Autodesk (NASDAQ:ADSK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
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 research firms have also recently weighed in on ADSK. Deutsche Bank set a $140.00 price objective on Autodesk and gave the stock a “buy” rating in a research report on Wednesday, November 29th. Evercore ISI set a $135.00 price objective on Autodesk and gave the stock a “buy” rating in a research report on Wednesday, December 20th. OTR Global raised Autodesk to a “positive” rating in a research report on Monday, February 5th. Guggenheim lifted their price target on Autodesk from $110.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 29th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $150.00 price target (up previously from $135.00) on shares of Autodesk in a research report on Wednesday, March 7th. Four investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $140.48.
Shares of Autodesk (NASDAQ ADSK) opened at $135.54 on Tuesday. The company has a current ratio of 0.88, a quick ratio of 1.07 and a debt-to-equity ratio of -6.20. Autodesk has a 52-week low of $82.70 and a 52-week high of $141.26.
Autodesk (NASDAQ:ADSK) last posted its quarterly earnings data on Tuesday, March 6th. The software company reported ($0.09) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.11) by $0.02. The firm had revenue of $554.00 million during the quarter, compared to analysts’ expectations of $544.74 million. Autodesk had a negative return on equity of 206.64% and a negative net margin of 27.57%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.28) EPS. sell-side analysts anticipate that Autodesk will post -0.03 EPS for the current fiscal year.
In other Autodesk news, VP Paul D. Underwood sold 2,089 shares of Autodesk stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $139.21, for a total transaction of $290,809.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lorrie M. Norrington sold 6,005 shares of Autodesk stock in a transaction dated Thursday, December 28th. The shares were sold at an average price of $104.40, for a total value of $626,922.00. The disclosure for this sale can be found here. Insiders have sold a total of 16,171 shares of company stock valued at $1,822,299 in the last quarter. Company insiders own 6.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Lodge Hill Capital LLC purchased a new position in shares of Autodesk in the 3rd quarter valued at about $26,381,000. Sit Investment Associates Inc. increased its stake in shares of Autodesk by 24.2% in the 4th quarter. Sit Investment Associates Inc. now owns 45,104 shares of the software company’s stock valued at $4,728,000 after purchasing an additional 8,780 shares in the last quarter. Personal Capital Advisors Corp purchased a new position in shares of Autodesk in the 4th quarter valued at about $1,833,000. Pacer Advisors Inc. increased its stake in shares of Autodesk by 13.6% in the 3rd quarter. Pacer Advisors Inc. now owns 8,095 shares of the software company’s stock valued at $909,000 after purchasing an additional 969 shares in the last quarter. Finally, Findlay Park Partners LLP purchased a new position in shares of Autodesk in the 3rd quarter valued at about $55,721,000. Hedge funds and other institutional investors own 95.14% of the company’s stock.
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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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