Macquarie Reiterates “Outperform” Rating for Autodesk (NASDAQ:ADSK)

Autodesk (NASDAQ:ADSK)‘s stock had its “outperform” rating reaffirmed by investment analysts at Macquarie in a research report issued on Friday,Benzinga reports. They presently have a $360.00 price target on the software company’s stock. Macquarie’s price target points to a potential upside of 28.39% from the stock’s previous close.

A number of other research firms have also recently weighed in on ADSK. The Goldman Sachs Group lifted their price objective on Autodesk from $270.00 to $300.00 and gave the company a “neutral” rating in a research report on Friday, May 23rd. Stifel Nicolaus lifted their price objective on Autodesk from $310.00 to $350.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Wells Fargo & Company reaffirmed an “overweight” rating and set a $360.00 price objective (up from $345.00) on shares of Autodesk in a research report on Friday, May 23rd. Piper Sandler lifted their price objective on Autodesk from $357.00 to $361.00 and gave the company an “overweight” rating in a research report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. lowered their price objective on Autodesk from $300.00 to $280.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $343.64.

Autodesk Trading Down 2.0%

Autodesk stock opened at $280.39 on Friday. The business has a 50-day simple moving average of $298.04 and a two-hundred day simple moving average of $285.70. The company has a market cap of $60.00 billion, a P/E ratio of 60.04, a P/E/G ratio of 2.70 and a beta of 1.44. Autodesk has a 52-week low of $223.03 and a 52-week high of $326.62. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76.

Insider Activity

In other news, EVP Rebecca Pearce sold 3,251 shares of the company’s stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the sale, the executive vice president directly owned 19,440 shares of the company’s stock, valued at $6,123,600. This represents a 14.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 9,391 shares of company stock worth $2,909,885. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Autodesk

Several hedge funds have recently modified their holdings of the company. Spire Wealth Management increased its position in shares of Autodesk by 2.5% during the 1st quarter. Spire Wealth Management now owns 2,075 shares of the software company’s stock valued at $543,000 after purchasing an additional 50 shares during the last quarter. Sowell Financial Services LLC bought a new position in shares of Autodesk during the 1st quarter valued at approximately $324,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Autodesk by 1.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,617 shares of the software company’s stock valued at $3,565,000 after purchasing an additional 229 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Autodesk by 27.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 42,826 shares of the software company’s stock valued at $11,212,000 after purchasing an additional 9,222 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Autodesk by 5.4% during the 1st quarter. GAMMA Investing LLC now owns 5,617 shares of the software company’s stock valued at $1,471,000 after purchasing an additional 290 shares during the last quarter. 90.24% of the stock is 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.