Autodesk (ADSK) Raised 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 report released on Wednesday.

According to Zacks, “Autodesk is 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. The company has positive record of earnings surprises in recent quarters. 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.”

A number of other brokerages have also weighed in on ADSK. OTR Global upgraded shares of Autodesk to a positive rating in a research note on Monday, February 5th. KeyCorp boosted their target price on shares of Autodesk from $138.00 to $144.00 and gave the company an overweight rating in a research note on Thursday, March 29th. Evercore ISI reiterated a buy rating and set a $150.00 target price on shares of Autodesk in a research note on Wednesday, March 21st. Canaccord Genuity reiterated a buy rating and set a $150.00 target price (up from $135.00) on shares of Autodesk in a research note on Wednesday, March 7th. Finally, Barclays boosted their target price on shares of Autodesk from $135.00 to $140.00 and gave the company an overweight rating in a research note on Wednesday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Autodesk presently has a consensus rating of Buy and an average target price of $148.05.

ADSK traded down $0.30 during mid-day trading on Wednesday, reaching $135.63. 10,178 shares of the company traded hands, compared to its average volume of 2,250,536. The firm has a market cap of $29.83 billion, a PE ratio of -84.96 and a beta of 1.72. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of -6.20. Autodesk has a 52-week low of $134.89 and a 52-week high of $136.53.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Tuesday, March 6th. The software company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The business had revenue of $554.00 million during 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 company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.28) EPS.

In other news, VP Paul D. Underwood sold 223 shares of the business’s stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $124.56, for a total transaction of $27,776.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Steven M. Blum sold 20,458 shares of the business’s stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $123.60, for a total transaction of $2,528,608.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,475 shares of company stock valued at $6,094,232. Insiders own 0.14% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Dorsey Wright & Associates boosted its holdings in Autodesk by 1.4% in the 4th quarter. Dorsey Wright & Associates now owns 36,122 shares of the software company’s stock worth $3,787,000 after buying an additional 482 shares during the period. Penserra Capital Management LLC boosted its holdings in Autodesk by 18.6% in the 4th quarter. Penserra Capital Management LLC now owns 3,150 shares of the software company’s stock worth $330,000 after buying an additional 495 shares during the period. HL Financial Services LLC boosted its holdings in Autodesk by 10.8% in the 1st quarter. HL Financial Services LLC now owns 5,119 shares of the software company’s stock worth $643,000 after buying an additional 500 shares during the period. Glaxis Capital Management LLC boosted its holdings in Autodesk by 5.1% in the 4th quarter. Glaxis Capital Management LLC now owns 10,510 shares of the software company’s stock worth $1,102,000 after buying an additional 510 shares during the period. Finally, Investment House LLC boosted its holdings in Autodesk by 1.1% in the 1st quarter. Investment House LLC now owns 48,475 shares of the software company’s stock worth $6,087,000 after buying an additional 530 shares during the period. 95.77% of the stock is owned by institutional investors.

About Autodesk

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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