Shares of Autodesk were gaining 3.6% to $60.50 in pre-market trading.
Despite raising its price target, the analyst firm lowered its 2015 EPS estimates for the software company to $1.18 a share from $1.20 a share. Barclays lowered its 2016 EPS estimates for Autodesk to $1.15 a share from $1.50 a share.
"Subscriber net additions and total billings show transition is doing better than expected," analysts Saket Kalia and Raimo Lenschow wrote. "Subscribers and billings have been the key metrics we look at to gauge the health/pace of the subscription transition, and both of these came in well ahead of our estimates."
Separately, TheStreet Ratings team rates AUTODESK INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AUTODESK INC (ADSK) a HOLD. 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 revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share."
You can view the full analysis from the report here: ADSK Ratings Report