Autodesk, Inc. (ADSK) Upgraded at Royal Bank of Canada
Autodesk, Inc. (NASDAQ:ADSK) was upgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Friday. The brokerage presently has a $125.00 price objective on the software company’s stock, up from their prior price objective of $95.00. Royal Bank of Canada’s price target would indicate a potential upside of 13.73% from the company’s previous close.
A number of other research firms have also commented on ADSK. Pacific Crest restated an “overweight” rating and issued a $105.00 price objective on shares of Autodesk in a research report on Monday, May 8th. Cowen and Company restated an “outperform” rating and issued a $105.00 price objective (up from $95.00) on shares of Autodesk in a research report on Wednesday. Guggenheim restated a “neutral” rating and issued a $80.00 price objective on shares of Autodesk in a research report on Tuesday, April 18th. Evercore ISI restated a “buy” rating and issued a $96.00 price objective on shares of Autodesk in a research report on Wednesday, April 19th. Finally, Zacks Investment Research upgraded shares of Autodesk from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $100.24.
Shares of Autodesk (NASDAQ:ADSK) traded up 14.69% during mid-day trading on Friday, reaching $109.91. 10,091,614 shares of the company’s stock traded hands. The company’s market cap is $24.27 billion. Autodesk has a 12-month low of $49.82 and a 12-month high of $112.18. The firm has a 50-day moving average of $90.70 and a 200 day moving average of $82.77.
Autodesk (NASDAQ:ADSK) last released its quarterly earnings data on Thursday, May 18th. The software company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.08. Autodesk had a negative net margin of 20.30% and a negative return on equity of 13.74%. The company had revenue of $485.70 million during the quarter, compared to analyst estimates of $470.27 million. During the same period last year, the business earned ($0.10) earnings per share. Autodesk’s revenue was down 5.1% compared to the same quarter last year. Equities analysts forecast that Autodesk will post ($0.60) EPS for the current year.
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In other Autodesk news, SVP Jan Becker sold 2,865 shares of Autodesk stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $95.73, for a total transaction of $274,266.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Crawford W. Beveridge sold 7,000 shares of Autodesk stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $82.48, for a total transaction of $577,360.00. The disclosure for this sale can be found here. Insiders have sold 132,067 shares of company stock worth $11,323,341 over the last three months. Insiders own 6.20% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Autodesk by 3,291.0% in the first quarter. BlackRock Inc. now owns 15,261,046 shares of the software company’s stock valued at $1,319,622,000 after buying an additional 14,810,994 shares during the period. FMR LLC increased its position in Autodesk by 20.1% in the fourth quarter. FMR LLC now owns 26,573,101 shares of the software company’s stock valued at $1,966,674,000 after buying an additional 4,455,916 shares during the period. Wellington Management Group LLP increased its position in Autodesk by 104.4% in the first quarter. Wellington Management Group LLP now owns 4,725,602 shares of the software company’s stock valued at $408,622,000 after buying an additional 2,413,134 shares during the period. Norges Bank purchased a new position in shares of Autodesk during the fourth quarter valued at about $119,478,000. Finally, Darsana Capital Partners LP purchased a new position in shares of Autodesk during the fourth quarter valued at about $112,865,000. 97.13% of the stock is currently owned by hedge funds and other institutional investors.
Autodesk Company Profile
Autodesk, Inc is a design software and services company, offering customers productive business solutions through technology products and services. The Company’s segments include Architecture, Engineering and Construction (AEC), Platform Solutions and Emerging Business (PSEB), Manufacturing (MFG), and Media and Entertainment (M&E).
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