Envestnet Portfolio Solutions Inc. Cuts Stock Position in Aspen Technology, Inc. (NASDAQ:AZPN)

Envestnet Portfolio Solutions Inc. reduced its position in Aspen Technology, Inc. (NASDAQ:AZPN) by 4.0% in the second quarter, Holdings Channel.com reports. The firm owned 5,484 shares of the technology company’s stock after selling 229 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Aspen Technology were worth $1,089,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. boosted its holdings 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 worth $410,000 after purchasing an additional 63 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Aspen Technology by 4.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 1,476 shares of the technology company’s stock valued at $315,000 after acquiring an additional 64 shares during the last quarter. Mitchell & Pahl Private Wealth LLC lifted its stake in shares of Aspen Technology by 2.5% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 2,654 shares of the technology company’s stock valued at $527,000 after acquiring an additional 65 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of 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 acquiring an additional 69 shares during the last quarter. Finally, Argent Capital Management LLC lifted its stake in shares of Aspen Technology by 0.7% in the 1st quarter. Argent Capital Management LLC now owns 12,051 shares of the technology company’s stock valued at $2,570,000 after acquiring an additional 89 shares during the last quarter. 45.66% of the stock is currently owned by hedge funds and other institutional investors.

Aspen Technology Stock Performance

NASDAQ AZPN opened at $210.97 on Monday. Aspen Technology, Inc. has a fifty-two week low of $162.26 and a fifty-two week high of $224.06. The stock has a 50 day simple moving average of $196.37 and a two-hundred day simple moving average of $199.76. The stock has a market cap of $13.36 billion, a P/E ratio of -479.48, a price-to-earnings-growth ratio of 2.26 and a beta of 0.73.

Aspen Technology (NASDAQ:AZPN) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $2.37 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.49. Aspen Technology had a positive return on equity of 2.76% and a negative net margin of 2.46%. The business had revenue of $342.91 million during the quarter, compared to analysts’ expectations of $319.10 million. During the same quarter last year, the business posted $1.87 EPS. The business’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Aspen Technology, Inc. will post 5.52 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AZPN. Berenberg Bank raised 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. Robert W. Baird boosted their target price on Aspen Technology from $230.00 to $250.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Piper Sandler lowered their target price 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. Finally, William Blair raised Aspen Technology to a “hold” rating in a research note on Tuesday, May 7th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Aspen Technology currently has an average rating of “Moderate Buy” and an average price target of $224.50.

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.