Autodesk (NASDAQ:ADSK) Shares Gap Up Following Earnings Beat

Autodesk, Inc. (NASDAQ:ADSK)’s stock price gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $258.23, but opened at $270.00. Autodesk shares last traded at $269.55, with a volume of 501,997 shares.

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 net margin of 17.66% and a return on equity of 65.46%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the business earned $1.12 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADSK. Robert W. Baird cut their price target on Autodesk from $296.00 to $289.00 and set an “outperform” rating for the company in a report on Wednesday, May 29th. Barclays lifted their target price on Autodesk from $275.00 to $310.00 and gave the company an “overweight” rating in a report on Friday. KeyCorp reissued an “overweight” rating and issued a $305.00 price target on shares of Autodesk in a report on Monday, August 26th. Mizuho boosted their price objective on shares of Autodesk from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Bank of America boosted their price target on shares of Autodesk from $260.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Autodesk presently has a consensus rating of “Moderate Buy” and an average target price of $283.33.

Insider Activity at Autodesk

In other Autodesk news, COO Steven M. Blum sold 17,413 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $226.40, for a total value of $3,942,303.20. Following the completion of the sale, the chief operating officer now owns 54,136 shares of the company’s stock, valued at $12,256,390.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Autodesk news, COO Steven M. Blum sold 17,413 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $226.40, for a total value of $3,942,303.20. Following the completion of the sale, the chief operating officer now directly owns 54,136 shares of the company’s stock, valued at $12,256,390.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Steven M. Blum sold 19,693 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $250.00, for a total value of $4,923,250.00. Following the transaction, the chief operating officer now directly owns 34,443 shares in the company, valued at $8,610,750. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,931 shares of company stock valued at $9,537,781. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Autodesk

A number of large investors have recently bought and sold shares of ADSK. Ables Iannone Moore & Associates Inc. purchased a new position in Autodesk in the 4th quarter worth approximately $25,000. Concord Wealth Partners purchased a new position in Autodesk in the 1st quarter worth approximately $25,000. New Covenant Trust Company N.A. purchased a new position in Autodesk in the 1st quarter worth approximately $25,000. LRI Investments LLC purchased a new position in Autodesk in the 1st quarter worth approximately $26,000. Finally, Olistico Wealth LLC purchased a new position in Autodesk in the 2nd quarter worth approximately $26,000. 90.24% of the stock is owned by hedge funds and other institutional investors.

Autodesk Stock Up 0.1 %

The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.06. The stock has a 50 day simple moving average of $245.65 and a 200 day simple moving average of $239.40. The firm has a market capitalization of $55.69 billion, a PE ratio of 55.93, a PEG ratio of 3.23 and a beta of 1.48.

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.