Autodesk (NASDAQ:ADSK) Shares Gap Up Following Earnings Beat

Autodesk, Inc. (NASDAQ:ADSK) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $258.23, but opened at $270.00. Autodesk shares last traded at $269.55, with a volume of 501,997 shares changing hands.

The software company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.00 by $0.15. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. Autodesk had a net margin of 17.66% and a return on equity of 65.46%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 earnings per share.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ADSK shares. Citigroup upped their price target on shares of Autodesk from $295.00 to $316.00 and gave the company a “buy” rating in a research report on Monday, August 26th. Bank of America upped their price target on shares of Autodesk from $260.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday. Piper Sandler upped their price target on shares of Autodesk from $239.00 to $257.00 and gave the company a “neutral” rating in a research report on Friday. Morgan Stanley upped their price target on shares of Autodesk from $305.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Barclays upped their price objective on shares of Autodesk from $275.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $283.33.

Insider Transactions at Autodesk

In other news, Director Mary T. Mcdowell sold 1,100 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $226.21, for a total transaction of $248,831.00. Following the transaction, the director now owns 32,116 shares in the company, valued at approximately $7,264,960.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, COO Steven M. Blum sold 17,413 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $226.40, for a total value of $3,942,303.20. Following the transaction, the chief operating officer now directly owns 54,136 shares in the company, valued at approximately $12,256,390.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary T. Mcdowell sold 1,100 shares of the firm’s stock in a transaction on 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 $7,264,960.36. The disclosure for this sale can be found here. Insiders have sold a total of 39,931 shares of company stock worth $9,537,781 in the last 90 days. 0.14% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADSK. Ables Iannone Moore & Associates Inc. acquired a new position in Autodesk in the 4th quarter valued at $25,000. Concord Wealth Partners acquired a new position in Autodesk in the 1st quarter valued at $25,000. New Covenant Trust Company N.A. acquired a new position in Autodesk in the 1st quarter valued at $25,000. LRI Investments LLC bought a new stake in Autodesk in the 1st quarter valued at $26,000. Finally, Olistico Wealth LLC bought a new stake in Autodesk in the 2nd quarter valued at $26,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Autodesk Trading Up 0.1 %

The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.06. The business’s fifty day simple moving average is $245.65 and its two-hundred day simple moving average is $239.40. The stock has a market capitalization of $55.69 billion, a P/E ratio of 55.93, a P/E/G ratio of 3.23 and a beta of 1.48.

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.