Autodesk (NASDAQ:ADSK) Reaches New 1-Year High Following Analyst Upgrade

Autodesk, Inc. (NASDAQ:ADSK)’s stock price hit a new 52-week high on Thursday after KeyCorp raised their price target on the stock from $325.00 to $330.00. KeyCorp currently has an overweight rating on the stock. Autodesk traded as high as $315.98 and last traded at $315.36, with a volume of 492500 shares. The stock had previously closed at $307.84.

Several other research firms have also recently commented on ADSK. Oppenheimer upped their price target on Autodesk from $275.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Rosenblatt Securities raised their target price on Autodesk from $290.00 to $295.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. DA Davidson assumed coverage on shares of Autodesk in a research note on Friday, September 27th. They issued a “neutral” rating and a $260.00 price objective for the company. HSBC upgraded shares of Autodesk from a “hold” rating to a “buy” rating and lifted their target price for the company from $242.00 to $299.00 in a research report on Tuesday, September 3rd. Finally, Robert W. Baird increased their price target on shares of Autodesk from $305.00 to $330.00 and gave the stock an “outperform” rating in a research report on Monday. Eight analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $302.38.

Insider Buying and Selling at Autodesk

In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $265.50, for a total value of $146,025.00. Following the transaction, the director now directly owns 31,349 shares of the company’s stock, valued at $8,323,159.50. This represents a 1.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Steven M. Blum sold 17,344 shares of Autodesk stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the completion of the sale, the chief operating officer now owns 17,099 shares of the company’s stock, valued at $4,616,730. This trade represents a 50.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,280 shares of company stock worth $5,232,213. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADSK. Marshall Financial Group LLC increased its holdings in shares of Autodesk by 0.8% during the third quarter. Marshall Financial Group LLC now owns 4,491 shares of the software company’s stock worth $1,237,000 after buying an additional 35 shares in the last quarter. Avitas Wealth Management LLC increased its holdings in Autodesk by 0.8% in the 3rd quarter. Avitas Wealth Management LLC now owns 5,577 shares of the software company’s stock worth $1,536,000 after purchasing an additional 42 shares in the last quarter. Mesirow Financial Investment Management Inc. raised its position in Autodesk by 1.1% in the second quarter. Mesirow Financial Investment Management Inc. now owns 3,875 shares of the software company’s stock valued at $959,000 after purchasing an additional 44 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Autodesk by 28.9% during the third quarter. Meeder Asset Management Inc. now owns 196 shares of the software company’s stock valued at $54,000 after purchasing an additional 44 shares in the last quarter. Finally, Johnson Investment Counsel Inc. grew its holdings in shares of Autodesk by 5.1% during the second quarter. Johnson Investment Counsel Inc. now owns 920 shares of the software company’s stock worth $228,000 after purchasing an additional 45 shares during the last quarter. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Autodesk Price Performance

The company has a 50 day moving average price of $284.18 and a 200-day moving average price of $253.46. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.80. The company has a market cap of $67.76 billion, a price-to-earnings ratio of 62.95, a P/E/G ratio of 3.90 and a beta of 1.47.

Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.15. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.12 earnings per share. As a group, equities research analysts predict that Autodesk, Inc. will post 5.73 EPS for the current fiscal year.

About Autodesk

Autodesk, Inc provides 3D design, engineering, and entertainment technology solutions worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BuildingConnected, a SaaS preconstruction solution; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.