Autodesk (NASDAQ:ADSK) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Autodesk (NASDAQ:ADSK) in a report issued on Monday, MarketBeat Ratings 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 research analysts also recently weighed in on ADSK. Hsbc Global Res upgraded Autodesk to a “strong-buy” rating in a research report on Tuesday, September 3rd. Citigroup set a $325.00 price objective on Autodesk and gave the company a “buy” rating in a research note on Friday, October 18th. Wells Fargo & Company assumed coverage on Autodesk in a research note on Wednesday, October 16th. They set an “overweight” rating and a $340.00 price objective on the stock. Rosenblatt Securities raised their target price on Autodesk from $290.00 to $295.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, KeyCorp reissued an “overweight” rating and issued a $305.00 target price on shares of Autodesk in a research note on Monday, August 26th. Eight equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $302.38.

Autodesk Stock Up 2.4 %

Shares of NASDAQ ADSK opened at $315.22 on Monday. The business has a 50-day simple moving average of $285.29 and a two-hundred day simple moving average of $253.88. Autodesk has a 52 week low of $195.32 and a 52 week high of $317.45. The company has a market cap of $67.77 billion, a P/E ratio of 64.46, a P/E/G ratio of 3.90 and a beta of 1.47. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.80.

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

Insiders Place Their Bets

In other news, Director Mary T. Mcdowell sold 550 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $305.06, for a total transaction of $167,783.00. Following the completion of the sale, the director now owns 30,249 shares of the company’s stock, valued at $9,227,759.94. The trade was a 1.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen W. Hope sold 286 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $274.84, for a total transaction of $78,604.24. Following the sale, the chief accounting officer now directly owns 4,879 shares of the company’s stock, valued at approximately $1,340,944.36. The trade was a 5.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,280 shares of company stock valued at $5,232,213. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Autodesk

Several hedge funds have recently bought and sold shares of ADSK. Avantax Advisory Services Inc. lifted its stake in Autodesk by 9.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 1,417 shares of the software company’s stock worth $369,000 after purchasing an additional 122 shares in the last quarter. Acadian Asset Management LLC raised its position in Autodesk by 2.9% in the 1st quarter. Acadian Asset Management LLC now owns 5,703 shares of the software company’s stock worth $1,482,000 after purchasing an additional 161 shares during the period. O Shaughnessy Asset Management LLC raised its position in Autodesk by 57.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,646 shares of the software company’s stock worth $4,335,000 after purchasing an additional 6,044 shares during the period. Bessemer Group Inc. raised its position in Autodesk by 29.3% in the 1st quarter. Bessemer Group Inc. now owns 15,377 shares of the software company’s stock worth $4,004,000 after purchasing an additional 3,485 shares during the period. Finally, Lake Street Advisors Group LLC raised its position in Autodesk by 60.3% in the 1st quarter. Lake Street Advisors Group LLC now owns 2,145 shares of the software company’s stock worth $559,000 after purchasing an additional 807 shares during the period. Hedge funds and other institutional investors own 90.24% of the company’s stock.

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.