Zacks Investment Research downgraded shares of Autodesk (NASDAQ:ADSK) from a hold rating to a sell rating in a research note published on Tuesday.
According to Zacks, “Autodesk’s fourth-quarter fiscal 2018 results were driven by growth in product subscription and growing maintenance to subscription program. However, the company’s churn rate for maintenance subscribers remains high. It is expected to remain so with the rise in cost of maintenance plan. Moreover, the sluggish cloud business is a concern in the near term. The company’s top-line will also continue to be impacted by the business model transition to “ratably” as against realized “upfront” earlier on. Additionally, the company’s restructuring programs remain a drag on margins in the short run.”
A number of other equities research analysts have also recently commented on ADSK. KeyCorp increased their price objective on shares of Autodesk from $134.00 to $138.00 and gave the company an overweight rating in a research note on Wednesday, March 7th. Canaccord Genuity reissued a buy rating and issued a $150.00 price objective (up from $135.00) on shares of Autodesk in a research note on Wednesday, March 7th. Oppenheimer increased their price objective on shares of Autodesk from $135.00 to $145.00 and gave the company an outperform rating in a research note on Wednesday, March 7th. CIBC reaffirmed an outperform rating and set a $145.00 price target (up from $135.00) on shares of Autodesk in a research note on Wednesday, March 7th. Finally, Barclays raised their price target on shares of Autodesk from $135.00 to $140.00 and gave the stock an overweight rating in a research note on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $139.76.
Shares of Autodesk (NASDAQ ADSK) opened at $136.00 on Tuesday. The company has a market cap of $30,478.32, a PE ratio of -52.51, a P/E/G ratio of 88.70 and a beta of 1.82. Autodesk has a 12 month low of $82.70 and a 12 month high of $141.26. The company has a quick ratio of 1.07, a current ratio of 0.88 and a debt-to-equity ratio of -6.20.
Autodesk (NASDAQ:ADSK) last issued its quarterly earnings data on Tuesday, March 6th. The software company reported ($0.09) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.02. The firm had revenue of $554.00 million for the quarter, compared to analysts’ expectations of $544.74 million. Autodesk had a negative net margin of 27.57% and a negative return on equity of 206.64%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.28) EPS. equities analysts anticipate that Autodesk will post -0.03 earnings per share for the current year.
In related news, VP Paul D. Underwood sold 2,089 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $139.21, for a total value of $290,809.69. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Crawford W. Beveridge sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $133.11, for a total transaction of $199,665.00. The disclosure for this sale can be found here. Insiders sold 15,599 shares of company stock worth $1,744,319 over the last three months. Corporate insiders own 6.10% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB boosted its position in shares of Autodesk by 16.5% in the fourth quarter. Xact Kapitalforvaltning AB now owns 29,394 shares of the software company’s stock worth $3,081,000 after acquiring an additional 4,173 shares during the last quarter. Delek Group Ltd. acquired a new stake in shares of Autodesk in the fourth quarter worth approximately $132,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in shares of Autodesk by 59.4% in the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 10,465 shares of the software company’s stock worth $1,097,000 after acquiring an additional 3,900 shares during the last quarter. BB&T Investment Services Inc. boosted its position in shares of Autodesk by 29.5% in the fourth quarter. BB&T Investment Services Inc. now owns 11,742 shares of the software company’s stock worth $1,230,000 after acquiring an additional 2,676 shares during the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of Autodesk in the fourth quarter worth approximately $7,110,000. 95.18% of the stock is currently owned by institutional investors and hedge funds.
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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