Autodesk (ADSK) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Autodesk (NASDAQ:ADSK) from a sell rating to a hold rating in a research note released on Tuesday.

According to Zacks, “Autodesk reported encouraging fourth-quarter fiscal 2018 results, driven by strong growth in product and growing maintenance to subscription program. The company’s business model transition along with robust portfolio of offering and strong cash position will fuel long term growth. Autodesk is also benefiting from its investment in digital infrastructure like e-store and EBA programs. We note that the company has outperformed the industry in the past year. However, the sluggish cloud business is a concern in the near term. The company’s top-line will also continue to be impacted by the business model transition to “ratably” as against realized “upfront” earlier on. Additionally, the company’s restructuring programs remain a drag on margins.”

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Several other analysts have also issued reports on ADSK. Barclays reiterated an overweight rating and set a $135.00 price target (up previously from $125.00) on shares of Autodesk in a research report on Tuesday, November 21st. Royal Bank of Canada increased their price target on shares of Autodesk from $125.00 to $140.00 and gave the stock an outperform rating in a research report on Wednesday, November 22nd. Morgan Stanley increased their price target on shares of Autodesk from $120.00 to $143.00 and gave the stock an overweight rating in a research report on Wednesday, November 22nd. UBS reiterated a buy rating and set a $140.00 price target on shares of Autodesk in a research report on Wednesday, November 29th. Finally, Wedbush lowered shares of Autodesk from an outperform rating to a neutral rating and reduced their price target for the stock from $138.00 to $126.00 in a research report on Wednesday, November 29th. Four research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $140.48.

Shares of Autodesk (NASDAQ ADSK) opened at $128.02 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 1.07 and a debt-to-equity ratio of -6.20. The stock has a market cap of $28,945.26, a P/E ratio of -49.43 and a beta of 1.82. Autodesk has a 52-week low of $82.70 and a 52-week high of $141.26.

Autodesk (NASDAQ:ADSK) last posted its quarterly earnings results on Tuesday, March 6th. The software company reported ($0.09) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. The business had revenue of $554.00 million for the quarter, compared to analyst estimates of $544.74 million. Autodesk had a negative net margin of 27.57% and a negative return on equity of 206.64%. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.28) EPS. analysts forecast that Autodesk will post -0.03 earnings per share for the current fiscal year.

In other news, VP Paul D. Underwood sold 2,089 shares of the firm’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $139.21, for a total transaction of $290,809.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lorrie M. Norrington sold 6,005 shares of the firm’s stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $104.40, for a total transaction of $626,922.00. The disclosure for this sale can be found here. Insiders sold 16,171 shares of company stock worth $1,822,299 in the last 90 days. Company insiders own 6.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in ADSK. Meritage Group LP raised its stake in shares of Autodesk by 3,910.0% during the third quarter. Meritage Group LP now owns 2,243,728 shares of the software company’s stock valued at $251,881,000 after acquiring an additional 2,187,774 shares during the last quarter. Viking Global Investors LP raised its stake in shares of Autodesk by 68.5% during the fourth quarter. Viking Global Investors LP now owns 4,094,027 shares of the software company’s stock valued at $429,177,000 after acquiring an additional 1,664,658 shares during the last quarter. Parnassus Investments CA raised its stake in shares of Autodesk by 100.0% during the fourth quarter. Parnassus Investments CA now owns 1,800,000 shares of the software company’s stock valued at $188,694,000 after acquiring an additional 900,000 shares during the last quarter. Millennium Management LLC raised its stake in shares of Autodesk by 337.9% during the fourth quarter. Millennium Management LLC now owns 648,395 shares of the software company’s stock valued at $67,971,000 after acquiring an additional 500,322 shares during the last quarter. Finally, Findlay Park Partners LLP bought a new position in shares of Autodesk during the third quarter valued at $55,721,000. 95.14% of the stock is owned by hedge funds and other institutional investors.

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Autodesk Company Profile

Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; and AutoCAD LT, a professional drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; and AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects.

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