Zacks Investment Research upgraded shares of Autodesk Inc. (NASDAQ:ADSK) from a hold rating to a buy rating in a research report report published on Tuesday. They currently have $80.00 price target on the software company’s stock.
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.”
Other equities analysts have also issued research reports about the stock. Evercore ISI initiated coverage on shares of Autodesk in a report on Wednesday, September 14th. They set a buy rating and a $80.00 target price on the stock. Pacific Crest reaffirmed an equal weight rating and set a $81.00 target price on shares of Autodesk in a report on Tuesday, July 12th. Canaccord Genuity increased their target price on shares of Autodesk from $60.00 to $65.00 and gave the company a hold rating in a report on Friday, August 26th. Citigroup Inc. set a $65.00 target price on shares of Autodesk and gave the company a hold rating in a report on Sunday, August 28th. Finally, Wedbush initiated coverage on shares of Autodesk in a report on Friday, September 9th. They set a neutral rating and a $60.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $67.53.
Shares of Autodesk (NASDAQ:ADSK) opened at 72.01 on Tuesday. The stock’s 50 day moving average is $68.68 and its 200 day moving average is $60.72. Autodesk has a 52-week low of $41.60 and a 52-week high of $73.40. The company’s market capitalization is $15.98 billion.
Autodesk (NASDAQ:ADSK) last released its earnings results on Thursday, August 25th. The software company reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.18. Autodesk had a negative net margin of 15.05% and a negative return on equity of 5.95%. The company had revenue of $550.70 million for the quarter, compared to analyst estimates of $511.49 million. During the same quarter last year, the firm earned $0.19 EPS. The firm’s quarterly revenue was down 9.6% compared to the same quarter last year. Equities analysts expect that Autodesk will post ($0.60) EPS for the current year.
In related news, CEO Carl Bass sold 26,209 shares of the stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $56.00, for a total value of $1,467,704.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Amarpreet Hanspal sold 19,015 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $62.50, for a total transaction of $1,188,437.50. The disclosure for this sale can be found here. 6.20% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC raised its position in shares of Autodesk by 1.9% in the first quarter. Geode Capital Management LLC now owns 1,884,341 shares of the software company’s stock valued at $109,660,000 after buying an additional 34,526 shares during the last quarter. Grandfield & Dodd LLC raised its position in shares of Autodesk by 1.2% in the second quarter. Grandfield & Dodd LLC now owns 250,823 shares of the software company’s stock valued at $13,580,000 after buying an additional 2,859 shares during the last quarter. Legal & General Group Plc raised its position in shares of Autodesk by 1.5% in the first quarter. Legal & General Group Plc now owns 934,114 shares of the software company’s stock valued at $54,467,000 after buying an additional 13,632 shares during the last quarter. Seven Bridges Advisors LLC raised its position in shares of Autodesk by 13.2% in the second quarter. Seven Bridges Advisors LLC now owns 9,419 shares of the software company’s stock valued at $510,000 after buying an additional 1,099 shares during the last quarter. Finally, National Pension Service raised its position in shares of Autodesk by 4.4% in the first quarter. National Pension Service now owns 160,675 shares of the software company’s stock valued at $9,369,000 after buying an additional 6,828 shares during the last quarter. Institutional investors own 97.07% of the company’s stock.
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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