Advisors LLC raised its stake in Aspen Technology by 313.2% in the 2nd quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock valued at $31,000 after purchasing an additional 119 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Aspen Technology by 65.7% in the 2nd quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock valued at $35,000 after purchasing an additional 69 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. purchased a new position in Aspen Technology in the 2nd quarter valued at $37,000. 45.66% of the stock is owned by hedge funds and other institutional investors.

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.