This article was originally published on TipRanks.com
Software major Autodesk, Inc. (NASDAQ:ADSK) recently revealed that it will acquire cloud-based estimating solutions provider ProEst. The terms of the deal, which is likely to close in Autodesk’s fourth quarter of Fiscal 2022, have not been disclosed so far.
Following the news, shares of the company declined marginally on Thursday. The stock, however, pared its losses slightly to close at $270 in the extended trading session.
With ProEst in its portfolio, Autodesk will strengthen its construction management platform, Autodesk Construction Cloud. ProEst’s expertise in assisting construction teams to create estimates, perform digital takeoffs, generate detailed reports and proposals, and manage bid-day processes is likely to allow Autodesk Construction Cloud to manage all its critical preconstruction and construction workflows on one platform.
The Senior Vice-President at Autodesk Construction Solutions, Jim Lynch, said, “Our acquisition of ProEst will allow construction teams to connect accurate estimates with the rest of their project data to minimize the risk of cost and schedule overruns and drive successful project outcomes. ProEst shares our vision for digital transformation in construction and we look forward to bringing their leading estimating solution to Autodesk Construction Cloud.”
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Recently, Robert W. Baird analyst Joseph Vruwink reiterated a Buy rating on the stock with a price target of $307, which implies upside potential of 10.8% from current levels.
Consensus among analysts is a Strong Buy based on 13 Buys, 2 Holds and 1 Sell. The average Autodesk price target of $340 implies upside potential of 26.1% from current levels. Shares have declined about 9.3% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Autodesk’s performance this quarter.
According to the tool, the website of Autodesk recorded a 17.09% monthly decline in global visits in November, compared to the same period last year. Yet, year-to-date, website traffic has grown 5.66%, compared to the previous year.
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