Autodesk (NASDAQ:ADSK) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of Autodesk (NASDAQ:ADSK) from a neutral rating to an overweight rating in a research note published on Wednesday morning, MarketBeat.com reports. Piper Sandler currently has $357.00 price target on the software company’s stock, up from their previous price target of $311.00.

ADSK has been the subject of several other research reports. BMO Capital Markets lifted their price target on shares of Autodesk from $287.00 to $308.00 and gave the company a “market perform” rating in a research report on Wednesday, November 27th. Rosenblatt Securities raised their price target on shares of Autodesk from $295.00 to $325.00 and gave the company a “buy” rating in a research report on Wednesday, November 27th. Stifel Nicolaus boosted their price objective on Autodesk from $340.00 to $360.00 and gave the stock a “buy” rating in a report on Wednesday, December 18th. Hsbc Global Res cut Autodesk from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 29th. Finally, KeyCorp increased their price target on Autodesk from $325.00 to $330.00 and gave the company an “overweight” rating in a research report on Wednesday, November 20th. Nine research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $326.05.

Autodesk Stock Up 1.9 %

Shares of NASDAQ ADSK opened at $296.37 on Wednesday. Autodesk has a 12-month low of $195.32 and a 12-month high of $326.62. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. The firm has a market cap of $63.72 billion, a PE ratio of 58.80, a P/E/G ratio of 3.62 and a beta of 1.42. The company’s fifty day simple moving average is $301.19 and its 200 day simple moving average is $273.37.

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

Insider Activity

In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $305.06, for a total value of $167,783.00. Following the completion of the transaction, the director now directly owns 30,249 shares of the company’s stock, valued at $9,227,759.94. This trade represents a 1.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Autodesk

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Hawaiian Bank increased its holdings in shares of Autodesk by 1.6% in the 4th quarter. First Hawaiian Bank now owns 13,261 shares of the software company’s stock worth $3,920,000 after buying an additional 205 shares during the last quarter. Fulton Bank N.A. purchased a new position in Autodesk in the fourth quarter worth $211,000. Range Financial Group LLC bought a new position in Autodesk in the fourth quarter valued at $276,000. One Wealth Capital Management LLC purchased a new stake in Autodesk during the fourth quarter valued at about $264,000. Finally, Canandaigua National Bank & Trust Co. lifted its stake in Autodesk by 4.1% during the fourth quarter. Canandaigua National Bank & Trust Co. now owns 4,534 shares of the software company’s stock worth $1,340,000 after purchasing an additional 178 shares during the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

Autodesk Company Profile

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.