Zacks Investment Research cut shares of Autodesk (NASDAQ:ADSK) from a hold rating to a sell rating in a research report released on Tuesday morning.
According to Zacks, “Autodesk’s fourth-quarter fiscal 2018 results were driven by growth in product subscription and growing maintenance to subscription program. However, the company’s churn rate for maintenance subscribers remains high. It is expected to remain so with the rise in cost of maintenance plan. Moreover, the sluggish cloud business is a concern in the near term. The company’s top-line will also continue to be impacted by the business model transition to “ratably” as against realized “upfront” earlier on. Additionally, the company’s restructuring programs remain a drag on margins in the short run.”
A number of other research firms have also issued reports on ADSK. Deutsche Bank set a $140.00 price objective on shares of Autodesk and gave the company a buy rating in a research note on Wednesday, November 29th. Evercore ISI set a $135.00 price objective on shares of Autodesk and gave the company a buy rating in a research note on Wednesday, December 20th. Canaccord Genuity reiterated a buy rating and set a $140.00 price objective (up previously from $125.00) on shares of Autodesk in a research note on Thursday, November 16th. OTR Global upgraded shares of Autodesk to a positive rating in a research note on Monday, February 5th. Finally, Guggenheim lifted their price objective on shares of Autodesk from $110.00 to $150.00 and gave the company a buy rating in a research note on Wednesday, November 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $139.76.
Autodesk (NASDAQ:ADSK) last posted its quarterly earnings data on Tuesday, March 6th. The software company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. The company had revenue of $554.00 million for the quarter, compared to analyst estimates of $544.74 million. Autodesk had a negative net margin of 27.57% and a negative return on equity of 206.64%. The business’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) earnings per share. sell-side analysts forecast that Autodesk will post -0.03 EPS for the current fiscal year.
In other Autodesk news, Director Lorrie M. Norrington sold 6,005 shares of Autodesk stock in a transaction on Thursday, December 28th. The shares were sold at an average price of $104.40, for a total value of $626,922.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul D. Underwood sold 2,089 shares of Autodesk stock in a transaction on Monday, March 12th. The stock was sold at an average price of $139.21, for a total transaction of $290,809.69. The disclosure for this sale can be found here. Insiders have sold 15,599 shares of company stock valued at $1,744,319 in the last three months. Corporate insiders own 6.10% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Cerebellum GP LLC acquired a new position in Autodesk in the fourth quarter worth $116,000. Delek Group Ltd. acquired a new position in Autodesk in the fourth quarter worth $132,000. Exane Derivatives acquired a new position in Autodesk in the fourth quarter worth $199,000. Virtue Capital Management LLC acquired a new position in Autodesk in the fourth quarter worth $201,000. Finally, Chilton Investment Co. LLC acquired a new position in Autodesk in the fourth quarter worth $210,000. 95.18% of the stock is owned by hedge funds and other institutional investors.
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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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