NEW YORK (TheStreet) -- Shares of Autodesk (ADSK) - Get Report were jumping 6.47% to $67.83 on heavy trading volume late-morning Friday as the San Rafael, CA-based software and services company posted positive fiscal 2017 second quarter results after yesterday's closing bell.
Consequently, Barclays increased its price target to $75 from $70 on the stock this morning, saying Autodesk's subscriber growth was impressive despite the tough quarter-over-quarter comparison.
The company added 109,000 new subscribers during the second quarter vs. Barclays' estimates of 92,000 new subscribers. The firm said it was happy to see a third of subscription growth coming from new customers.
Additionally, Barclays said Autodesk is on pace with its third-quarter transition to a subscription-only business model.
This move should generate new gains, pushing the company toward achieving its 2020 financial targets, Barclays noted.
About 2.92 million of Autodesk's shares have changed hands so far today vs. its average volume of 1.44 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate AUTODESK INC as a Hold with a ratings score of C-. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its good cash flow from operations, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.
You can view the full analysis from the report here: