Autodesk (NASDAQ:ADSK) Sets New 1-Year High – What’s Next?

Autodesk, Inc. (NASDAQ:ADSK)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $315.45 and last traded at $315.15, with a volume of 282478 shares trading hands. The stock had previously closed at $309.73.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADSK. Piper Sandler boosted their price objective on Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. DA Davidson began coverage on Autodesk in a report on Friday, September 27th. They issued a “neutral” rating and a $260.00 target price for the company. Citigroup set a $325.00 price objective on Autodesk and gave the company a “buy” rating in a research note on Friday, October 18th. Oppenheimer upped their price objective on Autodesk from $275.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Rosenblatt Securities boosted 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. Eight analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Autodesk presently has an average rating of “Moderate Buy” and a consensus target price of $292.95.

Autodesk Price Performance

The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.80. The business has a fifty day simple moving average of $278.10 and a 200 day simple moving average of $249.83. The stock has a market capitalization of $67.39 billion, a P/E ratio of 64.21, a price-to-earnings-growth ratio of 3.93 and a beta of 1.47.

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

Insider Activity at Autodesk

In other news, Director Mary T. Mcdowell sold 550 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $285.31, for a total transaction of $156,920.50. Following the completion of the sale, the director now directly owns 30,799 shares in the company, valued at approximately $8,787,262.69. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Mary T. Mcdowell sold 550 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $285.31, for a total transaction of $156,920.50. Following the completion of the sale, the director now owns 30,799 shares of the company’s stock, valued at $8,787,262.69. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen W. Hope sold 286 shares of Autodesk stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $274.84, for a total transaction of $78,604.24. Following the completion of the sale, the chief accounting officer now directly owns 4,879 shares of the company’s stock, valued at approximately $1,340,944.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,280 shares of company stock valued at $5,200,929 over the last 90 days. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Autodesk

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC raised its stake in shares of Autodesk by 23.4% during the 1st quarter. Empowered Funds LLC now owns 3,457 shares of the software company’s stock worth $900,000 after acquiring an additional 656 shares in the last quarter. Atomi Financial Group Inc. purchased a new position in Autodesk during the first quarter valued at approximately $253,000. Concurrent Investment Advisors LLC boosted its stake in shares of Autodesk by 169.2% in the first quarter. Concurrent Investment Advisors LLC now owns 2,253 shares of the software company’s stock worth $586,000 after acquiring an additional 1,416 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Autodesk by 6.2% during the first quarter. QRG Capital Management Inc. now owns 10,005 shares of the software company’s stock worth $2,606,000 after buying an additional 581 shares during the last quarter. Finally, Avantax Advisory Services Inc. boosted its stake in Autodesk by 9.4% during the first quarter. Avantax Advisory Services Inc. now owns 1,417 shares of the software company’s stock worth $369,000 after buying an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company’s stock.

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.