Autodesk, Inc. (ADSK) Receives Buy Rating from Cowen and Company
Autodesk, Inc. (NASDAQ:ADSK)‘s stock had its “buy” rating restated by investment analysts at Cowen and Company in a research note issued to investors on Friday. They currently have a $115.00 price target on the software company’s stock. Cowen and Company’s price objective would suggest a potential upside of 5.93% from the company’s current price.
A number of other research firms have also commented on ADSK. Evercore ISI restated an “outperform” rating and set a $115.00 price target on shares of Autodesk in a research report on Wednesday, June 21st. BidaskClub lowered Autodesk from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. ValuEngine upgraded Autodesk from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Pacific Crest restated an “overweight” rating and set a $105.00 price target on shares of Autodesk in a research report on Monday, May 8th. Finally, TheStreet lowered Autodesk from a “c-” rating to a “d” rating in a research report on Thursday, May 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the stock. Autodesk has an average rating of “Buy” and an average target price of $105.85.
Autodesk (NASDAQ ADSK) traded up 0.62% on Friday, reaching $108.56. The company had a trading volume of 1,164,390 shares. The stock’s market cap is $23.93 billion. Autodesk has a one year low of $62.68 and a one year high of $115.25. The company has a 50-day moving average of $107.86 and a 200 day moving average of $96.95.
Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Thursday, May 18th. The software company reported ($0.16) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.24) by $0.08. The business had revenue of $485.70 million for the quarter, compared to analyst estimates of $470.27 million. Autodesk had a negative return on equity of 36.65% and a negative net margin of 26.99%. Autodesk’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) EPS. On average, equities research analysts predict that Autodesk will post ($0.56) EPS for the current year.
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In related news, Director Betsy Rafael sold 2,354 shares of the firm’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $106.24, for a total transaction of $250,088.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Carl Bass sold 13,377 shares of the firm’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $99.95, for a total value of $1,337,031.15. The disclosure for this sale can be found here. Insiders have sold a total of 167,705 shares of company stock worth $17,590,771 in the last ninety days. 6.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of 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 last quarter. FMR LLC increased its stake in shares of Autodesk by 13.9% in the first quarter. FMR LLC now owns 30,271,360 shares of the software company’s stock valued at $2,617,565,000 after buying an additional 3,698,259 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 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 last quarter. Sustainable Growth Advisers LP acquired a new stake in shares of Autodesk during the second quarter valued at approximately $208,956,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Autodesk during the second quarter valued at approximately $140,338,000. 97.73% of the stock is currently owned by institutional investors and hedge funds.
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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