Autodesk (NASDAQ:ADSK) Rating Increased to Buy at Guggenheim

Guggenheim upgraded shares of Autodesk (NASDAQ:ADSK) from a neutral rating to a buy rating in a research note published on Monday, November 13th. The firm currently has $150.00 target price on the software company’s stock.

Several other equities analysts have also recently weighed in on the stock. KeyCorp reiterated a buy rating and issued a $128.00 price objective on shares of Autodesk in a research note on Friday, November 10th. Evercore ISI set a $135.00 target price on shares of Autodesk and gave the stock a buy rating in a research note on Wednesday, October 18th. Robert W. Baird set a $125.00 target price on shares of Autodesk and gave the stock a buy rating in a research note on Sunday, October 1st. Cowen raised their target price on shares of Autodesk from $115.00 to $128.00 and gave the stock an outperform rating in a research note on Friday, August 25th. Finally, Barclays restated an overweight rating and set a $125.00 target price (up previously from $120.00) on shares of Autodesk in a research note on Friday, August 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Autodesk currently has an average rating of Buy and an average price target of $130.10.

Shares of Autodesk (ADSK) traded down $2.64 during trading hours on Monday, hitting $107.06. 4,922,928 shares of the stock traded hands, compared to its average volume of 2,725,653. Autodesk has a 52-week low of $68.06 and a 52-week high of $131.10. The company has a current ratio of 1.07, a quick ratio of 1.22 and a debt-to-equity ratio of 14.78.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings data on Tuesday, November 28th. The software company reported ($0.12) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. Autodesk had a negative net margin of 28.46% and a negative return on equity of 93.60%. The firm had revenue of $515.30 million for the quarter, compared to analysts’ expectations of $513.63 million. During the same quarter in the prior year, the business earned ($0.18) EPS. The business’s quarterly revenue was up 5.2% on a year-over-year basis. analysts expect that Autodesk will post -1.34 EPS for the current fiscal year.

In related news, SVP Fronzo Pascal W. Di sold 580 shares of the firm’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $110.91, for a total value of $64,327.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Richard Scott Herren sold 5,738 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $128.14, for a total transaction of $735,267.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,523 shares of company stock valued at $7,218,659. Insiders own 6.10% of the company’s stock.

Several hedge funds have recently bought and sold shares of ADSK. Meritage Group LP grew its holdings 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 purchasing an additional 2,187,774 shares in the last quarter. Sustainable Growth Advisers LP purchased a new position in Autodesk during the second quarter worth $208,956,000. Renaissance Technologies LLC purchased a new position in Autodesk during the second quarter worth $140,338,000. Neuberger Berman Group LLC boosted its stake in Autodesk by 979.0% during the second quarter. Neuberger Berman Group LLC now owns 978,964 shares of the software company’s stock worth $98,699,000 after buying an additional 888,233 shares during the period. Finally, Fred Alger Management Inc. boosted its stake in Autodesk by 52.3% during the second quarter. Fred Alger Management Inc. now owns 2,414,257 shares of the software company’s stock worth $243,405,000 after buying an additional 829,021 shares during the period. 95.85% of the stock is owned by hedge funds and other institutional investors.

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About Autodesk

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).

Analyst Recommendations for Autodesk (NASDAQ:ADSK)

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