Autodesk (NASDAQ:ADSK) Stock Rating Upgraded by Piper Sandler

Autodesk (NASDAQ:ADSK - Get Free Report) was upgraded by research analysts at Piper Sandler from a "neutral" rating to an "overweight" rating in a research note issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $357.00 target price on the software company's stock, up from their prior target price of $311.00. Piper Sandler's price objective would indicate a potential upside of 20.46% from the stock's previous close.

A number of other analysts have also weighed in on the stock. Morgan Stanley raised their price target on shares of Autodesk from $320.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, November 22nd. DA Davidson assumed coverage on Autodesk in a research note on Friday, September 27th. They issued a "neutral" rating and a $260.00 target price for the company. Wells Fargo & Company upped their price target on Autodesk from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. KeyCorp lifted their price objective on Autodesk from $325.00 to $330.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 20th. Finally, Macquarie started coverage on shares of Autodesk in a research report on Thursday, December 12th. They set an "outperform" rating and a $380.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $326.05.

Autodesk Price Performance

NASDAQ:ADSK traded up $5.55 during trading hours on Wednesday, reaching $296.37. The company had a trading volume of 1,369,139 shares, compared to its average volume of 1,139,268. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average of $301.04 and a two-hundred day moving average of $273.21. Autodesk has a one year low of $195.32 and a one year high of $326.62. The firm has a market capitalization of $63.72 billion, a PE ratio of 58.80, a PEG ratio of 3.62 and a beta of 1.42.

Autodesk (NASDAQ:ADSK - Get Free Report) last announced its earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.12 by $0.05. The business had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.56 billion. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The firm's revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the company posted $1.33 EPS. Analysts forecast that Autodesk will post 5.76 earnings per share for the current year.

Insider Transactions at Autodesk

In related news, Director Mary T. Mcdowell sold 550 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $305.06, for a total transaction of $167,783.00. Following the completion of the transaction, the director now directly owns 30,249 shares in the company, valued at approximately $9,227,759.94. This trade represents a 1.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Autodesk

Several hedge funds have recently made changes to their positions in the business. Jag Capital Management LLC acquired a new stake in Autodesk in the 3rd quarter valued at about $13,861,000. LMR Partners LLP acquired a new stake in shares of Autodesk in the third quarter valued at approximately $12,643,000. Starboard Value LP bought a new position in shares of Autodesk during the 3rd quarter worth approximately $510,189,000. Erste Asset Management GmbH acquired a new position in shares of Autodesk during the 3rd quarter worth approximately $20,087,000. Finally, Bank of Montreal Can raised its stake in Autodesk by 8.7% in the 3rd quarter. Bank of Montreal Can now owns 913,516 shares of the software company's stock valued at $248,385,000 after acquiring an additional 73,363 shares during the period. 90.24% of the stock is owned by institutional investors.

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.