Autodesk, Inc. (ADSK) Hits New 52-Week High After Analyst Upgrade

Autodesk, Inc. (NASDAQ:ADSK)’s share price reached a new 52-week high during trading on Thursday after Wells Fargo & raised their price target on the stock from $135.00 to $150.00. Wells Fargo & currently has an outperform rating on the stock. Autodesk traded as high as $126.48 and last traded at $126.35, with a volume of 907438 shares. The stock had previously closed at $124.02.

ADSK has been the subject of a number of other reports. BidaskClub upgraded Autodesk from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Evercore ISI set a $135.00 price objective on Autodesk and gave the stock a “buy” rating in a report on Wednesday. KeyCorp upped their price objective on Autodesk from $115.00 to $128.00 and gave the stock an “overweight” rating in a report on Friday, August 25th. Robert W. Baird set a $125.00 price objective on Autodesk and gave the stock a “buy” rating in a report on Sunday, October 1st. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $120.00 price objective (up from $115.00) on shares of Autodesk in a report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $124.50.

In other news, SVP Fronzo Pascal W. Di sold 19,577 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $125.00, for a total value of $2,447,125.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Crawford W. Beveridge sold 1,500 shares of the stock in a transaction that occurred on Thursday, September 21st. The stock was sold at an average price of $112.82, for a total value of $169,230.00. The disclosure for this sale can be found here. Insiders have sold a total of 79,789 shares of company stock valued at $9,189,363 in the last ninety days. 6.10% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Autodesk by 2.3% in the 2nd quarter. Vanguard Group Inc. now owns 20,418,023 shares of the software company’s stock worth $2,058,545,000 after acquiring an additional 466,724 shares in the last quarter. BlackRock Inc. raised its position in shares of Autodesk by 4.8% in the 2nd quarter. BlackRock Inc. now owns 15,996,693 shares of the software company’s stock worth $1,612,787,000 after acquiring an additional 735,647 shares in the last quarter. American Century Companies Inc. raised its position in shares of Autodesk by 13.6% in the 3rd quarter. American Century Companies Inc. now owns 3,043,473 shares of the software company’s stock worth $341,660,000 after acquiring an additional 364,994 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Autodesk by 18.5% in the 2nd quarter. Franklin Resources Inc. now owns 2,792,955 shares of the software company’s stock worth $281,589,000 after acquiring an additional 436,261 shares in the last quarter. Finally, Fred Alger Management Inc. raised its position in shares of Autodesk by 52.3% in the 2nd quarter. Fred Alger Management Inc. now owns 2,414,257 shares of the software company’s stock worth $243,405,000 after acquiring an additional 829,021 shares in the last quarter. 94.63% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 5.02, a current ratio of 1.22 and a quick ratio of 1.22.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Thursday, August 24th. The software company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.05. Autodesk had a negative return on equity of 60.14% and a negative net margin of 30.01%. The firm had revenue of $501.80 million during the quarter, compared to analyst estimates of $493.98 million. During the same quarter in the prior year, the company earned $0.05 EPS. The business’s revenue was down 8.9% compared to the same quarter last year. analysts forecast that Autodesk, Inc. will post -1.38 EPS for the current fiscal year.

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About Autodesk

Autodesk, Inc is a design software and services company, offering customers productive business solutions through technology products and services. The Company’s segments include Architecture, Engineering and Construction (AEC), Platform Solutions and Emerging Business (PSEB), Manufacturing (MFG), and Media and Entertainment (M&E).

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