Why Aspen Stock Is Plunging Today

Loading...
Loading...
  • Aspen Technology, Inc AZPN is trading lower Thursday since its third-quarter earnings miss.
  • On Wednesday after-hours, Aspen Tech reported 172% revenue growth year-on-year to $229.88 million, missing the consensus of $285.64 million.
  • Adjusted EPS of $1.06 missed the consensus of $1.74.
  • The annual contract value was $854.6 million, up 11.2% Y/Y.
  • Annual spending for heritage AspenTech, was $712.0 million, up by 8.6% Y/Y.
  • License and solutions revenue grew to $136.3 million, up from $50.8 million a year ago. Maintenance revenue was $77.3 million, up from $27.3 million a year earlier. Services and other revenue grew to $16.3 million compared to $6.5 million a year ago.
  • AspenTech reported a loss from operations of $(78.5) million, compared to a loss of $(2.7) million a year ago.
  • Outlook: Aspen Tech expects FY23 revenue of $1.04 billion - $1.06 billion (consensus $1.17 billion) and adjusted EPS of $5.63 - $5.83 (consensus $7.06).
  • Analyst Ratings: Keybanc analyst Jason Celino maintains Aspen Tech with an Overweight, lowering the price target from $260 to $230.
  • Piper Sandler analyst Clarke Jeffries reiterates a Neutral and maintains a $195 price target.
  • William Blair analyst Matthew Pfau downgrades from Outperform to Market Perform.
  • Loop Capital analyst Mark Schappel maintains a Buy and lowers the price target from $270 to $240.
  • Price Action: AZPN shares traded lower by 25.9% at $171.70 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: Analyst ColorEarningsNewsGuidanceDowngradesPrice TargetReiterationAnalyst RatingsMoversTrading IdeasBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...