Autodesk (NASDAQ:ADSK) Earns Overweight Rating from Analysts at Piper Sandler

Equities researchers at Piper Sandler initiated coverage on shares of Autodesk (NASDAQ:ADSK) in a report released on Thursday, The Fly reports. The brokerage set an “overweight” rating on the software company’s stock.

A number of other equities research analysts have also issued reports on ADSK. Canaccord Genuity boosted their target price on Autodesk from $260.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Morgan Stanley lowered their price target on Autodesk from $334.00 to $324.00 and set an “equal weight” rating on the stock in a report on Thursday, September 2nd. KeyCorp lifted their price target on Autodesk from $345.00 to $365.00 and gave the company an “overweight” rating in a report on Thursday, August 19th. Guggenheim reiterated a “hold” rating on shares of Autodesk in a report on Monday, September 6th. Finally, Zacks Investment Research upgraded Autodesk from a “sell” rating to a “hold” rating and set a $324.00 price target on the stock in a report on Wednesday, July 28th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Autodesk currently has an average rating of “Buy” and an average target price of $330.11.

Shares of Autodesk stock traded up $5.76 on Thursday, reaching $289.21. 50,211 shares of the company were exchanged, compared to its average volume of 1,301,519. The stock has a fifty day moving average price of $301.57 and a 200-day moving average price of $294.03. The firm has a market capitalization of $63.58 billion, a price-to-earnings ratio of 48.94, a price-to-earnings-growth ratio of 2.81 and a beta of 1.32. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 1.23. Autodesk has a fifty-two week low of $233.32 and a fifty-two week high of $344.39.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Tuesday, August 24th. The software company reported $1.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Autodesk had a return on equity of 69.10% and a net margin of 32.54%. Autodesk’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 earnings per share. On average, equities analysts anticipate that Autodesk will post 2.89 earnings per share for the current fiscal year.

In other news, CEO Andrew Anagnost sold 23,957 shares of the firm’s stock in a transaction dated Thursday, August 26th. The stock was sold at an average price of $315.44, for a total value of $7,556,996.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Stephen W. Hope sold 262 shares of the firm’s stock in a transaction dated Wednesday, September 8th. The shares were sold at an average price of $286.46, for a total value of $75,052.52. The disclosure for this sale can be found here. Insiders sold a total of 32,220 shares of company stock worth $9,941,402 over the last quarter. Corporate insiders own 0.11% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ADSK. Eagle Bay Advisors LLC acquired a new stake in shares of Autodesk in the second quarter valued at approximately $27,000. Evoke Wealth LLC grew its stake in shares of Autodesk by 84.6% during the first quarter. Evoke Wealth LLC now owns 192 shares of the software company’s stock worth $53,000 after buying an additional 88 shares during the last quarter. Newfound Research LLC bought a new stake in shares of Autodesk during the third quarter worth $56,000. Monetary Management Group Inc. bought a new stake in shares of Autodesk in the second quarter worth $58,000. Finally, Evermay Wealth Management LLC bought a new stake in shares of Autodesk in the second quarter worth $60,000. Institutional investors own 85.14% of the company’s stock.

About Autodesk

Autodesk, Inc engages in the design of software and services. Its products include AutoCAD, BIM 360, Civil 3D, Fusion 360, InfraWorks, Inventor, Maya, PlanGrid, Revit, Shotgun, 3ds Max. The firm also offers product development and manufacturing software, which provides manufacturers in automotive, transportation, industrial machinery, consumer products, and building product industries with comprehensive digital design, engineering, and production solutions; architecture, engineering, and construction software improves the way buildings, factories, and infrastructure are designed, built, and used; and digital media and entertainment, which consists of tools for digital sculpting, modeling, animation, effects, rendering, and compositing for design visualization, visual effects, and games production.

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