Wells Fargo Trims PT On Autodesk (ADSK) to $330 from $350, Reiterates “Overweight” Rating

With significant hedge fund interest, Autodesk, Inc. (NASDAQ: ADSK ) secures a spot on our list of the 10 best SaaS stocks to buy according to hedge funds . As of Q1 2026, 67 hedge funds held bullish positions in the stock, representing $3.17 billion in aggregate value, as per Insider Monkey data.

On May 28, 2026, Autodesk, Inc. (NASDAQ:ADSK) announced a $3.6 billion deal to acquire MaintainX, a maintenance and operations software firm. MaintainX expects to achieve more than $135 million in annualized recurring revenue for 2026. Autodesk plans to fund the transaction with a combination of cash on hand and debt financing, with the deal expected to close later this fiscal year. CEO Andrew Anagnost said the goal is to bring operational expertise, contextual data, and workflows that enhance Autodesk’s ability to use AI to converge digital and physical worlds.

Autodesk reported revenue of $1.93 billion, above the analyst estimate of $1.89 billion. Adjusted EPS came in at $2.99, topping the $2.84 consensus. Autodesk, Inc. (NASDAQ:ADSK) also raised its fiscal 2027 outlook, guiding for revenue of $8.16 billion to $8.22 billion, up from its prior range of $8.10 billion to $8.17 billion. Adjusted EPS guidance was lifted to $12.40 to $12.65, from $12.29 to $12.56 previously. Shares were down about 3% in extended trading following the report.

On May 29, 2026, Wells Fargo lowered its price target on Autodesk to $330 from $350 while keeping an “Overweight” rating. The firm called the quarter clean but said it expects the high-multiple acquisition to raise questions around the core business trajectory as model tailwinds begin to fade. The firm said it continues to favor Autodesk, Inc. (NASDAQ:ADSK)’s end markets and dominant competitive position and sees a case for strategic fit.

Autodesk, Inc. (NASDAQ:ADSK) designs software and related services, known for products such as AutoCAD, BIM Collaborate Pro, Revit, Civil 3D, Fusion 360, InfraWorks, Inventor, Maya, PlanGrid, Shotgun, and 3ds Max.

While we acknowledge the potential of ADSK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock . READ NEXT: 33 Stocks That Should Double in 3 Years and 15 Stocks That Will Make You Rich in 10 Years . Disclosure: None. Follow Insider Monkey on Google News .