Oppenheimer Issues Pessimistic Forecast for Autodesk (NASDAQ:ADSK) Stock Price

Autodesk (NASDAQ:ADSK) had its target price cut by analysts at Oppenheimer from $350.00 to $300.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the software company’s stock. Oppenheimer’s price objective would indicate a potential upside of 13.84% from the company’s current price.

ADSK has been the subject of a number of other reports. UBS Group upped their price objective on Autodesk from $350.00 to $370.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Stifel Nicolaus reduced their price target on shares of Autodesk from $360.00 to $350.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Scotiabank cut their price objective on shares of Autodesk from $360.00 to $315.00 and set a “sector outperform” rating for the company in a research note on Monday, March 17th. Barclays lifted their target price on shares of Autodesk from $355.00 to $365.00 and gave the stock an “overweight” rating in a research report on Friday, February 28th. Finally, Robert W. Baird lowered their price target on shares of Autodesk from $345.00 to $336.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $331.45.

Autodesk Stock Performance

Autodesk stock opened at $263.53 on Tuesday. Autodesk has a fifty-two week low of $195.32 and a fifty-two week high of $326.62. The firm’s fifty day moving average price is $274.39 and its 200-day moving average price is $287.44. The stock has a market cap of $56.13 billion, a P/E ratio of 52.29, a price-to-earnings-growth ratio of 2.94 and a beta of 1.49. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Insider Activity

In other Autodesk news, Director John T. Cahill purchased 2,000 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The stock was bought at an average cost of $267.10 per share, for a total transaction of $534,200.00. Following the purchase, the director now directly owns 2,000 shares in the company, valued at $534,200. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen W. Hope sold 2,452 shares of Autodesk stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $267.29, for a total transaction of $655,395.08. Following the transaction, the chief accounting officer now directly owns 3,003 shares of the company’s stock, valued at approximately $802,671.87. This trade represents a 44.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Autodesk

Several large investors have recently made changes to their positions in ADSK. Vanguard Group Inc. increased its position in Autodesk by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 20,385,461 shares of the software company’s stock valued at $6,025,331,000 after buying an additional 119,034 shares in the last quarter. Geode Capital Management LLC grew its position in Autodesk by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 4,715,702 shares of the software company’s stock valued at $1,391,145,000 after purchasing an additional 45,623 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Autodesk by 28.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,053,750 shares of the software company’s stock valued at $902,597,000 after purchasing an additional 667,763 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Autodesk by 406.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,875,320 shares of the software company’s stock worth $849,858,000 after buying an additional 2,307,960 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Autodesk by 20.6% in the fourth quarter. Northern Trust Corp now owns 2,462,810 shares of the software company’s stock worth $727,933,000 after buying an additional 420,838 shares in the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

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.