Autodesk (NASDAQ:ADSK) Trading 4.2% Higher – Here’s What Happened

Shares of Autodesk, Inc. (NASDAQ:ADSK) rose 4.2% during mid-day trading on Wednesday . The company traded as high as $269.76 and last traded at $270.80. Approximately 216,518 shares were traded during trading, a decline of 86% from the average daily volume of 1,579,148 shares. The stock had previously closed at $259.95.

Wall Street Analyst Weigh In

ADSK has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of Autodesk from $325.00 to $335.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Mizuho upgraded shares of Autodesk from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $280.00 to $400.00 in a research note on Tuesday, January 28th. KeyCorp lifted their target price on shares of Autodesk from $330.00 to $335.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Citigroup lowered their target price on shares of Autodesk from $361.00 to $339.00 and set a “buy” rating on the stock in a research note on Thursday, February 27th. Finally, Morgan Stanley lifted their target price on shares of Autodesk from $375.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $336.29.

Autodesk Price Performance

The company has a market capitalization of $57.55 billion, a P/E ratio of 53.63, a P/E/G ratio of 2.94 and a beta of 1.51. The firm’s fifty day moving average is $287.48 and its 200 day moving average is $287.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Hedge Funds Weigh In On Autodesk

Several hedge funds have recently added to or reduced their stakes in ADSK. Principal Financial Group Inc. grew its holdings in Autodesk by 12.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock valued at $603,947,000 after purchasing an additional 245,816 shares during the last quarter. Empowered Funds LLC grew its holdings in Autodesk by 26.0% during the 3rd quarter. Empowered Funds LLC now owns 4,743 shares of the software company’s stock valued at $1,307,000 after purchasing an additional 979 shares during the last quarter. Claro Advisors LLC bought a new position in Autodesk during the 3rd quarter valued at about $387,000. Thrivent Financial for Lutherans grew its holdings in Autodesk by 101.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 180,394 shares of the software company’s stock valued at $49,696,000 after purchasing an additional 90,913 shares during the last quarter. Finally, Quest Partners LLC bought a new position in Autodesk in the 3rd quarter worth about $760,000. 90.24% of the stock is currently owned by institutional investors.

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.