HSBC Upgrades Autodesk (NASDAQ:ADSK) to “Buy”

Autodesk (NASDAQ:ADSK) was upgraded by equities research analysts at HSBC from a “hold” rating to a “buy” rating in a report issued on Tuesday, Marketbeat reports. The brokerage presently has a $299.00 price target on the software company’s stock, up from their previous price target of $242.00. HSBC’s price objective would indicate a potential upside of 16.89% from the company’s current price.

ADSK has been the subject of a number of other research reports. Morgan Stanley increased their target price on Autodesk from $305.00 to $320.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Mizuho increased their price objective on Autodesk from $230.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Bank of America boosted their target price on Autodesk from $260.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Piper Sandler raised their price target 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. Finally, Stifel Nicolaus lifted their price objective on shares of Autodesk from $290.00 to $320.00 and gave the company a “buy” rating in a report on Friday, August 30th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $292.17.

Autodesk Trading Down 0.8 %

NASDAQ ADSK opened at $255.79 on Tuesday. Autodesk has a one year low of $192.01 and a one year high of $279.53. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market cap of $55.13 billion, a P/E ratio of 55.37, a P/E/G ratio of 3.45 and a beta of 1.48. The stock’s 50-day moving average is $246.91 and its 200-day moving average is $239.18.

Autodesk (NASDAQ:ADSK) last posted its earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.15. Autodesk had a return on equity of 64.61% and a net margin of 18.21%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the business earned $1.12 EPS. Autodesk’s revenue for the quarter was up 11.9% compared to the same quarter last year. Sell-side analysts anticipate that Autodesk will post 5.55 earnings per share for the current fiscal year.

Insider Buying and Selling at Autodesk

In related news, COO Steven M. Blum sold 19,693 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $250.00, for a total value of $4,923,250.00. Following the sale, the chief operating officer now owns 34,443 shares in the company, valued at approximately $8,610,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Steven M. Blum sold 19,693 shares of Autodesk stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $250.00, for a total transaction of $4,923,250.00. Following the completion of the sale, the chief operating officer now owns 34,443 shares of the company’s stock, valued at approximately $8,610,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary T. Mcdowell sold 1,100 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $226.21, for a total transaction of $248,831.00. Following the completion of the transaction, the director now owns 32,116 shares in the company, valued at approximately $7,264,960.36. The disclosure for this sale can be found here. Insiders have sold 57,275 shares of company stock worth $14,220,661 over the last 90 days. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Autodesk

Several hedge funds have recently added to or reduced their stakes in the company. Coronation Fund Managers Ltd. increased its position in Autodesk by 96.8% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 9,785 shares of the software company’s stock worth $2,421,000 after buying an additional 4,813 shares during the period. 3Chopt Investment Partners LLC bought a new position in Autodesk during the second quarter worth about $874,000. Advisory Alpha LLC raised its stake in Autodesk by 23.7% in the 2nd quarter. Advisory Alpha LLC now owns 1,911 shares of the software company’s stock worth $473,000 after purchasing an additional 366 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in Autodesk by 202.8% in the 2nd quarter. EP Wealth Advisors LLC now owns 2,353 shares of the software company’s stock valued at $582,000 after purchasing an additional 1,576 shares during the period. Finally, NewEdge Advisors LLC grew its position in shares of Autodesk by 4.4% during the 2nd quarter. NewEdge Advisors LLC now owns 14,023 shares of the software company’s stock worth $3,470,000 after purchasing an additional 590 shares in the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.

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.