Autodesk (NASDAQ:ADSK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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 subject of several other reports. Credit Suisse Group reaffirmed an “outperform” rating and issued a $150.00 price objective (up from $135.00) on shares of Autodesk in a research report on Wednesday, March 7th. KeyCorp reaffirmed a “buy” rating and issued a $134.00 price objective on shares of Autodesk in a research report on Wednesday, January 17th. Morgan Stanley increased their price objective on shares of Autodesk to $160.00 and gave the company an “overweight” rating in a research report on Tuesday. Evercore ISI reaffirmed a “buy” rating and issued a $150.00 price objective on shares of Autodesk in a research report on Wednesday, March 21st. Finally, Barclays increased their price objective on shares of Autodesk from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $148.05.
Autodesk (NASDAQ:ADSK) last announced 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. The firm had revenue of $554.00 million during the quarter, compared to analyst estimates of $544.74 million. Autodesk had a negative net margin of 27.57% and a negative return on equity of 206.64%. Autodesk’s revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm posted ($0.28) EPS.
In other news, VP Paul D. Underwood sold 223 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $124.56, for a total transaction of $27,776.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven M. Blum sold 20,458 shares of the firm’s stock in a transaction that occurred on Wednesday, April 4th. The stock was sold at an average price of $123.60, for a total transaction of $2,528,608.80. The disclosure for this sale can be found here. Insiders have sold a total of 48,475 shares of company stock worth $6,094,232 in the last ninety days. Corporate insiders own 0.14% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ADSK. Viking Global Investors LP grew its stake in shares of Autodesk by 68.5% during the 4th quarter. Viking Global Investors LP now owns 4,094,027 shares of the software company’s stock worth $429,177,000 after purchasing an additional 1,664,658 shares during the period. OZ Management LP purchased a new position in shares of Autodesk during the 1st quarter valued at approximately $146,374,000. Parnassus Investments CA lifted its position in shares of Autodesk by 100.0% during the 4th quarter. Parnassus Investments CA now owns 1,800,000 shares of the software company’s stock valued at $188,694,000 after buying an additional 900,000 shares in the last quarter. Luxor Capital Group LP purchased a new position in shares of Autodesk during the 1st quarter valued at approximately $71,803,000. Finally, Findlay Park Partners LLP lifted its position in shares of Autodesk by 43.3% during the 1st quarter. Findlay Park Partners LLP now owns 1,700,339 shares of the software company’s stock valued at $213,529,000 after buying an additional 513,984 shares in the last quarter. 95.77% of the stock is currently owned by institutional investors and hedge funds.
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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