DA Davidson Forecasts Strong Price Appreciation for Autodesk (NASDAQ:ADSK) Stock

Autodesk (NASDAQ:ADSK) had its price objective lifted by DA Davidson from $275.00 to $285.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. DA Davidson’s price target would indicate a potential upside of 4.96% from the stock’s previous close.

A number of other research firms have also weighed in on ADSK. KeyCorp raised their price objective on shares of Autodesk from $330.00 to $335.00 and gave the company an “overweight” rating in a research note on Friday. Oppenheimer lifted their target price on shares of Autodesk from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. Barclays raised their price objective on shares of Autodesk from $310.00 to $355.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Robert W. Baird dropped their target price on shares of Autodesk from $345.00 to $336.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and issued a $325.00 price objective on shares of Autodesk in a report on Tuesday. Eight investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, Autodesk currently has an average rating of “Moderate Buy” and an average price target of $333.95.

Autodesk Stock Performance

Shares of Autodesk stock traded down $10.82 during trading on Friday, hitting $271.53. 1,707,886 shares of the stock were exchanged, compared to its average volume of 1,438,632. The stock has a market capitalization of $58.38 billion, a price-to-earnings ratio of 53.78, a price-to-earnings-growth ratio of 2.94 and a beta of 1.43. The company has a fifty day moving average price of $297.11 and a 200-day moving average price of $286.59. Autodesk has a 1-year low of $195.32 and a 1-year high of $326.62. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.05. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.56 billion. During the same quarter in the prior year, the firm posted $1.33 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, equities analysts predict that Autodesk will post 5.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Autodesk

Large investors have recently made changes to their positions in the business. Golden State Wealth Management LLC bought a new stake in shares of Autodesk in the 4th quarter valued at approximately $25,000. Transcendent Capital Group LLC acquired a new stake in shares of Autodesk in the 3rd quarter valued at $28,000. Investment Management Corp VA ADV acquired a new stake in shares of Autodesk in the 4th quarter valued at $29,000. Tradewinds Capital Management LLC grew its stake in shares of Autodesk by 100.0% during the fourth quarter. Tradewinds Capital Management LLC now owns 100 shares of the software company’s stock worth $30,000 after purchasing an additional 50 shares during the period. Finally, Mizuho Securities Co. Ltd. acquired a new stake in shares of Autodesk during the fourth quarter worth $30,000. Institutional investors and hedge funds 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.