Autodesk, Inc. (NASDAQ:ADSK) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Autodesk, Inc. (NASDAQ:ADSK) from a hold rating to a sell rating in a research note released on Tuesday, July 18th.

According to Zacks, “Autodesk revenues continue to be impacted by the business model transition as they are now recognized “ratably” as against realized “upfront” earlier on. In addition, the company is taking a number of marketing and promotional initiatives to boost sales. These marketing initiatives are actually accelerating subscription base, which improves revenue visibility. Moreover, we believe that business model transition along with robust portfolio of offering, accretive acquisitions and strong cash position will fuel long term growth. Neverthless, we note that the company has outperformed the broader market on a year-to-date basis. We expect its broad product portfolio to generate new customers in both domestic and overseas markets, which will help Autodesk to sustain the share price momentum going ahead.”

A number of other research analysts have also recently issued reports on ADSK. Evercore ISI reissued a buy rating and issued a $115.00 target price on shares of Autodesk in a research note on Friday, May 19th. Canaccord Genuity reissued a buy rating and issued a $120.00 target price (up from $105.00) on shares of Autodesk in a research note on Sunday, May 21st. BidaskClub cut Autodesk from a strong-buy rating to a buy rating in a research note on Tuesday, July 4th. TheStreet cut Autodesk from a c- rating to a d rating in a research note on Thursday, May 18th. Finally, ValuEngine raised Autodesk from a sell rating to a hold rating in a research note on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Autodesk presently has an average rating of Buy and an average target price of $104.55.

Autodesk (NASDAQ ADSK) traded up 2.89% during trading on Tuesday, hitting $108.01. The company had a trading volume of 1,461,174 shares. The firm has a 50-day moving average of $107.20 and a 200 day moving average of $95.98. Autodesk has a 12-month low of $60.95 and a 12-month high of $115.25. The company’s market capitalization is $23.80 billion.

Autodesk (NASDAQ:ADSK) last released its quarterly earnings data on Thursday, May 18th. The software company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.08. The business had revenue of $485.70 million during the quarter, compared to the consensus estimate of $470.27 million. Autodesk had a negative return on equity of 36.65% and a negative net margin of 26.99%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.10) earnings per share. On average, equities research analysts forecast that Autodesk will post ($0.57) earnings per share for the current year.

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In other Autodesk news, SVP Jan Becker sold 2,865 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $95.73, for a total value of $274,266.45. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Carl Bass sold 42,297 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $101.72, for a total value of $4,302,450.84. The disclosure for this sale can be found here. Insiders sold 170,570 shares of company stock worth $17,865,037 in the last 90 days. Corporate insiders own 6.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in ADSK. Parallel Advisors LLC raised its position 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 position in shares of Autodesk during the second quarter worth $150,000. IFP Advisors Inc raised its position 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 position in shares of Autodesk during the second quarter worth $202,000. Finally, First Personal Financial Services raised its position 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. Institutional investors own 97.90% of the company’s stock.

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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