Autodesk (NASDAQ:ADSK) Cut to Hold at HSBC

HSBC downgraded shares of Autodesk (NASDAQ:ADSK) from a buy rating to a hold rating in a research report sent to investors on Friday morning, MarketBeat reports. HSBC currently has $290.00 target price on the software company’s stock.

Several other brokerages have also issued reports on ADSK. BMO Capital Markets boosted their target price on Autodesk from $287.00 to $308.00 and gave the company a “market perform” rating in a research note on Wednesday, November 27th. Barclays boosted their price objective on Autodesk from $310.00 to $355.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Piper Sandler increased their target price on shares of Autodesk from $257.00 to $311.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 27th. Stifel Nicolaus boosted their price target on shares of Autodesk from $320.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Hsbc Global Res raised shares of Autodesk to a “strong-buy” rating in a report on Tuesday, September 3rd. Ten equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $315.10.

Autodesk Price Performance

ADSK opened at $291.90 on Friday. Autodesk has a fifty-two week low of $195.32 and a fifty-two week high of $326.62. The firm has a 50-day moving average of $289.93 and a 200 day moving average of $258.15. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.64 and a current ratio of 0.65. The firm has a market cap of $62.76 billion, a P/E ratio of 57.92, a PEG ratio of 3.73 and a beta of 1.47.

Autodesk (NASDAQ:ADSK) last released its earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.05. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.56 billion. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 EPS. On average, research analysts expect that Autodesk will post 5.79 EPS for the current year.

Insider Activity

In other news, Director Mary T. Mcdowell sold 550 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $265.50, for a total transaction of $146,025.00. Following the transaction, the director now directly owns 31,349 shares in the company, valued at approximately $8,323,159.50. This represents a 1.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Stephen W. Hope sold 286 shares of the business’s 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 sale, the chief accounting officer now owns 4,879 shares of the company’s stock, valued at $1,340,944.36. The trade was a 5.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,936 shares of company stock worth $549,333. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Autodesk

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its stake in shares of Autodesk by 3.0% during the third 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 last quarter. FMR LLC grew its position in Autodesk by 0.8% during the 3rd 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 increased its stake in Autodesk by 28.0% in the 2nd quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock worth $1,255,054,000 after purchasing an additional 1,108,973 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Autodesk by 2.7% in 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. boosted its stake in shares of Autodesk by 12.6% during 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 during the period. Institutional investors 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.