Wedbush Reaffirms Outperform Rating for Autodesk, Inc. (ADSK)
Wedbush reissued their outperform rating on shares of Autodesk, Inc. (NASDAQ:ADSK) in a research note published on Friday morning, Marketbeat.com reports. The firm currently has a $128.00 price target on the software company’s stock, up from their previous price target of $125.00.
Several other research firms have also recently weighed in on ADSK. Evercore ISI reiterated an outperform rating and set a $115.00 price objective on shares of Autodesk in a research report on Wednesday, June 21st. Cowen and Company reiterated a buy rating and set a $115.00 price objective on shares of Autodesk in a research report on Friday, August 18th. Berenberg Bank initiated coverage on shares of Autodesk in a research report on Wednesday, August 23rd. They set a buy rating and a $136.00 price objective for the company. Canaccord Genuity reiterated a buy rating and set a $125.00 price objective (up from $120.00) on shares of Autodesk in a research report on Friday. Finally, BidaskClub cut shares of Autodesk from a strong-buy rating to a buy rating in a research report on Tuesday, July 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Autodesk has an average rating of Buy and a consensus target price of $111.00.
Shares of Autodesk (NASDAQ ADSK) opened at 114.97 on Friday. Autodesk has a 12 month low of $65.06 and a 12 month high of $119.73. The stock’s 50 day moving average price is $109.09 and its 200-day moving average price is $97.98. The firm’s market cap is $25.24 billion.
Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Thursday, August 24th. The software company reported ($0.11) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.05. Autodesk had a negative net margin of 30.01% and a negative return on equity of 51.29%. The firm had revenue of $501.80 million during the quarter, compared to analysts’ expectations of $493.98 million. During the same period in the prior year, the company posted $0.05 EPS. The company’s revenue was down 8.9% on a year-over-year basis. Equities research analysts anticipate that Autodesk will post ($0.54) earnings per share for the current fiscal year.
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In other Autodesk news, Director Carl Bass sold 42,297 shares of the firm’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $101.72, for a total value of $4,302,450.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Paul D. Underwood sold 6,490 shares of the firm’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $111.93, for a total transaction of $726,425.70. The disclosure for this sale can be found here. Insiders sold 167,705 shares of company stock worth $17,590,771 over the last ninety days. Insiders own 6.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC increased its stake in shares of Autodesk by 4.2% in the second quarter. Parallel Advisors LLC now owns 1,093 shares of the software company’s stock valued at $121,000 after buying an additional 44 shares in the last quarter. Harfst & Associates Inc. purchased a new stake in shares of Autodesk during the second quarter valued at approximately $150,000. IFP Advisors Inc increased its stake in shares of Autodesk by 9.3% in the second quarter. IFP Advisors Inc now owns 1,699 shares of the software company’s stock valued at $171,000 after buying an additional 145 shares in the last quarter. Kanawha Capital Management LLC purchased a new stake in shares of Autodesk during the second quarter valued at approximately $202,000. Finally, First Personal Financial Services increased its stake in shares of Autodesk by 896.0% in the second quarter. First Personal Financial Services now owns 2,002 shares of the software company’s stock valued at $202,000 after buying an additional 1,801 shares in the last quarter. Institutional investors own 94.26% of the company’s stock.
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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