Miracle Mile Advisors LLC Acquires New Stake in Autodesk, Inc. (NASDAQ:ADSK)

Miracle Mile Advisors LLC bought a new position in Autodesk, Inc. (NASDAQ:ADSK) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,719 shares of the software company’s stock, valued at approximately $749,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ADSK. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Autodesk in the 4th quarter worth approximately $25,000. Concord Wealth Partners acquired a new position in shares of Autodesk in the 1st quarter worth $25,000. New Covenant Trust Company N.A. acquired a new position in shares of Autodesk in the 1st quarter worth $25,000. LRI Investments LLC acquired a new stake in shares of Autodesk during the first quarter worth $26,000. Finally, Olistico Wealth LLC purchased a new stake in shares of Autodesk during the second quarter valued at $26,000. 90.24% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ADSK. Bank of America boosted their price objective on Autodesk from $260.00 to $285.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Piper Sandler raised their price objective on shares of Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Hsbc Global Res upgraded shares of Autodesk to a “strong-buy” rating in a research report on Tuesday, September 3rd. Rosenblatt Securities increased their target price on Autodesk from $290.00 to $295.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $320.00 target price on shares of Autodesk in a research report on Monday, September 30th. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $290.47.

Autodesk Stock Performance

ADSK stock opened at $275.08 on Wednesday. The firm has a 50 day moving average of $255.70 and a two-hundred day moving average of $240.41. Autodesk, Inc. has a 12 month low of $192.01 and a 12 month high of $279.53. The company has a market capitalization of $59.28 billion, a price-to-earnings ratio of 59.06, a P/E/G ratio of 3.41 and a beta of 1.48. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.80.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings data on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.15. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company posted $1.12 earnings per share. Autodesk’s revenue for the quarter was up 11.9% on a year-over-year basis. As a group, equities analysts anticipate that Autodesk, Inc. will post 5.73 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Stephen W. Hope sold 286 shares of Autodesk stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $274.84, for a total value of $78,604.24. Following the transaction, the chief accounting officer now owns 4,879 shares of the company’s stock, valued at $1,340,944.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Autodesk news, COO Steven M. Blum sold 19,693 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $250.00, for a total value of $4,923,250.00. Following the sale, the chief operating officer now owns 34,443 shares of the company’s stock, valued at $8,610,750. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 value of $78,604.24. Following the completion of the transaction, the chief accounting officer now directly owns 4,879 shares in the company, valued at approximately $1,340,944.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,973 shares of company stock worth $10,106,590. 0.14% of the stock is currently owned by insiders.

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.