Story updated at 10 a.m. to reflect market activity.
Aspen gained 14.1% to $43.07 in morning trading.
The firm set a price target of $45 for the company. Summit analysts said Aspen is executing well and can deliver higher sales.
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Separetly, TheStreet Ratings team rates ASPEN TECHNOLOGY INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ASPEN TECHNOLOGY INC (AZPN) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and compelling growth in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."
Highlights from the analysis by TheStreet Ratings Team goes as follows: