Autodesk Inc. (NASDAQ:ADSK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $80.00 price target on the software company’s stock. Zacks Investment Research’s price target points to a potential upside of 9.27% from the stock’s previous close.
According to Zacks, “Autodesk recently expanded its share repurchase program in its efforts to return more cash to its shareholders. The company has completed its transition to a subscription-based model which is a positive. It expects to benefit from strong growth in new model subscriptions. New product launches should also remain an important growth driver over the long run. However, the company’s financial will likely be affected as a result of investments in cloud-based infrastructure. In addition, the company is taking a number of marketing and promotional initiatives to boost sales which will remain a drag in the near term.”
Several other equities analysts also recently weighed in on the company. Evercore ISI assumed coverage on Autodesk in a research report on Wednesday, September 14th. They issued a “buy” rating and a $80.00 target price on the stock. Pacific Crest restated an “equal weight” rating and issued a $81.00 target price on shares of Autodesk in a research report on Tuesday, July 12th. Canaccord Genuity raised their target price on Autodesk from $60.00 to $65.00 and gave the company a “hold” rating in a research report on Friday, August 26th. Citigroup Inc. set a $65.00 target price on Autodesk and gave the company a “hold” rating in a research report on Sunday, August 28th. Finally, Wedbush assumed coverage on Autodesk in a research report on Friday, September 9th. They issued a “neutral” rating and a $60.00 target price on the stock. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $67.53.
Autodesk (NASDAQ:ADSK) opened at 73.21 on Tuesday. The stock’s market cap is $16.24 billion. Autodesk has a 12-month low of $41.60 and a 12-month high of $73.24. The company’s 50-day moving average price is $68.15 and its 200-day moving average price is $60.53.
Autodesk (NASDAQ:ADSK) last issued its quarterly earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.18. The company had revenue of $550.70 million for the quarter, compared to the consensus estimate of $511.49 million. Autodesk had a negative return on equity of 5.95% and a negative net margin of 15.05%. Autodesk’s revenue for the quarter was down 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. On average, equities analysts expect that Autodesk will post ($0.60) EPS for the current fiscal year.
In other news, SVP Andrew Anagnost sold 4,525 shares of Autodesk stock in a transaction dated Wednesday, September 21st. The stock was sold at an average price of $70.00, for a total transaction of $316,750.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Amarpreet Hanspal sold 19,015 shares of Autodesk stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $62.50, for a total value of $1,188,437.50. The disclosure for this sale can be found here. Company insiders own 6.20% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Conning Inc. boosted its stake in Autodesk by 0.4% in the second quarter. Conning Inc. now owns 5,356 shares of the software company’s stock worth $290,000 after buying an additional 20 shares during the period. Commonwealth Equity Services Inc boosted its stake in Autodesk by 1.4% in the first quarter. Commonwealth Equity Services Inc now owns 5,520 shares of the software company’s stock worth $322,000 after buying an additional 76 shares during the period. HL Financial Services LLC boosted its stake in Autodesk by 0.9% in the second quarter. HL Financial Services LLC now owns 9,291 shares of the software company’s stock worth $503,000 after buying an additional 85 shares during the period. Nisa Investment Advisors L.L.C. boosted its stake in Autodesk by 0.3% in the first quarter. Nisa Investment Advisors L.L.C. now owns 33,773 shares of the software company’s stock worth $1,969,000 after buying an additional 100 shares during the period. Finally, M&T Bank Corp boosted its stake in Autodesk by 0.5% in the second quarter. M&T Bank Corp now owns 25,253 shares of the software company’s stock worth $1,365,000 after buying an additional 121 shares during the period. Institutional investors and hedge funds own 97.07% of the company’s stock.
Autodesk Company Profile
Autodesk, Inc (Autodesk) is a design software and services company, offering customers productive business solutions through technology products and services. The Company serves customers in the architecture, engineering and construction; manufacturing, and digital media, consumer and entertainment industries.
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