Autodesk Receives a New Rating from Top Analyst

By Jason Carr

Canaccord Genuity analyst Richard Davis reiterated a Hold rating on Autodesk (NASDAQ: ADSK) yesterday and set a price target of $70. The company’s shares opened today at $72.71, close to its 52-week high of $78.58.

According to TipRanks.com, Davis is a top 100 analyst with an average return of 9.6% and a 59.9% success rate. Davis covers the Technology sector, focusing on stocks such as Bottomline Technologies, Nuance Communications, and Ultimate Software.

Currently, the analyst consensus on Autodesk is Moderate Buy and the average price target is $72.80, representing a 0.1% upside.

In a report issued on November 22, Wedbush also reiterated a Hold rating on the stock with a $70 price target.

Based on Autodesk’s latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $548 million and GAAP net loss of $98.2 million. In comparison, last year the company earned revenue of $590 million and had a GAAP net loss of $43.8 million.

Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ADSK in relation to earlier this year. Most recently, in September 2016, Steven Blum, the SVP WW Sales of ADSK bought 9,128 shares for a total of $399,898.

Autodesk, Inc. is a design software and services company, offering customers productive business solutions through various technology products and services. The company serves variety of customers in the field of architecture, engineering and construction; manufacturing; and digital media and entertainment markets. Autodesk software products are sold globally, both directly to customers and through a network of resellers and distributors. It operates through four segments: Platform Solutions and Emerging Business; Architecture, Engineering and Construction; Manufacturing; and Media & Entertainment. The Platform Solutions and Emerging Business segment products include AutoCAD, AutoCAD LT, Autodesk Revit, AutoCAD Civil 3D, AutoCAD Architecture and AutoCAD Map 3D. The Architecture, Engineering and Construction segment software products help to improve the way building, civil infrastructure, process plant and construction projects are designed, built, and managed. The Manufacturing segment provides manufacturers in automotive and transportation, industrial machinery, consumer products and building products with comprehensive digital prototyping solutions that brings together design data from all phases of the product development process to develop a single digital model created in Autodesk Inventor software. The Media & Entertainment segment comprises of two product groups: Animation and Creative Finishing. The Animation products are sold as software only and provide tools for digital sculpting, modeling, animation, effects, rendering, and compositing for design visualization, visual effects and games production. The Creative Finishing products are primarily sold as turnkey solutions for editing, finishing and visual effects design and color grading. Autodesk was founded by John Walker in April 1982 and is headquartered in San Rafael, CA.