The stocks of ADSK have been upgraded to a rating of ‘hold’ from a ‘sell’ by the analysts at Zacks Investment Research. The research report that contained this rating was issued last Monday. The brokerage, at this moment, has a price objective of around $287 on the stock of this software company. The target price put forward by Zacks Investment research highlights an upside of about 4.06% against the backdrop of the previous close of the stock market.
What Have Been the Latest Development Taking Place at ADSK?
The report states that the third-quarter of the company benefited heavily from higher revenues in subscription and the expansion of the gross margin. The swift adoption of the products by BIM 360 and the success of the subscription maintenance too drove revenues. The investment analysts believe that the higher demand placed on the cloud-based products by ADSK will surely pull the company over the breaking point. It has also been recorded that the shares of this company have been outperforming this year. Yet, there is a slight problem in the plans as the top line of this company has been impacted by the model transition that is ongoing currently. The company has shifted from perpetual licenses to services that are strictly cloud-based.
There have been other analysts who have brought out their research reports on the stock of ADSK as well. Griffin Securities raised the objective price of the company from $259 to $272 whilst giving the company a rating for ‘buy’. Wells Fargo & Company have also raised the objective price on the shares of this company from $300 to $305 in one of the research reports that was published on the 25th of November. Three of the research analysts have been giving the stock a rating of sell, while seven of them have already assigned it a hold rating. The current target price of this company is $256.12.