Canaccord Genuity Reaffirms Buy Rating for Autodesk, Inc. (ADSK)
Canaccord Genuity restated their buy rating on shares of Autodesk, Inc. (NASDAQ:ADSK) in a report issued on Wednesday morning. They currently have a $120.00 price objective on the software company’s stock.
ADSK has been the topic of several other reports. Guggenheim began coverage on shares of Autodesk in a research note on Wednesday, April 12th. They set a neutral rating on the stock. Royal Bank Of Canada lifted their price target on shares of Autodesk from $87.00 to $95.00 and gave the stock a sector perform rating in a research note on Wednesday, May 17th. Zacks Investment Research lowered shares of Autodesk from a hold rating to a sell rating in a research note on Friday, March 10th. Wedbush reiterated an outperform rating and set a $125.00 price target (up from $120.00) on shares of Autodesk in a research note on Friday, May 19th. Finally, Barclays PLC reiterated an overweight rating and set a $105.00 price target on shares of Autodesk in a research note on Monday, March 6th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $103.94.
Autodesk (ADSK) opened at 107.75 on Wednesday. The stock’s market capitalization is $23.75 billion. The firm has a 50-day moving average of $104.35 and a 200 day moving average of $88.57. Autodesk has a 12-month low of $49.82 and a 12-month high of $114.68.
Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Thursday, May 18th. The software company reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.24) by $0.08. Autodesk had a negative net margin of 26.99% and a negative return on equity of 36.65%. The firm had revenue of $485.70 million for the quarter, compared to analyst estimates of $470.27 million. During the same period last year, the business earned ($0.10) EPS. Autodesk’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, analysts predict that Autodesk will post ($0.57) earnings per share for the current fiscal year.
In other Autodesk news, SVP Fronzo Pascal W. Di sold 6,702 shares of Autodesk stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $85.27, for a total transaction of $571,479.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Crawford W. Beveridge sold 7,000 shares of Autodesk stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $111.38, for a total transaction of $779,660.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,035 shares of company stock valued at $8,256,440. 6.10% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new position in shares of Autodesk during the fourth quarter worth about $603,000. Comerica Bank boosted its position in shares of Autodesk by 2.8% in the fourth quarter. Comerica Bank now owns 50,291 shares of the software company’s stock worth $4,090,000 after buying an additional 1,373 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Autodesk by 0.7% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 11,227 shares of the software company’s stock worth $831,000 after buying an additional 75 shares during the last quarter. Private Advisor Group LLC acquired a new position in shares of Autodesk during the fourth quarter worth about $216,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Autodesk by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 304,632 shares of the software company’s stock worth $22,549,000 after buying an additional 12,788 shares during the last quarter. Institutional investors own 97.37% of the company’s stock.
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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