Aspen Technology, Inc. (NASDAQ:AZPN) Stock Position Decreased by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in Aspen Technology, Inc. (NASDAQ:AZPN - Free Report) by 12.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 122,741 shares of the technology company's stock after selling 17,776 shares during the quarter. Principal Financial Group Inc. owned 0.19% of Aspen Technology worth $29,313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Austin Private Wealth LLC purchased a new position in shares of Aspen Technology during the 3rd quarter worth $219,000. Asset Management One Co. Ltd. boosted its stake in shares of Aspen Technology by 10.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 10,614 shares of the technology company's stock worth $2,535,000 after acquiring an additional 1,017 shares during the last quarter. Forum Financial Management LP purchased a new position in shares of Aspen Technology during the 3rd quarter worth $208,000. Van ECK Associates Corp boosted its stake in shares of Aspen Technology by 28.5% during the 3rd quarter. Van ECK Associates Corp now owns 698 shares of the technology company's stock worth $162,000 after acquiring an additional 155 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Aspen Technology by 0.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 32,465 shares of the technology company's stock worth $7,754,000 after acquiring an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 45.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AZPN. Robert W. Baird lifted their price target on shares of Aspen Technology from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, August 7th. Bank of America upped their price target on shares of Aspen Technology from $225.00 to $260.00 and gave the stock a "buy" rating in a research report on Wednesday, September 18th. Loop Capital increased their price objective on shares of Aspen Technology from $204.00 to $260.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Piper Sandler increased their price target on shares of Aspen Technology from $217.00 to $240.00 and gave the stock a "neutral" rating in a report on Tuesday, November 5th. Finally, Berenberg Bank downgraded shares of Aspen Technology from a "strong-buy" rating to a "hold" rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $253.00.

Insider Buying and Selling at Aspen Technology

In related news, Director Jr. Robert M. Whelan sold 1,000 shares of Aspen Technology stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $219.10, for a total transaction of $219,100.00. Following the transaction, the director now owns 8,540 shares in the company, valued at approximately $1,871,114. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is currently owned by corporate insiders.

Aspen Technology Stock Performance

Shares of NASDAQ AZPN traded up $0.60 during mid-day trading on Wednesday, reaching $246.68. The company's stock had a trading volume of 196,367 shares, compared to its average volume of 225,215. The stock has a 50-day moving average of $235.45 and a two-hundred day moving average of $214.94. The stock has a market capitalization of $15.60 billion, a P/E ratio of -425.12, a P/E/G ratio of 2.84 and a beta of 0.76. Aspen Technology, Inc. has a 1-year low of $171.25 and a 1-year high of $249.91.

Aspen Technology (NASDAQ:AZPN - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $0.85 earnings per share for the quarter, missing analysts' consensus estimates 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 positive return on equity of 2.81% and a negative net margin of 3.26%. The firm's revenue was down 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.96 EPS. Analysts predict that Aspen Technology, Inc. will post 6.68 EPS for the current fiscal year.

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.