Oppenheimer Boosts Autodesk (NASDAQ:ADSK) Price Target to $350.00

Autodesk (NASDAQ:ADSK) had its target price lifted by equities researchers at Oppenheimer from $300.00 to $350.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the software company’s stock. Oppenheimer’s price objective points to a potential upside of 8.94% from the stock’s previous close.

A number of other brokerages have also recently weighed in on ADSK. Scotiabank assumed coverage on Autodesk in a research report on Monday, November 18th. They set a “sector outperform” rating and a $360.00 price target on the stock. Wells Fargo & Company raised their target price on Autodesk from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday. The Goldman Sachs Group upgraded shares of Autodesk from a “sell” rating to a “neutral” rating and upped their price target for the stock from $225.00 to $295.00 in a research report on Tuesday, September 3rd. HSBC upgraded shares of Autodesk from a “hold” rating to a “buy” rating and lifted their price objective for the company from $242.00 to $299.00 in a research report on Tuesday, September 3rd. Finally, Hsbc Global Res upgraded shares of Autodesk to a “strong-buy” rating in a research note on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $309.43.

Autodesk Stock Performance

ADSK stock opened at $321.27 on Friday. The stock’s 50 day simple moving average is $286.44 and its 200 day simple moving average is $254.89. Autodesk has a 12-month low of $195.32 and a 12-month high of $321.90. The firm has a market cap of $69.07 billion, a P/E ratio of 65.70, a P/E/G ratio of 4.03 and a beta of 1.47. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.80.

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 net margin of 18.21% and a return on equity of 59.41%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company earned $1.12 earnings per share. The firm’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts predict that Autodesk will post 5.73 EPS for the current year.

Insider Transactions at Autodesk

In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $305.06, for a total transaction of $167,783.00. Following the transaction, the director now directly owns 30,249 shares in the company, valued at approximately $9,227,759.94. The trade was a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Stephen W. Hope sold 286 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $274.84, for a total transaction of $78,604.24. Following the sale, the chief accounting officer now directly owns 4,879 shares in the company, valued at approximately $1,340,944.36. This trade 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 ninety days. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Autodesk

Large investors have recently made changes to their positions in the business. State Street Corp increased its stake in Autodesk by 3.0% in the 3rd quarter. State Street Corp now owns 9,808,476 shares of the software company’s stock valued at $2,702,028,000 after buying an additional 288,931 shares during the period. FMR LLC increased its stake in shares of Autodesk by 0.8% in the third quarter. FMR LLC now owns 5,653,602 shares of the software company’s stock worth $1,557,454,000 after acquiring an additional 46,069 shares during the last quarter. Ninety One UK Ltd raised its holdings in shares of Autodesk by 28.0% during the second quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock worth $1,255,054,000 after acquiring an additional 1,108,973 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Autodesk by 2.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,385,987 shares of the software company’s stock valued at $657,292,000 after purchasing an additional 61,785 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Autodesk by 12.6% in the third quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock valued at $603,947,000 after purchasing an additional 245,816 shares in the last quarter. Institutional investors and hedge funds own 90.24% of the company’s stock.

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.