Aspen Technology, Inc. (NASDAQ:AZPN) Sees Significant Drop in Short Interest

Aspen Technology, Inc. (NASDAQ:AZPN) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 1,340,000 shares, a drop of 8.2% from the June 30th total of 1,460,000 shares. Based on an average daily trading volume, of 211,700 shares, the days-to-cover ratio is currently 6.3 days. Currently, 5.0% of the shares of the stock are sold short.

Aspen Technology Trading Up 0.2 %

Aspen Technology stock traded up $0.33 during midday trading on Tuesday, reaching $189.30. 77,527 shares of the company were exchanged, compared to its average volume of 202,022. The firm’s 50-day simple moving average is $200.55 and its 200-day simple moving average is $200.01. Aspen Technology has a 1 year low of $162.26 and a 1 year high of $224.77.

Aspen Technology (NASDAQ:AZPN) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.54 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.39. The firm had revenue of $278.11 million during the quarter, compared to analysts’ expectations of $251.65 million. Aspen Technology had a positive return on equity of 2.76% and a negative net margin of 2.46%. Equities research analysts predict that Aspen Technology will post 5.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AZPN. Robert W. Baird restated an “outperform” rating and issued a $230.00 price target on shares of Aspen Technology in a research report on Friday, June 14th. Piper Sandler dropped their price target on Aspen Technology from $196.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. William Blair upgraded Aspen Technology to a “hold” rating in a research report on Tuesday, May 7th. Finally, Berenberg Bank upgraded Aspen Technology from a “hold” rating to a “buy” rating and raised their price target for the company from $185.00 to $255.00 in a research report on Friday, May 17th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $219.50.

Institutional Trading of Aspen Technology

Hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. boosted its stake in Aspen Technology by 2,600.0% in the 2nd quarter. Mather Group LLC. now owns 135 shares of the technology company’s stock worth $29,000 after buying an additional 130 shares during the last quarter. Crewe Advisors LLC boosted 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 worth $31,000 after buying an additional 119 shares during the last quarter. GAMMA Investing LLC boosted its stake in Aspen Technology by 65.7% in the 2nd quarter. GAMMA Investing LLC now owns 174 shares of the technology company’s stock worth $35,000 after buying an additional 69 shares during the last quarter. Whittier Trust Co. of Nevada Inc. acquired a new stake in Aspen Technology in the 2nd quarter worth about $37,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in Aspen Technology by 561.8% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 225 shares of the technology company’s stock worth $48,000 after buying an additional 191 shares during the last quarter. 45.66% of the stock is owned by institutional investors and hedge funds.

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.