Tidal Investments LLC Trims Stake in Aspen Technology, Inc. (NASDAQ:AZPN)

Tidal Investments LLC lessened its stake in shares of Aspen Technology, Inc. (NASDAQ:AZPN) by 11.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 902 shares of the technology company’s stock after selling 113 shares during the period. Tidal Investments LLC’s holdings in Aspen Technology were worth $215,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Brown Brothers Harriman & Co. lifted its position in shares of Aspen Technology by 31.0% in the third quarter. Brown Brothers Harriman & Co. now owns 166,352 shares of the technology company’s stock valued at $39,728,000 after acquiring an additional 39,396 shares in the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in Aspen Technology in the 2nd quarter valued at about $3,042,000. Citigroup Inc. lifted its holdings in Aspen Technology by 15.9% in the 3rd quarter. Citigroup Inc. now owns 23,240 shares of the technology company’s stock valued at $5,550,000 after purchasing an additional 3,186 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Aspen Technology by 6.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,832 shares of the technology company’s stock worth $40,082,000 after purchasing an additional 10,327 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Aspen Technology by 5.2% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 582,682 shares of the technology company’s stock worth $139,156,000 after buying an additional 28,820 shares in the last quarter. Hedge funds and other institutional investors own 45.66% of the company’s stock.

Wall Street Analysts Forecast Growth

AZPN has been the topic of several recent analyst reports. Robert W. Baird upped their price objective on shares of Aspen Technology from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Wednesday, December 11th. StockNews.com began coverage on Aspen Technology in a report on Tuesday. They set a “hold” rating on the stock. Piper Sandler upped their target price on Aspen Technology from $217.00 to $240.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Bank of America raised their price target on Aspen Technology from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Loop Capital upped their price objective on shares of Aspen Technology from $204.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $258.00.

Aspen Technology Stock Performance

AZPN opened at $250.80 on Thursday. The firm has a 50 day moving average price of $245.44 and a 200 day moving average price of $223.42. Aspen Technology, Inc. has a 1 year low of $171.25 and a 1 year high of $254.44. The company has a market cap of $15.86 billion, a PE ratio of -432.41, a price-to-earnings-growth ratio of 2.89 and a beta of 0.76.

Aspen Technology (NASDAQ:AZPN) last announced 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 company 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 previous year, the business posted $0.96 earnings per share. On average, sell-side analysts predict that Aspen Technology, Inc. will post 6.68 earnings per share for the current 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.