Zacks Investment Research upgraded shares of Autodesk (NASDAQ:ADSK) from a sell rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Autodesk is driven by strong growth in product and growing maintenance to subscription program. The company’s business model transition along with robust portfolio of offering and strong cash position will fuel long term growth. Autodesk is also benefiting from its investment in digital infrastructure like e-store and EBA programs. We note that the company has outperformed the industry in the past year. The company has positive record of earnings surprises in recent quarters. However, 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.”
ADSK has been the topic of several other reports. Credit Suisse Group reiterated an outperform rating and issued a $150.00 price objective (up from $135.00) on shares of Autodesk in a report on Wednesday, March 7th. KeyCorp reiterated a buy rating and issued a $134.00 price objective on shares of Autodesk in a report on Wednesday, January 17th. Morgan Stanley upped their price objective on shares of Autodesk to $160.00 and gave the company an overweight rating in a report on Tuesday. Evercore ISI reiterated a buy rating and issued a $150.00 price objective on shares of Autodesk in a report on Wednesday, March 21st. Finally, Barclays upped their price objective on shares of Autodesk from $135.00 to $140.00 and gave the company an overweight rating in a report on Wednesday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $148.05.
Autodesk opened at $138.85 on Wednesday, MarketBeat.com reports. Autodesk has a one year low of $99.22 and a one year high of $141.26. The firm has a market capitalization of $29.91 billion, a price-to-earnings ratio of -86.78 and a beta of 1.72. The company has a debt-to-equity ratio of -6.20, a quick ratio of 0.88 and a current ratio of 0.88.
Autodesk (NASDAQ:ADSK) last released its quarterly earnings data on Tuesday, March 6th. The software company reported ($0.09) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. Autodesk had a negative net margin of 27.57% and a negative return on equity of 206.64%. The firm had revenue of $554.00 million for the quarter, compared to the consensus estimate of $544.74 million. During the same period in the previous year, the company earned ($0.28) earnings per share. The company’s quarterly revenue was up 15.7% on a year-over-year basis.
In related news, Director Crawford W. Beveridge sold 1,500 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $133.11, for a total transaction of $199,665.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Anagnost sold 20,499 shares of the company’s stock in a transaction dated Thursday, March 29th. The stock was sold at an average price of $125.39, for a total transaction of $2,570,369.61. The disclosure for this sale can be found here. Insiders have sold 48,475 shares of company stock valued at $6,094,232 in the last ninety days. 0.14% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Xact Kapitalforvaltning AB lifted its position in Autodesk by 11.0% during the first quarter. Xact Kapitalforvaltning AB now owns 32,614 shares of the software company’s stock worth $4,096,000 after purchasing an additional 3,220 shares during the period. Atlantic Trust Group LLC lifted its position in Autodesk by 41.4% during the first quarter. Atlantic Trust Group LLC now owns 205,361 shares of the software company’s stock worth $25,790,000 after purchasing an additional 60,112 shares during the period. Legal & General Group Plc lifted its position in Autodesk by 5.6% during the first quarter. Legal & General Group Plc now owns 1,015,296 shares of the software company’s stock worth $127,477,000 after purchasing an additional 53,692 shares during the period. Vista Equity Partners Management LLC lifted its position in Autodesk by 196.5% during the first quarter. Vista Equity Partners Management LLC now owns 224,201 shares of the software company’s stock worth $28,155,000 after purchasing an additional 148,575 shares during the period. Finally, Verition Fund Management LLC bought a new stake in Autodesk during the first quarter worth about $1,545,000. 95.77% of the stock is owned by institutional investors and hedge funds.
Autodesk Company Profile
Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; and AutoCAD LT, a professional drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; and AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects.
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