Zacks Investment Research upgraded shares of Autodesk (NASDAQ:ADSK) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. The brokerage currently has $246.00 price objective on the software company’s stock.
According to Zacks, “Autodesk’s portfolio strength is helping it counter competition and win customers. Increasing adoption of BIM 360 solution and success of the maintenance to subscription (M2S) program is a key catalyst. The company is benefiting from higher subscription revenues, gross margin expansion and lower operating expenses. We believe that higher demand for Autodesk’s cloud-based products, mobile solutions and design suites will drive the top line over the long haul. Notably, its shares have outperformed the industry on a year-to-date basis. However, sluggish growth in Maintenance revenues, a slowing China economy and unfavorable currency in the rest of fiscal 2020 are headwinds. Also, weakening demand environment in the United Kingdom and Central Europe (sluggish Germany) is expected to hurt profits.”
Other analysts also recently issued research reports about the stock. KeyCorp raised their price objective on shares of Autodesk from $250.00 to $260.00 and gave the stock an overweight rating in a research report on Wednesday, June 17th. Sanford C. Bernstein downgraded shares of Autodesk from a market perform rating to an underperform rating and set a $155.00 price target for the company. in a research report on Friday, May 1st. Barclays lifted their price target on shares of Autodesk from $250.00 to $274.00 and gave the company an overweight rating in a research report on Thursday, August 13th. Deutsche Bank lifted their price target on shares of Autodesk from $215.00 to $250.00 and gave the company a buy rating in a research report on Wednesday, August 5th. Finally, OTR Global downgraded shares of Autodesk to a positive rating in a research report on Thursday, May 7th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and eighteen have issued a buy rating to the company. Autodesk currently has a consensus rating of Buy and a consensus target price of $227.46.
NASDAQ:ADSK opened at $249.15 on Monday. The company has a market capitalization of $54.61 billion, a PE ratio of 181.86, a P/E/G ratio of 2.66 and a beta of 1.56. The company has a 50 day simple moving average of $238.09 and a two-hundred day simple moving average of $201.88. Autodesk has a fifty-two week low of $125.38 and a fifty-two week high of $251.39.
Autodesk (NASDAQ:ADSK) last released its earnings results on Wednesday, May 27th. The software company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The business had revenue of $866.00 million during the quarter, compared to the consensus estimate of $867.96 million. Autodesk had a net margin of 8.91% and a negative return on equity of 230.16%. The company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, research analysts expect that Autodesk will post 2.31 EPS for the current fiscal year.
In other Autodesk news, CEO Andrew Anagnost sold 22,639 shares of Autodesk stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $241.04, for a total transaction of $5,456,904.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Steven M. Blum sold 6,884 shares of Autodesk stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $242.28, for a total value of $1,667,855.52. The disclosure for this sale can be found here. In the last three months, insiders sold 48,544 shares of company stock valued at $11,211,108. 0.14% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the business. APG Asset Management N.V. grew its holdings in Autodesk by 64.8% during the 1st quarter. APG Asset Management N.V. now owns 197,841 shares of the software company’s stock valued at $30,883,000 after buying an additional 77,821 shares in the last quarter. Toth Financial Advisory Corp purchased a new position in Autodesk during the 2nd quarter valued at about $297,000. Advisor Group Holdings Inc. purchased a new position in Autodesk during the 1st quarter valued at about $5,501,000. Avestar Capital LLC purchased a new position in shares of Autodesk during the second quarter worth about $210,000. Finally, Heritage Wealth Advisors grew its holdings in shares of Autodesk by 113.9% during the second quarter. Heritage Wealth Advisors now owns 2,700 shares of the software company’s stock worth $265,000 after purchasing an additional 1,438 shares in the last quarter. 91.84% of the stock is 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; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; AutoCAD LT, a professional drafting and detailing software; BIM 360, a construction management cloud-based software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections software products for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment industries.
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