Aspen Technology (NASDAQ:AZPN) Releases Fiscal 2023 Earnings Guidance
Aspen Technology (NASDAQ:AZPN – Get Rating) released an update to its fiscal 2023 earnings guidance on Monday morning. The company provided EPS guidance of $6.40 to $6.89 for the period. , compared to the consensus EPS estimate of $5.86. The company released a revenue forecast of $1.14 billion to $1.20 billion, compared to a consensus revenue estimate of $977.65 million.
Aspen Technology trades up 1.6%
AZPN shares opened at $216.39 on Monday. The stock has a 50-day simple moving average of $193.44 and a 200-day simple moving average of $171.11. The stock has a market capitalization of $14.03 billion, a P/E ratio of 57.70, a P/E/G ratio of 2.08 and a beta of 1.21. The company has a quick ratio of 4.07, a current ratio of 3.47 and a leverage ratio of 0.02. Aspen Technology has a fifty-two week low of $122.29 and a fifty-two week high of $218.96.
Aspen Technology (NASDAQ:AZPN – Get Rating) last released quarterly earnings data on Monday, August 8. The technology company reported earnings per share (EPS) of $2.43 for the quarter, beating analyst consensus estimates of $2.07 by $0.36. Aspen Technology had a net margin of 31.82% and a return on equity of 8.23%. The company posted revenue of $238.90 million in the quarter, compared to $293.17 million expected by analysts. In the same period a year earlier, the company posted earnings per share of $1.43. Aspen Technology revenue for the quarter increased 20.7% year over year. On average, sell-side analysts expect Aspen Technology to post earnings per share of 5.72 for the current fiscal year.
Changes to analyst ratings
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Several brokerages have published reports on AZPN. StockNews.com upgraded shares of Aspen Technology from a sell rating to a hold rating in a report on Tuesday, July 12. Bank of America raised its price target on Aspen Technology from $176.00 to $230.00 and gave the company a Buy rating in a Monday, June 6 research report. Loop Capital raised its price target on Aspen Technology from $175.00 to $225.00 and gave the company a Buy rating in a Wednesday, June 15 report. Piper Sandler raised her price target on Aspen Technology shares from $159.00 to $189.00 and gave the company a neutral rating in a Tuesday, June 28 research report. Finally, KeyCorp raised its price target on Aspen Technology shares from $175.00 to $210.00 and gave the company an overweight rating in a Friday, July 8 research note. Three analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat, the company currently has a Moderate Buy consensus rating and an average price target of $203.20.
Institutional investors weigh in on Aspen technology
Institutional investors and hedge funds have recently changed their positions in the company. Advisory Services Network LLC acquired a new stake in Aspen Technology in the first quarter worth approximately $620,000. Gabelli Funds LLC increased its holdings in Aspen Technology by 67.9% during the first quarter. Gabelli Funds LLC now owns 35,352 shares of the technology company worth $5,846,000 after buying 14,297 additional shares in the last quarter. Gamco Investors Inc. ET AL increased its stake in Aspen Technology by 26.2% in the first quarter. Gamco Investors Inc. ET AL now owns 7,700 shares of the technology company valued at $1,273,000 after buying an additional 1,600 shares in the last quarter. KB Financial Partners LLC increased its stake in Aspen Technology by 18.3% during the first quarter. KB Financial Partners LLC now owns 3,293 shares of the technology company worth $545,000 after acquiring 509 additional shares in the last quarter. Finally, Quantbot Technologies LP increased its position in Aspen Technology shares by 270.7% in the 1st quarter. Quantbot Technologies LP now owns 5,383 shares of the technology company valued at $890,000 after purchasing 3,931 additional shares during the period. Institutional investors hold 96.49% of the company’s shares.
Aspen Technology Company Profile
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Aspen Technology, Inc provides enterprise asset performance management, asset performance monitoring and asset optimization solutions worldwide. The company’s solutions address complex environments where it is essential to optimize the design, operation and maintenance lifecycle of assets. It serves bulk chemicals, consumer packaged goods, downstream, food and beverage, metals and mining, midstream and LNG, pharmaceuticals, polymers, pulp and paper, specialty chemicals, transportation, upstream, and water and wastewater industries; power generation, transmission and distribution industries; and the engineering, procurement and construction industries.
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