Wells Fargo & Company Forecasts Strong Price Appreciation for Autodesk (NASDAQ:ADSK) Stock

Autodesk (NASDAQ:ADSK) had its target price boosted by Wells Fargo & Company from $340.00 to $350.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the software company’s stock.

A number of other equities analysts have also weighed in on ADSK. 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. BMO Capital Markets upped their price target on shares of Autodesk from $254.00 to $287.00 and gave the company a “market perform” rating in a research report on Friday, August 30th. Hsbc Global Res raised shares of Autodesk to a “strong-buy” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group raised shares of Autodesk from a “sell” rating to a “neutral” rating and upped their price target for the company from $225.00 to $295.00 in a research report on Tuesday, September 3rd. Finally, Piper Sandler upped their price target on shares of Autodesk from $239.00 to $257.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $309.43.

Autodesk Price Performance

ADSK opened at $319.39 on Friday. The stock has a 50-day moving average price of $287.47 and a 200-day moving average price of $255.89. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market cap of $68.67 billion, a PE ratio of 65.32, a P/E/G ratio of 4.10 and a beta of 1.47. Autodesk has a 1 year low of $195.32 and a 1 year high of $326.62.

Autodesk (NASDAQ:ADSK) last issued its earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.15. Autodesk had a return on equity of 59.41% and a net margin of 18.21%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm earned $1.12 EPS. Autodesk’s revenue was up 11.9% on a year-over-year basis. Sell-side analysts predict that Autodesk will post 5.73 earnings per share for the current fiscal year.

Insider Activity at Autodesk

In related news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $265.50, for a total transaction of $146,025.00. Following the completion of the transaction, the director now directly owns 31,349 shares in the company, valued at approximately $8,323,159.50. This trade represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 approximately $1,340,944.36. This represents a 5.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,280 shares of company stock valued at $5,232,213 over the last quarter. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ADSK. CreativeOne Wealth LLC acquired a new position in shares of Autodesk during the 1st quarter worth approximately $414,000. EP Wealth Advisors LLC purchased a new stake in shares of Autodesk during the first quarter worth approximately $202,000. Axxcess Wealth Management LLC increased its position in shares of Autodesk by 61.9% during the first quarter. Axxcess Wealth Management LLC now owns 2,022 shares of the software company’s stock worth $527,000 after purchasing an additional 773 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Autodesk by 16.8% during the first quarter. Advisors Asset Management Inc. now owns 12,305 shares of the software company’s stock worth $3,204,000 after purchasing an additional 1,766 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Autodesk by 20,050.0% during the first quarter. 1832 Asset Management L.P. now owns 2,015 shares of the software company’s stock worth $525,000 after purchasing an additional 2,005 shares in the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.

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.