Aspen Technology (AZPN) plunges after big earnings, guidance miss
Aspen Technology (NASDAQ: AZPN) shares plunged 30% Thursday after missing quarterly profit estimates by $0.68 per share, with revenue also coming in below expectations.
After the close Wednesday, Bedford, Massachusetts-based AZPN, reported Q3 adjusted EPS of $1.06, well below the analyst consensus estimate of $1.74. Revenue for the quarter came in at $229.88 million versus the consensus estimate of $285.84 million.
The company's shares are currently trading at $174.20 after hitting a low of $161.60 in the early part of the session.
Furthermore, the company's guidance also significantly missed estimates. Aspen Technology sees its FY2023 EPS between $5.63 and $5.83, well below the consensus of $7.06, while revenue for the period is seen from $1.04 million to $1.06 billion, lower than the consensus of $1.17 billion.
Following the results, William Blair analyst Matthew Pfau downgraded Aspen Technology from Outperform to Market Perform, while Baird analyst Rob Oliver lowered the firm's price target on the stock to $184 from $202 while maintaining a Neutral rating.
By Sam Boughedda