Autodesk’s (NASDAQ:ADSK) Buy Rating Reiterated at Canaccord Genuity
Autodesk, Inc. (NASDAQ:ADSK)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity in a research report issued on Wednesday, June 21st. They presently have a $120.00 price objective on the software company’s stock. Canaccord Genuity’s price target suggests a potential upside of 10.35% from the company’s previous close.
Several other brokerages have also recently issued reports on ADSK. ValuEngine raised Autodesk from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Sanford C. Bernstein started coverage on Autodesk in a research note on Wednesday, May 24th. They issued an “outperform” rating and a $137.00 price objective on the stock. Evercore ISI restated an “outperform” rating and set a $115.00 price objective on shares of Autodesk in a report on Thursday, May 25th. TheStreet cut Autodesk from a “c-” rating to a “d” rating in a report on Thursday, May 18th. Finally, William Blair reiterated an “outperform” rating on shares of Autodesk in a report on Sunday, May 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $103.16.
Autodesk (ADSK) traded up 1.56% during mid-day trading on Wednesday, hitting $108.74. 1,480,998 shares of the stock traded hands. The company has a 50-day moving average of $106.57 and a 200 day moving average of $89.78. The firm’s market capitalization is $23.97 billion. Autodesk has a 1-year low of $56.80 and a 1-year high of $114.68.
Autodesk (NASDAQ:ADSK) last issued its quarterly earnings results on Thursday, May 18th. The software company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.08. Autodesk had a negative return on equity of 36.65% and a negative net margin of 26.99%. The firm had revenue of $485.70 million during the quarter, compared to the consensus estimate of $470.27 million. During the same period last year, the company earned ($0.10) earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. On average, equities research analysts anticipate that Autodesk will post ($0.58) EPS for the current year.
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In other Autodesk news, SVP Jan Becker sold 3,089 shares of the stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $85.37, for a total transaction of $263,707.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Bass sold 26,753 shares of the stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $100.88, for a total value of $2,698,842.64. The disclosure for this sale can be found here. Insiders have sold 173,659 shares of company stock worth $18,128,745 in the last quarter. 6.10% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Baird Financial Group Inc. boosted its position in shares of Autodesk by 1.0% in the fourth quarter. Baird Financial Group Inc. now owns 2,838 shares of the software company’s stock worth $210,000 after buying an additional 29 shares during the last quarter. NBT Bank N A NY bought a new stake in Autodesk during the first quarter valued at approximately $210,000. Venturi Wealth Management LLC bought a new stake in Autodesk during the first quarter valued at approximately $211,000. Private Advisor Group LLC bought a new stake in Autodesk during the fourth quarter valued at approximately $216,000. Finally, Joel Isaacson & Co. LLC bought a new stake in Autodesk during the first quarter valued at approximately $216,000. 97.36% of the stock is owned by institutional investors and hedge funds.
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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