Goldman Sachs analyst Kash Rangan initiated coverage of Autodesk with a Sell rating and $270 price target. The company is a "category leader" and looks poised to grow into a dominant design, automation software company in the cloud in key end markets including architecture, engineering, construction, and manufacturing, the analyst tells investors in a research note. Rangan is concerned however that the health of Autodesk's end markets remains uncertain, adding that the company's medium-term revenue and free cash flow targets are "increasingly back end loaded".

Goldman Sachs analyst Kash Rangan initiated coverage of VMware with a Neutral rating and $150 price target. The analyst is confident the company can hit a $20B revenue target, though there are "several" near-term headwinds. Rangan added that VMware is the "most successful" infrastructure software company to have attained scale and profitability.

Goldman Sachs analyst Kash Rangan initiated coverage of Elastic with a Neutral rating and $190 price target. The analyst said his price target is based on the firm's fundamental valuation framework, adding that his thesis is that Elastic's combination of technology and differentiated customer approach has the potential to disrupt the "fragmented" IT Operations market.

Goldman Sachs analyst Kash Rangan assumed coverage of ServiceNow with a Buy rating and $670 price target. The company stands "well positioned" to become an over $15B revenue cloud applications software firm by 2026, the analyst tells investors in a research note. Rangan adds that ServiceNow's operating margins could then hit 30%-35% and free cash flow margins could potentially reach 35%-40% thanks to its "very efficient" customer acquisition economics and expansion beyond its core ITSM market into adjacent markets.

Goldman Sachs analyst Kash Rangan initiated coverage of Workday with a Buy rating and $300 price target. The company is a "uniquely positioned application software company addressing massive cloud replacement cycles in an over $90B total addressable market" and spans human capital resources, financials, analytics, planning, and procurement, the analyst tells investors in a research note. Workday is poised to grow into an over $10B business catalyzed by financials moving to the cloud following its core HCM marquee product, Rangan adds.

Goldman Sachs analyst Kash Rangan initiated coverage of Microsoft with a Buy rating and $285 price target. The company stands out "uniquely" with its presence across all layers of the cloud stack, the analyst tells investors in a research note. Rangan adds that Microsoft is well positioned to double its $60B commercial cloud business which includes Azure, Office 365, Dynamics, and LinkedIn Commercial into a $120B-$140B business longer term. The analyst further states that Office 365 could potentially double its installed base from over 255M to 500M given the massive number of knowledge workers worldwide.