Autodesk Inc. (ADSK) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Autodesk Inc. (NASDAQ:ADSK) from a hold rating to a buy rating in a research note released on Tuesday morning. Zacks Investment Research currently has $80.00 target price 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 research analysts have also issued research reports about the company. Citigroup Inc. set a $65.00 price target on Autodesk and gave the company a hold rating in a research report on Sunday, August 28th. Canaccord Genuity upped their price target on Autodesk from $60.00 to $65.00 and gave the company a hold rating in a research report on Friday, August 26th. Rosenblatt Securities reiterated a sell rating and issued a $54.00 price target on shares of Autodesk in a research report on Thursday, August 25th. Pacific Crest restated an equal weight rating and set a $81.00 target price on shares of Autodesk in a research report on Tuesday, July 12th. Finally, Cowen and Company upped their target price on Autodesk from $68.00 to $71.00 and gave the company an outperform rating in a research report on Friday, August 26th. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Autodesk presently has an average rating of Hold and an average target price of $67.53.
Autodesk (NASDAQ:ADSK) traded up 1.58% on Tuesday, reaching $72.55. The company’s stock had a trading volume of 251,512 shares. The company’s market cap is $16.10 billion. The firm’s 50-day moving average price is $67.85 and its 200 day moving average price is $60.44. Autodesk has a 52-week low of $41.60 and a 52-week high of $72.80.
Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Thursday, August 25th. The software company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.18. Autodesk had a negative return on equity of 5.95% and a negative net margin of 15.05%. The firm had revenue of $550.70 million for the quarter, compared to analyst estimates of $511.49 million. During the same quarter in the previous year, the company posted $0.19 EPS. The business’s revenue was down 9.6% on a year-over-year basis. Equities analysts anticipate that Autodesk will post ($0.60) EPS for the current fiscal year.
In other news, SVP Fronzo Pascal W. Di sold 5,109 shares of Autodesk stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $60.87, for a total value of $310,984.83. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Carl Bass sold 26,209 shares of Autodesk stock in a transaction dated 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. 6.20% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in 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 in the last quarter. Legal & General Group Plc increased its position in 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 in the last quarter. Grandfield & Dodd LLC increased its position in 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 in the last quarter. Seven Bridges Advisors LLC increased its position in 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 in the last quarter. Finally, National Pension Service increased its position in 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 in the last quarter. Hedge funds and other 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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