Zacks Investment Research upgraded shares of Autodesk (NASDAQ:ADSK) from a sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Autodesk reported encouraging fourth-quarter fiscal 2018 results, 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. 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.”
A number of other equities analysts also recently issued reports on the company. Wells Fargo raised their price target on Autodesk from $150.00 to $200.00 and gave the stock an outperform rating in a research note on Wednesday, March 7th. Robert W. Baird restated a buy rating and issued a $135.00 price target on shares of Autodesk in a research note on Wednesday, March 7th. Barclays raised their price target on Autodesk from $135.00 to $140.00 and gave the stock an overweight rating in a research note on Wednesday, March 7th. Oppenheimer raised their price target on Autodesk from $135.00 to $145.00 and gave the stock an outperform rating in a research note on Wednesday, March 7th. Finally, CIBC restated an outperform rating and issued a $145.00 price target (up from $135.00) on shares of Autodesk in a research note on Wednesday, March 7th. Four equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $139.76.
Autodesk (NASDAQ ADSK) opened at $134.60 on Tuesday. Autodesk has a 52 week low of $82.70 and a 52 week high of $141.26. The company has a debt-to-equity ratio of -6.20, a quick ratio of 1.07 and a current ratio of 0.88.
Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Tuesday, March 6th. The software company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.02. The firm had revenue of $554.00 million for the quarter, compared to the consensus estimate of $544.74 million. Autodesk had a negative return on equity of 206.64% and a negative net margin of 27.57%. The company’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same period last year, the business posted ($0.28) EPS. equities analysts predict that Autodesk will post -0.03 EPS for the current year.
In other news, Director Lorrie M. Norrington sold 6,005 shares of the business’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $104.40, for a total value of $626,922.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Paul D. Underwood sold 2,089 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $139.21, for a total value of $290,809.69. The disclosure for this sale can be found here. Insiders have sold 16,171 shares of company stock worth $1,822,299 over the last quarter. 6.10% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the company. Viking Global Investors LP lifted its position in shares of Autodesk by 68.5% in the fourth quarter. Viking Global Investors LP now owns 4,094,027 shares of the software company’s stock valued at $429,177,000 after acquiring an additional 1,664,658 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Autodesk by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 2,430,659 shares of the software company’s stock valued at $254,303,000 after acquiring an additional 91,011 shares in the last quarter. Meritage Group LP lifted its position in shares of Autodesk by 3,910.0% in the third quarter. Meritage Group LP now owns 2,243,728 shares of the software company’s stock valued at $251,881,000 after acquiring an additional 2,187,774 shares in the last quarter. Iridian Asset Management LLC CT lifted its position in shares of Autodesk by 3.8% in the fourth quarter. Iridian Asset Management LLC CT now owns 1,876,485 shares of the software company’s stock valued at $196,712,000 after acquiring an additional 68,904 shares in the last quarter. Finally, Parnassus Investments CA lifted its position in shares of Autodesk by 100.0% in the fourth quarter. Parnassus Investments CA now owns 1,800,000 shares of the software company’s stock valued at $188,694,000 after acquiring an additional 900,000 shares in the last quarter. Institutional investors and hedge funds own 95.14% of the company’s stock.
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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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