Autodesk, Inc. (NASDAQ:ADSK) Sees Significant Drop in Short Interest

Autodesk, Inc. (NASDAQ:ADSK - Get Free Report) saw a significant decrease in short interest in January. As of January 31st, there was short interest totalling 2,480,000 shares, a decrease of 11.1% from the January 15th total of 2,790,000 shares. Approximately 1.2% of the company's shares are short sold. Based on an average daily volume of 1,470,000 shares, the days-to-cover ratio is presently 1.7 days.

Hedge Funds Weigh In On Autodesk

Several hedge funds and other institutional investors have recently bought and sold shares of ADSK. Creative Planning increased its stake in shares of Autodesk by 6.3% in the third quarter. Creative Planning now owns 40,030 shares of the software company's stock worth $11,028,000 after acquiring an additional 2,371 shares during the period. Global Retirement Partners LLC boosted its holdings in Autodesk by 2.8% in the third quarter. Global Retirement Partners LLC now owns 5,980 shares of the software company's stock valued at $1,647,000 after purchasing an additional 162 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in Autodesk by 3.8% in the third quarter. Bleakley Financial Group LLC now owns 3,512 shares of the software company's stock valued at $967,000 after purchasing an additional 129 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Autodesk by 10.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,438 shares of the software company's stock worth $6,457,000 after purchasing an additional 2,135 shares during the period. Finally, Aaron Wealth Advisors LLC purchased a new position in shares of Autodesk during the 3rd quarter valued at about $311,000. Institutional investors and hedge funds own 90.24% of the company's stock.

Autodesk Stock Performance

Shares of NASDAQ:ADSK traded up $3.40 on Wednesday, hitting $299.06. 1,601,265 shares of the company were exchanged, compared to its average volume of 1,367,789. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. The stock's 50 day moving average price is $299.16 and its 200 day moving average price is $284.71. Autodesk has a 1-year low of $195.32 and a 1-year high of $326.62. The firm has a market capitalization of $64.30 billion, a P/E ratio of 59.34, a price-to-earnings-growth ratio of 3.12 and a beta of 1.43.

Autodesk (NASDAQ:ADSK - Get Free Report) last posted its quarterly earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.05. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.56 billion. Autodesk had a return on equity of 53.87% and a net margin of 18.30%. The company's quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.33 EPS. Sell-side analysts predict that Autodesk will post 5.76 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Barclays lifted their target price on Autodesk from $310.00 to $355.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Hsbc Global Res downgraded Autodesk from a "strong-buy" rating to a "hold" rating in a report on Friday, November 29th. Piper Sandler upgraded shares of Autodesk from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $311.00 to $357.00 in a report on Wednesday, January 8th. Rosenblatt Securities boosted their price target on shares of Autodesk from $295.00 to $325.00 and gave the company a "buy" rating in a report on Wednesday, November 27th. Finally, Morgan Stanley upped their price target on shares of Autodesk from $320.00 to $375.00 and gave the stock an "overweight" rating in a research report on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Autodesk currently has a consensus rating of "Moderate Buy" and a consensus price target of $334.45.

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.