Short Interest in Aspen Technology, Inc. (NASDAQ:AZPN) Drops By 13.6%

Aspen Technology, Inc. (NASDAQ:AZPN) saw a large decrease in short interest in November. As of November 30th, there was short interest totalling 1,020,000 shares, a decrease of 13.6% from the November 15th total of 1,180,000 shares. Approximately 3.8% of the company’s stock are sold short. Based on an average daily trading volume, of 345,900 shares, the days-to-cover ratio is currently 2.9 days.

Aspen Technology Stock Performance

Aspen Technology stock traded down $2.17 during midday trading on Friday, hitting $248.80. 595,101 shares of the company’s stock were exchanged, compared to its average volume of 250,960. The firm’s 50 day simple moving average is $243.53 and its 200 day simple moving average is $221.30. Aspen Technology has a 12-month low of $171.25 and a 12-month high of $254.44. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of -428.97, a price-to-earnings-growth ratio of 2.89 and a beta of 0.76.

Aspen Technology (NASDAQ:AZPN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.54). Aspen Technology had a negative net margin of 3.26% and a positive return on equity of 2.81%. The company had revenue of $215.90 million during the quarter, compared to analyst estimates of $265.04 million. During the same quarter last year, the firm earned $0.96 EPS. The business’s revenue was down 13.4% on a year-over-year basis. On average, equities research analysts forecast that Aspen Technology will post 6.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

AZPN has been the subject of several analyst reports. Loop Capital boosted their target price on Aspen Technology from $204.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird boosted their price target on shares of Aspen Technology from $250.00 to $275.00 and gave the stock an “outperform” rating in a report on Wednesday. Bank of America raised their price objective on shares of Aspen Technology from $225.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Piper Sandler boosted their target price on shares of Aspen Technology from $217.00 to $240.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, Berenberg Bank cut Aspen Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $258.00.

Institutional Investors Weigh In On Aspen Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Tortoise Investment Management LLC grew its holdings in shares of Aspen Technology by 77.8% in the 2nd quarter. Tortoise Investment Management LLC now owns 128 shares of the technology company’s stock worth $25,000 after acquiring an additional 56 shares during the period. Crewe Advisors LLC boosted its holdings in Aspen Technology by 313.2% in the second quarter. Crewe Advisors LLC now owns 157 shares of the technology company’s stock valued at $31,000 after acquiring an additional 119 shares during the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Aspen Technology during the 2nd quarter worth about $37,000. Quent Capital LLC boosted its position in shares of Aspen Technology by 364.9% in the third quarter. Quent Capital LLC now owns 172 shares of the technology company’s stock worth $41,000 after buying an additional 135 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Aspen Technology in the third quarter worth about $48,000. Hedge funds and other institutional investors own 45.66% of the company’s stock.

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.