Autodesk (NASDAQ:ADSK) Coverage Initiated at Scotiabank

Scotiabank initiated coverage on shares of Autodesk (NASDAQ:ADSK) in a research report sent to investors on Monday morning, Marketbeat reports. The firm issued a sector outperform rating and a $360.00 price target on the software company’s stock.

A number of other equities analysts have also weighed in on ADSK. Barclays increased their target price on shares of Autodesk from $310.00 to $355.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. The Goldman Sachs Group raised shares of Autodesk from a “sell” rating to a “neutral” rating and raised their target price for the company from $225.00 to $295.00 in a research note on Tuesday, September 3rd. Royal Bank of Canada lifted their price target on shares of Autodesk from $290.00 to $313.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Hsbc Global Res raised shares of Autodesk to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Piper Sandler lifted their target price 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. Eight investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $302.38.

Autodesk Price Performance

ADSK stock opened at $307.84 on Monday. The company has a 50 day simple moving average of $284.18 and a 200 day simple moving average of $253.46. The stock has a market cap of $66.19 billion, a price-to-earnings ratio of 62.95, a P/E/G ratio of 3.82 and a beta of 1.47. Autodesk has a 1 year low of $195.32 and a 1 year high of $315.73. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.64 and a quick ratio of 0.64.

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

Insider Buying and Selling at Autodesk

In other news, Director Mary T. Mcdowell sold 550 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $305.06, for a total value of $167,783.00. Following the transaction, the director now owns 30,249 shares in the company, valued at $9,227,759.94. This represents a 1.79 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Steven M. Blum sold 17,344 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the completion of the transaction, the chief operating officer now owns 17,099 shares in the company, valued at $4,616,730. This trade represents a 50.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,280 shares of company stock worth $5,232,213. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Autodesk

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in Autodesk by 3.0% in the 3rd quarter. State Street Corp now owns 9,808,476 shares of the software company’s stock worth $2,702,028,000 after acquiring an additional 288,931 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Autodesk by 263.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,294,746 shares of the software company’s stock worth $1,639,279,000 after acquiring an additional 4,563,668 shares in the last quarter. FMR LLC increased its holdings in Autodesk by 0.8% in 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 in the last quarter. Ninety One UK Ltd increased its holdings 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 acquiring an additional 1,108,973 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Autodesk by 2.7% in the 3rd 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 worth $657,292,000 after acquiring an additional 61,785 shares in the last quarter. 90.24% of the stock is owned by hedge funds and other institutional investors.

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.