Autodesk shares (NASDAQ:ADSK) took a hit on Wednesday after the tech company said it will further delay filing its annual report. The delay is due to an ongoing internal investigation into its accounting practices. Originally, Autodesk reported on April 1 that it was probing its free cash flow and adjusted operating margin calculations. As a result of the delay, Citigroup analyst Tyler Radke is concerned about the complexity of the accounting issues.
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In fact, it’s made him less confident that it won’t negatively impact Autodesk’s financial guidance. Nevertheless, the analyst maintained a $307 price target and a Buy rating on Autodesk. It’s worth noting that so far, Radke has enjoyed a 75% success rate on ADSK stock, with an average return of 25.07% per rating.
Is ADSK a Good Stock to Buy?
Overall, analysts have a Moderate Buy consensus rating on ADSK stock based on 11 Buys, six Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 13% year-to-date decline, the average ADSK price target of $290.71 per share implies 37.74% upside potential.
Is It Wise to Allocate $1,000 Toward ADSK Stock Right Now?
Before you hurry to invest in ADSK, think about the following:
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