Morgan Stanley Increases Autodesk, Inc. (ADSK) Price Target to $143.00
Autodesk, Inc. (NASDAQ:ADSK) had its target price upped by investment analysts at Morgan Stanley from $120.00 to $143.00 in a research report issued on Wednesday. The firm currently has an “overweight” rating on the software company’s stock. Morgan Stanley’s target price would suggest a potential upside of 11.77% from the stock’s current price.
Several other research analysts have also recently weighed in on the company. Canaccord Genuity reiterated a “buy” rating and set a $125.00 price target (up from $120.00) on shares of Autodesk in a research report on Friday, August 25th. Evercore ISI reissued a “buy” rating and issued a $135.00 price objective on shares of Autodesk in a report on Wednesday, August 23rd. Berenberg Bank assumed coverage on Autodesk in a report on Wednesday, August 23rd. They issued a “buy” rating and a $136.00 price objective on the stock. Cowen and Company reissued a “buy” rating and issued a $115.00 price objective on shares of Autodesk in a report on Friday, August 18th. Finally, BidaskClub lowered Autodesk from a “strong-buy” rating to a “buy” rating in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $126.90.
Shares of Autodesk (ADSK) traded up $0.23 during trading hours on Wednesday, hitting $127.94. The stock had a trading volume of 170,608 shares, compared to its average volume of 1,994,572. Autodesk has a 1 year low of $68.06 and a 1 year high of $128.28. The company has a debt-to-equity ratio of 5.02, a current ratio of 1.22 and a quick ratio of 1.22.
Autodesk (NASDAQ:ADSK) last announced its quarterly earnings data on Thursday, August 24th. The software company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.05. Autodesk had a negative return on equity of 60.14% and a negative net margin of 30.01%. The firm had revenue of $501.80 million during the quarter, compared to analysts’ expectations of $493.98 million. During the same period last year, the business posted $0.05 earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. equities analysts predict that Autodesk will post -1.38 earnings per share for the current fiscal year.
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In related news, insider Andrew Anagnost sold 24,004 shares of the company’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $112.73, for a total value of $2,705,970.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Steven M. Blum sold 9,128 shares of the company’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $112.26, for a total value of $1,024,709.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,789 shares of company stock valued at $9,189,363. Insiders own 6.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its position in shares of Autodesk by 11.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 312,059 shares of the software company’s stock valued at $35,032,000 after purchasing an additional 33,091 shares during the period. IFM Investors Pty Ltd acquired a new stake in shares of Autodesk in the 3rd quarter valued at about $619,000. Insight Capital Research & Management Inc. boosted its position in shares of Autodesk by 96.5% in the 3rd quarter. Insight Capital Research & Management Inc. now owns 23,925 shares of the software company’s stock valued at $2,686,000 after purchasing an additional 11,752 shares during the period. Neuberger Berman Group LLC raised its stake in Autodesk by 8.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 1,059,906 shares of the software company’s stock valued at $118,985,000 after acquiring an additional 80,942 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Autodesk by 3.5% during the 3rd quarter. California Public Employees Retirement System now owns 459,320 shares of the software company’s stock valued at $51,563,000 after acquiring an additional 15,620 shares during the last quarter. 94.67% of the stock is owned by hedge funds and other institutional investors.
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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