Autodesk (NASDAQ:ADSK) Lifted to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Autodesk (NASDAQ:ADSK) from a sell rating to a hold rating in a research report report published on Tuesday, August 28th.

According to Zacks, “Autodesk’s second-quarter fiscal 2019 results benefited from higher subscriptions revenues. Although the revenue growth was satisfactory, the ongoing business model is likely to hurt top-line growth in the near term. Moreover, increasing spending is expected to keep margins under pressure. Moreover, higher rate of new hires will increase spending. However, Autodesk is well positioned to capitalize on the rapid adoption of computer-aided designing and manufacturing in both its domestic and overseas markets. We believe that higher demand for the company’s cloud-based products, mobile products and design suites will drive top-line growth over the long term. Shares have outperformed the industry on a year-to-date basis.”

Other equities analysts have also recently issued reports about the company. Wedbush reissued a neutral rating and set a $137.00 target price on shares of Autodesk in a research note on Friday, May 25th. CIBC lifted their price target on Autodesk from $150.00 to $175.00 and gave the company an outperform rating in a research report on Friday, August 24th. Oppenheimer lifted their price target on Autodesk from $150.00 to $175.00 and gave the company an outperform rating in a research report on Friday, August 24th. BidaskClub raised Autodesk from a buy rating to a strong-buy rating in a report on Thursday, June 21st. Finally, Deutsche Bank reissued a buy rating and issued a $150.00 target price on shares of Autodesk in a report on Monday, May 14th. Five analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Autodesk presently has a consensus rating of Buy and an average price target of $161.63.

Autodesk stock traded down $0.03 during trading hours on Tuesday, reaching $151.35. The company had a trading volume of 1,492,758 shares, compared to its average volume of 2,209,821. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of -6.57. Autodesk has a 12-month low of $101.55 and a 12-month high of $159.94.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Thursday, August 23rd. The software company reported $0.19 EPS for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.03. Autodesk had a negative return on equity of 3,087.49% and a negative net margin of 18.52%. The business had revenue of $612.00 million for the quarter, compared to analysts’ expectations of $600.36 million. During the same period in the previous year, the firm earned ($0.11) EPS. The business’s quarterly revenue was up 21.9% on a year-over-year basis. research analysts predict that Autodesk will post 0.06 EPS for the current fiscal year.

In other news, SVP Fronzo Pascal W. Di sold 7,185 shares of the firm’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $138.78, for a total value of $997,134.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lorrie M. Norrington sold 5,001 shares of the firm’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $156.75, for a total value of $783,906.75. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Several large investors have recently bought and sold shares of ADSK. Bank of New York Mellon Corp raised its holdings in shares of Autodesk by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 1,569,743 shares of the software company’s stock worth $205,778,000 after buying an additional 32,082 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Autodesk by 44.2% in the second quarter. Advisors Asset Management Inc. now owns 59,991 shares of the software company’s stock worth $7,864,000 after buying an additional 18,384 shares during the period. Nomura Holdings Inc. raised its holdings in shares of Autodesk by 101.0% in the second quarter. Nomura Holdings Inc. now owns 8,532 shares of the software company’s stock worth $1,118,000 after buying an additional 830,900 shares during the period. Andra AP fonden purchased a new stake in shares of Autodesk in the second quarter worth approximately $5,230,000. Finally, Global X Management Co LLC raised its holdings in shares of Autodesk by 100.7% in the second quarter. Global X Management Co LLC now owns 11,274 shares of the software company’s stock worth $1,478,000 after buying an additional 5,657 shares during the period. 95.98% 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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