Autodesk (ADSK) Lifted to “Hold” at Zacks Investment Research

Autodesk (NASDAQ:ADSK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Autodesk is gaining from strong growth in product subscriptions. The company's business model transition along with robust product portfolio, accretive acquisitions and strong cash position will fuel long term growth. Autodesk's expanding product portfolio is expected to generate new customers in both domestic and overseas markets. Estimates have been stable lately ahead of the company’s Q4 earnings release. The company has positive record of earnings surprises in recent quarters. However, shares have underperformed the industry in the past year. The restructuring plan will remain an overhang on the stock in the near term. It is also anticipated to remain a drag on margins. The company’s top-line will also continue to be impacted by the business model transition to “ratably” as against realized “upfront” earlier on.”

A number of other research analysts have also recently issued reports on ADSK. OTR Global upgraded shares of Autodesk to a “positive” rating in a report on Monday, February 5th. Evercore ISI restated a “buy” rating and set a $135.00 price target on shares of Autodesk in a report on Wednesday, November 29th. Canaccord Genuity restated a “buy” rating and set a $135.00 price target on shares of Autodesk in a report on Wednesday, November 29th. Wedbush cut shares of Autodesk from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $138.00 to $126.00 in a report on Wednesday, November 29th. Finally, JPMorgan Chase & Co. restated a “buy” rating and set a $130.00 price target on shares of Autodesk in a report on Wednesday, November 29th. Four analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $132.68.

Shares of Autodesk (NASDAQ ADSK) traded up $2.44 during midday trading on Monday, hitting $108.38. 1,986,368 shares of the stock were exchanged, compared to its average volume of 2,190,444. The firm has a market capitalization of $23,880.00, a PE ratio of -42.40, a P/E/G ratio of 14.30 and a beta of 1.91. Autodesk has a 52-week low of $81.75 and a 52-week high of $131.10. The company has a debt-to-equity ratio of 14.78, a current ratio of 1.07 and a quick ratio of 1.07.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings data on Tuesday, November 28th. The software company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.01. The firm had revenue of $515.30 million during the quarter, compared to analysts’ expectations of $513.63 million. Autodesk had a negative net margin of 28.46% and a negative return on equity of 93.60%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period last year, the company earned ($0.18) earnings per share. research analysts forecast that Autodesk will post -1.36 EPS for the current year.

In other Autodesk news, Director Lorrie M. Norrington sold 6,005 shares of Autodesk stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $104.40, for a total value of $626,922.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Crawford W. Beveridge sold 1,500 shares of Autodesk stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $106.29, for a total transaction of $159,435.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,248 shares of company stock worth $2,148,546. Insiders own 6.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in ADSK. ARK Investment Management LLC raised its position in shares of Autodesk by 349.7% in the fourth quarter. ARK Investment Management LLC now owns 128,998 shares of the software company’s stock valued at $13,523,000 after purchasing an additional 100,310 shares during the period. Carillon Tower Advisers Inc. bought a new stake in shares of Autodesk in the fourth quarter valued at approximately $28,310,000. Eaton Vance Management raised its position in shares of Autodesk by 30.4% in the fourth quarter. Eaton Vance Management now owns 33,285 shares of the software company’s stock valued at $3,489,000 after purchasing an additional 7,758 shares during the period. Capital Analysts LLC bought a new stake in shares of Autodesk in the fourth quarter valued at approximately $358,000. Finally, Standard Life Aberdeen plc raised its position in shares of Autodesk by 12.6% in the fourth quarter. Standard Life Aberdeen plc now owns 38,988 shares of the software company’s stock valued at $4,087,000 after purchasing an additional 4,363 shares during the period. 95.05% of the stock is currently owned by institutional investors and hedge funds.

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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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