DA Davidson Forecasts Strong Price Appreciation for Autodesk (NASDAQ:ADSK) Stock

Autodesk (NASDAQ:ADSK) had its price objective increased by investment analysts at DA Davidson from $275.00 to $285.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. DA Davidson’s price target indicates a potential upside of 4.96% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Bank of America raised their target price on shares of Autodesk from $325.00 to $335.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Robert W. Baird lowered their target price on shares of Autodesk from $345.00 to $336.00 and set an “outperform” rating on the stock in a report on Friday. UBS Group assumed coverage on shares of Autodesk in a research report on Monday, December 2nd. They set a “buy” rating and a $350.00 price objective for the company. Piper Sandler raised shares of Autodesk from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $311.00 to $357.00 in a research report on Wednesday, January 8th. Finally, KeyCorp upped their price objective on shares of Autodesk from $330.00 to $335.00 and gave the stock an “overweight” rating in a research report on Friday. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $333.95.

Autodesk Stock Down 3.8 %

ADSK traded down $10.82 on Friday, reaching $271.53. 1,707,886 shares of the company traded hands, compared to its average volume of 1,438,632. The stock’s 50 day moving average price is $297.11 and its 200-day moving average price is $286.59. Autodesk has a 52-week low of $195.32 and a 52-week high of $326.62. The company has a market cap of $58.38 billion, a price-to-earnings ratio of 53.78, a PEG ratio of 2.94 and a beta of 1.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.05. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, sell-side analysts expect that Autodesk will post 5.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Autodesk

Several large investors have recently made changes to their positions in ADSK. Golden State Wealth Management LLC acquired a new position in Autodesk in the 4th quarter worth approximately $25,000. Transcendent Capital Group LLC acquired a new stake in shares of Autodesk in the third quarter valued at about $28,000. Investment Management Corp VA ADV acquired a new stake in shares of Autodesk in the fourth quarter worth $29,000. Tradewinds Capital Management LLC lifted its position in Autodesk by 100.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 100 shares of the software company’s stock worth $30,000 after purchasing an additional 50 shares during the period. Finally, Mizuho Securities Co. Ltd. bought a new stake in shares of Autodesk in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 90.24% of the company’s stock.

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.