- Aspen Technology, Inc (NASDAQ: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.
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