Mizuho Downgrades Autodesk (NASDAQ:ADSK) to Neutral

Autodesk (NASDAQ:ADSKGet Rating) was downgraded by investment analysts at Mizuho from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat reports. They currently have a $210.00 price objective on the software company’s stock, down from their prior price objective of $260.00. Mizuho’s price objective points to a potential upside of 6.56% from the stock’s previous close.

ADSK has been the subject of several other research reports. Wolfe Research assumed coverage on shares of Autodesk in a research report on Tuesday, August 16th. They issued an “outperform” rating and a $270.00 price objective for the company. Robert W. Baird dropped their price objective on shares of Autodesk to $255.00 in a research report on Thursday, November 17th. Barclays dropped their price objective on shares of Autodesk from $275.00 to $225.00 and set an “overweight” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Autodesk from $225.00 to $255.00 in a report on Thursday, August 25th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $270.00 target price on shares of Autodesk in a report on Thursday, November 17th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $240.19.

Autodesk Stock Performance

NASDAQ:ADSK opened at $197.07 on Wednesday. Autodesk has a 1 year low of $163.20 and a 1 year high of $285.38. The firm has a 50 day moving average of $201.56 and a 200-day moving average of $198.86. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 3.08. The stock has a market capitalization of $42.54 billion, a P/E ratio of 69.64, a price-to-earnings-growth ratio of 1.85 and a beta of 1.49.

Autodesk (NASDAQ:ADSKGet Rating) last posted its quarterly earnings data on Tuesday, November 22nd. The software company reported $1.70 earnings per share for the quarter, hitting the consensus estimate of $1.70. Autodesk had a net margin of 12.64% and a return on equity of 113.63%. The firm had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter in the previous year, the company posted $0.68 EPS. Autodesk’s revenue was up 13.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Autodesk will post 4.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Andrew Anagnost sold 34,366 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $206.87, for a total value of $7,109,294.42. Following the completion of the transaction, the chief executive officer now directly owns 76,968 shares of the company’s stock, valued at approximately $15,922,370.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.11% of the company’s stock.

Hedge Funds Weigh In On Autodesk

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Manhattan Co. boosted its stake in Autodesk by 342.9% in the 1st quarter. First Manhattan Co. now owns 155 shares of the software company’s stock worth $33,000 after purchasing an additional 120 shares during the period. TD Capital Management LLC bought a new stake in Autodesk during the 3rd quarter worth about $30,000. Venture Visionary Partners LLC bought a new stake in Autodesk during the 2nd quarter worth about $30,000. Resources Management Corp CT ADV lifted its position in Autodesk by 1,100.0% during the 2nd quarter. Resources Management Corp CT ADV now owns 180 shares of the software company’s stock worth $31,000 after buying an additional 165 shares in the last quarter. Finally, CNB Bank lifted its position in Autodesk by 107.9% during the 2nd quarter. CNB Bank now owns 185 shares of the software company’s stock worth $32,000 after buying an additional 96 shares in the last quarter. 86.44% of the stock is owned by institutional investors and hedge funds.

About Autodesk

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Autodesk, Inc provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing 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 tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.

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