Morgan Stanley Upgrades Autodesk to Overweight (ADSK)
Autodesk (NASDAQ:ADSK) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Analyst Ratings.Net reports. The firm currently has a $60.00 price target on the stock. Morgan Stanley’s price target suggests a potential upside of 16.35% from the stock’s previous close.
The analysts wrote, “Autodesk’s business model transition carries significant value and improving macro conditions position the company well to execute on the goals they set out at the October 2, 2013 Analyst Day,” the report noted. “Conversations at last month’s Autodesk University enabled us to refine our business transition model and we are now more confident in the conservatism of the underlying assumptions that drive our base case. Despite a 20% run in the stock, with a conservative model indicating $4.38/share in FCF for FY18 (a 14% FCF CAGR), we believe it is still the early innings of this story.”
In other Autodesk news, CEO Carl Bass sold 670,787 shares of Autodesk stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $49.22, for a total value of $33,016,136.14. Following the completion of the sale, the chief executive officer now directly owns 372,808 shares of the company’s stock, valued at approximately $18,349,610. The transaction was disclosed in a filing with the SEC, which is available at this link.
Shares of Autodesk (NASDAQ:ADSK) traded up 0.19% on Monday, hitting $51.57. The stock had a trading volume of 4,561,673 shares. Autodesk has a 1-year low of $33.01 and a 1-year high of $52.70. The stock’s 50-day moving average is $47.96 and its 200-day moving average is $40.89. The company has a market cap of $11.634 billion and a price-to-earnings ratio of 47.18.
Autodesk (NASDAQ:ADSK) last posted its quarterly earnings results on Thursday, November 21st. The company reported $0.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.39 by $0.02. The company had revenue of $55.00 million for the quarter, compared to the consensus estimate of $547.50 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 1.3% on a year-over-year basis. Analysts expect that Autodesk will post $1.61 EPS for the current fiscal year.
A number of other firms have also recently commented on ADSK. Analysts at Evercore Partners upgraded shares of Autodesk from an “equal weight” rating to an “overweight” rating in a research note to investors on Thursday. They now have a $58.00 price target on the stock, up previously from $42.00. Separately, analysts at Jefferies Group set a $56.00 price target on shares of Autodesk in a research note to investors on Wednesday, December 4th. They now have a “buy” rating on the stock. Finally, analysts at Thomson Reuters/Verus upgraded shares of Autodesk from a “sell” rating to a “hold” rating in a research note to investors on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Autodesk currently has an average rating of “Hold” and a consensus target price of $47.67.
Autodesk, Inc (NASDAQ:ADSK) is designs software and services company.
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