Autodesk Inc. (ADSK) Upgraded by Zacks Investment Research to Buy
Autodesk Inc. (NASDAQ:ADSK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $80.00 target price on the software company’s stock. Zacks Investment Research’s price target points to a potential upside of 11.10% 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 research analysts have also weighed in on ADSK. Pacific Crest reaffirmed an “equal weight” rating and issued a $81.00 target price on shares of Autodesk in a research report on Tuesday, July 12th. Royal Bank Of Canada raised their price objective on Autodesk from $60.00 to $64.00 and gave the company a “sector perform” rating in a research report on Friday, August 19th. RBC Capital Markets reissued a “sector perform” rating and issued a $64.00 price objective (up from $60.00) on shares of Autodesk in a research report on Sunday, August 21st. Rosenblatt Securities reissued a “sell” rating and issued a $54.00 price objective on shares of Autodesk in a research report on Thursday, August 25th. Finally, Barclays PLC raised their price objective on Autodesk from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, August 26th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Autodesk has an average rating of “Hold” and a consensus price target of $67.53.
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Shares of Autodesk (NASDAQ:ADSK) opened at 72.01 on Tuesday. Autodesk has a 12-month low of $41.60 and a 12-month high of $73.40. The stock has a 50 day moving average price of $68.68 and a 200 day moving average price of $60.72. The stock’s market capitalization is $15.98 billion.
Autodesk (NASDAQ:ADSK) last issued its earnings results on Thursday, August 25th. The software company reported $0.05 earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.18. The business had revenue of $550.70 million for the quarter, compared to analyst estimates of $511.49 million. Autodesk had a negative return on equity of 5.95% and a negative net margin of 15.05%. The business’s quarterly revenue was down 9.6% on a year-over-year basis. During the same period last year, the company posted $0.19 EPS. On average, equities analysts anticipate that Autodesk will post ($0.60) earnings per share for the current fiscal year.
In related news, SVP Steven M. Blum sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $66.00, for a total transaction of $660,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Carl Bass sold 26,209 shares of the business’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $56.00, for a total value of $1,467,704.00. The disclosure for this sale can be found here. Insiders own 6.20% of the company’s stock.
Large investors have recently made changes to their positions in the company. Commonwealth Equity Services Inc boosted its stake in shares of Autodesk by 1.4% in the first quarter. Commonwealth Equity Services Inc now owns 5,520 shares of the software company’s stock valued at $322,000 after buying an additional 76 shares during the last quarter. Aperio Group LLC boosted its stake in shares of Autodesk by 3.8% in the first quarter. Aperio Group LLC now owns 84,104 shares of the software company’s stock valued at $4,904,000 after buying an additional 3,108 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in shares of 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 valued at $1,969,000 after buying an additional 100 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Autodesk by 15.5% in the first quarter. IFP Advisors Inc now owns 1,715 shares of the software company’s stock valued at $100,000 after buying an additional 230 shares during the last quarter. Finally, Teachers Advisors Inc. boosted its stake in shares of Autodesk by 4.4% in the first quarter. Teachers Advisors Inc. now owns 313,507 shares of the software company’s stock valued at $18,281,000 after buying an additional 13,315 shares during the last quarter. 97.07% of the stock is currently owned by hedge funds and other institutional investors.
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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