Autodesk, Inc. (ADSK) Earns “Overweight” Rating from Morgan Stanley
Morgan Stanley reissued their overweight rating on shares of Autodesk, Inc. (NASDAQ:ADSK) in a report published on Friday. They currently have a $120.00 target price on the software company’s stock, up from their previous target price of $115.00.
Several other brokerages have also issued reports on ADSK. Evercore ISI reiterated an outperform rating and issued a $115.00 price target on shares of Autodesk in a research note on Wednesday, June 21st. Cowen and Company reiterated a buy rating and issued a $115.00 price target on shares of Autodesk in a research note on Friday, August 18th. Berenberg Bank initiated coverage on shares of Autodesk in a research note on Wednesday, August 23rd. They issued a buy rating and a $136.00 price target on the stock. Canaccord Genuity reiterated a buy rating and issued a $125.00 price target (up from $120.00) on shares of Autodesk in a research note on Friday. Finally, BidaskClub lowered shares of Autodesk from a strong-buy rating to a buy rating in a research note on Tuesday, July 4th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $111.00.
Shares of Autodesk (NASDAQ ADSK) opened at 114.97 on Friday. The stock’s market cap is $25.24 billion. Autodesk has a 52-week low of $65.06 and a 52-week high of $119.73. The firm’s 50-day moving average price is $109.09 and its 200-day moving average price is $97.98.
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, beating the consensus estimate of ($0.16) by $0.05. Autodesk had a negative net margin of 30.01% and a negative return on equity of 51.29%. The firm had revenue of $501.80 million for the quarter, compared to analyst estimates of $493.98 million. During the same period in the previous year, the business earned $0.05 EPS. The company’s revenue was down 8.9% compared to the same quarter last year. On average, equities research analysts forecast that Autodesk will post ($0.54) earnings per share for the current fiscal year.
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In other Autodesk news, Director Betsy Rafael sold 2,354 shares of the business’s stock in a transaction dated Tuesday, June 27th. The shares were sold at an average price of $106.24, for a total value of $250,088.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carl Bass sold 42,297 shares of the business’s stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $101.72, for a total transaction of $4,302,450.84. The disclosure for this sale can be found here. Insiders sold a total of 167,705 shares of company stock valued at $17,590,771 in the last three months. Insiders own 6.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Parallel Advisors LLC increased its stake in shares of Autodesk by 4.2% in the second quarter. Parallel Advisors LLC now owns 1,093 shares of the software company’s stock worth $121,000 after buying an additional 44 shares during the period. Harfst & Associates Inc. purchased a new stake in shares of Autodesk during the second quarter worth $150,000. IFP Advisors Inc increased its stake in shares of Autodesk by 9.3% in the second quarter. IFP Advisors Inc now owns 1,699 shares of the software company’s stock worth $171,000 after buying an additional 145 shares during the period. Kanawha Capital Management LLC purchased a new stake in shares of Autodesk during the second quarter worth $202,000. Finally, First Personal Financial Services increased its stake in shares of Autodesk by 896.0% in the second quarter. First Personal Financial Services now owns 2,002 shares of the software company’s stock worth $202,000 after buying an additional 1,801 shares during the period. 94.26% of the stock is owned by institutional investors.
Autodesk Company Profile
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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