The stock of Aspen Technology, Inc. (NASDAQ:AZPN) is now priced at $104.09 and the shares are 0.24 points up or 0.23% higher compared to its previous closing price of $103.85. The stock had 226872 contracts set over the past session. AZPN shares’ daily volume is compared to its average trading volume at 532346 shares. However, it has a float of 67.35 million and although its performance was 1.31% over the week, it’s one to watch. Analysts have given the AZPN stock a yearly average price target of $119.8 per share. It means the stock’s upside potential is 15.09% with the AZPN share price recently placing at $104 to $106.175. However, some brokerage firms have priced the stock below the average, including one that has called $100.
The shorts are running away from the Aspen Technology, Inc. stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the AZPN shares have declined. Short interest in the stock represents just 2.43% of its float, but the volume has dropped by -205002. The volume of shorted shares dropped to 1.639 million from 1.844 million shares over the last two weeks. The average intraday trading volume has been 434159 shares, which means that days to cover moved to roughly 3.776213.
In the last trading session, Aspen Technology, Inc. (NASDAQ:AZPN) raised by $1.35 over the week and lost -$4.49 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $142.89. The stock recorded its established 52-week high on 01/22/20.
Since 03/23/20, the stock has traded to a low of $73.07 at 42.45%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.31. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Aspen Technology, Inc.’s two-week RSI is 51.66. This suggests that the stock is neutral at the moment and that AZPN shares’ price movement remains stable. The stochastic readings are equally revealing at 76.92% meaning the AZPN share price is currently in oversold territory.
The technical chart shows that the AZPN stock will likely settle at between $105.51 and $106.93 per share. However, if the stock dips below $103.33, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $102.58.
Currently, the stock is trading in the green of MACD, with a reading of 0.87. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Robert W. Baird cut their recommendation for AZPN from Outperform to Neutral in April 02 review while maintai their target price of $110 to $100. JP Morgan analysts upgraded their recommendation of the stock from Underweight to Neutral while keeping its target price at $112 in a flash note released to investors on March 16. JP Morgan analysts see the stock as Underweight when the analysts resumed the share price coverage on September 11, placing it at $131 to $123.
The average rating for the AZPN equity is 2 and is currently gathering a bullish momentum. Of 7 analysts tracking Aspen Technology, Inc. polled by Reuters, 2 rated AZPN as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the AZPN stock price is 28.56X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Aspen Technology, Inc. (NASDAQ:AZPN) will decrease by about -99.87%, which will see them reach $176.57 million. The company’s full-year revenues are, however, expected to diminish by about -5.31%, down from $598.35 million to $566.57 million. AZPN’s expected adjusted earnings should drop almost -26.42% to end up at $1.17 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -17.85% to record $3.36/share.