5 Best-Performing Tech Stocks of 2022

4. Aspen Technology, Inc. (NASDAQ:AZPN)

Number of Hedge Fund Holders: 18

YTD Share Price Gain as of September 15: 49.15%

Aspen Technology, Inc. (NASDAQ:AZPN) is a Massachusetts-based company that offers enterprise asset performance management, asset performance monitoring, and asset optimization solutions worldwide. The company specializes in artificial intelligence, aspen hybrid models, OSI digital grid management, and performance engineering. Aspen Technology, Inc. (NASDAQ:AZPN) is one of the top tech stocks for 2022, given the shares jumped 49% YTD as of September 15. 

The company reported its FY 2022 business outlook on August 8. Aspen Technology, Inc. (NASDAQ:AZPN) expects total revenue of $1.14 billion to $1.20 billion, compared to a $788.29 million Wall Street consensus. The non-GAAP net income per share is projected to come in between $6.40 to $6.89, versus a $5.53 consensus. 

On August 16, Wolfe Research analyst Gal Munda initiated coverage of Aspen Technology, Inc. (NASDAQ:AZPN) with a Peer Perform rating. The analyst is “extremely positive” on Aspen Technology, Inc. (NASDAQ:AZPN) after the Emerson deal announcement. The analyst believes the valuation gap that emerged from the deal has now closed and is waiting for synergies to offer more upside.

According to Insider Monkey’s data, 18 hedge funds were long Aspen Technology, Inc. (NASDAQ:AZPN) at the end of Q2 2022, compared to 22 funds in the last quarter. 

Here is what Baron Asset Fund has to say about Aspen Technology, Inc. (NASDAQ:AZPN) in its Q1 2022 investor letter:

“Shares of Aspen Technology, Inc. (NASDAQ:AZPN), a leader in process automation software, gained after the company reported a 6% acceleration in organic growth. We expect Aspen to close its transformative deal with industrial equipment manufacturer Emerson this quarter. We believe Aspen management will improve the growth, profitability, and cash flow of the acquired Emerson businesses by converting them to recurring revenue models, while leveraging Emerson’s vast sales force to improve the entire company’s growth rate. We also expect the company to become more aggressive with accretive acquisitions, and we believe the healthy environment for energy and other commodities should provide a supportive backdrop for sales growth.”