Autodesk (ADSK) Cut to “Hold” at Zacks Investment Research

Autodesk (NASDAQ:ADSK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Autodesk shares have outperformed the industry on a year-to-date basis. The company continues to benefit from growth in both subscriptions and recurring revenues. Also, increasing adoption of BIM 360 solution is a key catalyst. Moreover, Autodesk is well positioned to capitalize on the rapid adoption of computer-aided designing and manufacturing in both its domestic and overseas markets. Meanwhile, estimates have been stable lately ahead of the company's Q1 earnings. The company has positive record of earnings surprises in recent quarters. However, Autodesk’s profitability is expected to hurt from higher spending. The company’s ongoing business model transition remains an overhang. Moreover, significant product concentration is a headwind.”

A number of other brokerages also recently commented on ADSK. Evercore ISI reaffirmed a “buy” rating and issued a $190.00 price target on shares of Autodesk in a research note on Thursday, March 21st. Argus upped their price target on Autodesk to $184.00 and gave the stock an “average” rating in a research note on Tuesday, March 5th. They noted that the move was a valuation call. Wedbush reaffirmed a “neutral” rating and issued a $163.00 price target on shares of Autodesk in a research note on Friday, March 29th. BidaskClub cut Autodesk from a “buy” rating to a “hold” rating in a research note on Tuesday, March 5th. Finally, Stifel Nicolaus set a $185.00 price target on Autodesk and gave the stock an “in-line” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $173.49.

NASDAQ:ADSK traded up $4.19 during trading hours on Thursday, hitting $177.51. 48,806 shares of the company traded hands, compared to its average volume of 1,721,323. Autodesk has a one year low of $117.72 and a one year high of $178.95. The stock has a market cap of $36.31 billion, a PE ratio of 1,611.45, a price-to-earnings-growth ratio of 2.46 and a beta of 1.95.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings data on Thursday, February 28th. The software company reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. The business had revenue of $737.30 million for the quarter, compared to analysts’ expectations of $707.09 million. During the same period in the previous year, the firm posted ($0.09) EPS. Equities research analysts forecast that Autodesk will post 1.76 earnings per share for the current year.

In other news, SVP Steven M. Blum sold 16,838 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $168.68, for a total value of $2,840,233.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Crawford W. Beveridge sold 1,000 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $152.90, for a total value of $152,900.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,577 shares of company stock worth $9,509,716. Company insiders own 0.12% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlueCrest Capital Management Ltd acquired a new position in Autodesk in the 1st quarter worth about $4,833,000. Graticule Asia Macro Advisors LLC raised its holdings in Autodesk by 49.0% in the 1st quarter. Graticule Asia Macro Advisors LLC now owns 36,800 shares of the software company’s stock worth $5,734,000 after purchasing an additional 12,100 shares during the period. Maverick Capital Ltd. raised its holdings in shares of Autodesk by 26.9% during the first quarter. Maverick Capital Ltd. now owns 37,460 shares of the software company’s stock valued at $5,837,000 after acquiring an additional 7,950 shares during the last quarter. RMB Capital Management LLC raised its holdings in shares of Autodesk by 6.3% during the first quarter. RMB Capital Management LLC now owns 3,042 shares of the software company’s stock valued at $474,000 after acquiring an additional 181 shares during the last quarter. Finally, PointState Capital LP acquired a new position in shares of Autodesk during the first quarter valued at approximately $117,405,000. 95.60% of the stock is owned by institutional investors and hedge funds.

About Autodesk

Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; AutoCAD LT, a professional drafting and detailing software; BIM 360, a construction management cloud-based software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections software products for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment industries.

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