Wells Fargo & Company Raises Autodesk (NASDAQ:ADSK) Price Target to $350.00

Autodesk (NASDAQ:ADSK) had its target price lifted by equities researchers at Wells Fargo & Company from $340.00 to $350.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 8.94% from the company’s current price.

ADSK has been the subject of several other research reports. DA Davidson began coverage on Autodesk in a research note on Friday, September 27th. They set a “neutral” rating and a $260.00 target price for the company. Oppenheimer lifted their price target on shares of Autodesk from $275.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Piper Sandler increased their price objective on shares of Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Robert W. Baird boosted their target price on Autodesk from $305.00 to $330.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Finally, Rosenblatt Securities upped their price target on Autodesk from $290.00 to $295.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $309.43.

Autodesk Price Performance

Autodesk stock opened at $321.27 on Friday. The firm has a market cap of $69.07 billion, a P/E ratio of 65.70, a P/E/G ratio of 4.03 and a beta of 1.47. The stock’s 50 day moving average is $286.44 and its 200 day moving average is $254.89. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.64 and a quick ratio of 0.64. Autodesk has a one year low of $195.32 and a one year high of $321.90.

Autodesk (NASDAQ:ADSK) last posted its quarterly earnings data on Thursday, August 29th. The software company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.15. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period in the prior year, the firm posted $1.12 EPS. The company’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, research analysts expect that Autodesk will post 5.73 EPS for the current year.

Insider Buying and Selling

In other news, COO Steven M. Blum sold 17,344 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the completion of the sale, the chief operating officer now owns 17,099 shares in the company, valued at $4,616,730. This trade represents a 50.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mary T. Mcdowell sold 550 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $305.06, for a total value of $167,783.00. Following the completion of the transaction, the director now owns 30,249 shares in the company, valued at approximately $9,227,759.94. The trade was a 1.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,280 shares of company stock worth $5,232,213. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Autodesk

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Starboard Value LP purchased a new position in shares of Autodesk in the third quarter worth about $510,189,000. Ninety One UK Ltd grew its stake in Autodesk by 28.0% in the 2nd quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock valued at $1,255,054,000 after buying an additional 1,108,973 shares in the last quarter. Van ECK Associates Corp raised its holdings in Autodesk by 100.9% during the 2nd quarter. Van ECK Associates Corp now owns 1,642,973 shares of the software company’s stock valued at $406,554,000 after acquiring an additional 825,165 shares during the period. Point72 Asset Management L.P. raised its holdings in Autodesk by 366.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 843,040 shares of the software company’s stock valued at $208,610,000 after acquiring an additional 662,339 shares during the period. Finally, International Assets Investment Management LLC lifted its position in shares of Autodesk by 58,375.5% during the third quarter. International Assets Investment Management LLC now owns 567,797 shares of the software company’s stock worth $1,564,170,000 after acquiring an additional 566,826 shares in the last quarter. 90.24% of the stock is currently owned by 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.