Canaccord Genuity Reiterates Buy Rating for Autodesk, Inc. (ADSK)
Autodesk, Inc. (NASDAQ:ADSK)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a research note issued on Friday. They presently have a $125.00 target price on the software company’s stock, up from their previous target price of $120.00. Canaccord Genuity’s target price would suggest a potential upside of 8.72% from the stock’s current price.
A number of other equities analysts also recently issued reports on the company. BidaskClub raised Autodesk from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Evercore ISI set a $115.00 price target on Autodesk and gave the stock a “buy” rating in a research report on Wednesday. Berenberg Bank assumed coverage on Autodesk in a research report on Wednesday. They set a “buy” rating and a $136.00 price target on the stock. Cowen and Company reaffirmed a “buy” rating and set a $115.00 price target on shares of Autodesk in a research report on Friday, August 18th. Finally, Barclays PLC upped their price target on Autodesk from $114.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Autodesk has an average rating of “Buy” and a consensus price target of $111.00.
Autodesk (NASDAQ:ADSK) opened at 114.97 on Friday. The stock’s market cap is $25.24 billion. The company’s 50 day moving average price is $109.09 and its 200 day moving average price is $97.98. Autodesk has a 12 month low of $65.06 and a 12 month high of $119.73. Autodesk also was the target of unusually large options trading on Thursday. Stock investors purchased 13,973 put options on the company. This is an increase of 858% compared to the typical daily volume of 1,459 put options.
Autodesk (NASDAQ:ADSK) last issued its quarterly earnings results on Thursday, August 24th. The software company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.05. The business had revenue of $501.80 million for the quarter, compared to the consensus estimate of $493.98 million. Autodesk had a negative return on equity of 51.29% and a negative net margin of 30.01%. The business’s quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.05 earnings per share. Equities analysts forecast that Autodesk will post ($0.56) EPS for the current fiscal year.
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In other news, Director Carl Bass sold 13,377 shares of the stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $99.95, for a total transaction of $1,337,031.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Betsy Rafael sold 2,354 shares of the stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $106.24, for a total transaction of $250,088.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 167,705 shares of company stock worth $17,590,771. Corporate insiders own 6.10% of the company’s stock.
Several large investors have recently bought and sold shares of the company. FMR LLC raised its stake in Autodesk by 13.9% in the first quarter. FMR LLC now owns 30,271,360 shares of the software company’s stock valued at $2,617,565,000 after buying an additional 3,698,259 shares during the last quarter. Vanguard Group Inc. raised its stake in Autodesk by 2.3% in the second quarter. Vanguard Group Inc. now owns 20,418,023 shares of the software company’s stock valued at $2,058,545,000 after buying an additional 466,724 shares during the last quarter. BlackRock Inc. raised its stake in Autodesk by 4.8% in the second quarter. BlackRock Inc. now owns 15,996,693 shares of the software company’s stock valued at $1,612,787,000 after buying an additional 735,647 shares during the last quarter. Loomis Sayles & Co. L P raised its stake in Autodesk by 2.8% in the first quarter. Loomis Sayles & Co. L P now owns 9,615,501 shares of the software company’s stock valued at $831,453,000 after buying an additional 262,238 shares during the last quarter. Finally, State Street Corp raised its stake in Autodesk by 0.5% in the first quarter. State Street Corp now owns 7,978,179 shares of the software company’s stock valued at $689,876,000 after buying an additional 37,455 shares during the last quarter. 97.73% of the stock is currently owned by institutional investors and hedge funds.
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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