Stifel Nicolaus Issues Pessimistic Forecast for Autodesk (NASDAQ:ADSK) Stock Price

Autodesk (NASDAQ:ADSK - Get Free Report) had its price objective reduced by investment analysts at Stifel Nicolaus from $350.00 to $310.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the software company's stock. Stifel Nicolaus' price target indicates a potential upside of 17.46% from the stock's previous close.

A number of other brokerages also recently issued reports on ADSK. Scotiabank lowered their price target on shares of Autodesk from $360.00 to $315.00 and set a "sector outperform" rating on the stock in a report on Monday, March 17th. Piper Sandler raised shares of Autodesk from a "neutral" rating to an "overweight" rating and raised their price target for the company from $311.00 to $357.00 in a report on Wednesday, January 8th. Morgan Stanley boosted their price target on shares of Autodesk from $375.00 to $385.00 and gave the company an "overweight" rating in a research report on Friday, February 28th. JPMorgan Chase & Co. dropped their price objective on Autodesk from $300.00 to $280.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, Barclays raised their price target on Autodesk from $355.00 to $365.00 and gave the company an "overweight" rating in a report on Friday, February 28th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Autodesk currently has an average rating of "Moderate Buy" and a consensus target price of $324.64.

Remove Ads

Autodesk Stock Performance

Shares of NASDAQ:ADSK traded up $3.21 during midday trading on Thursday, reaching $263.92. 424,228 shares of the company traded hands, compared to its average volume of 1,689,733. The firm's fifty day moving average price is $271.43 and its two-hundred day moving average price is $287.30. The firm has a market capitalization of $56.21 billion, a price-to-earnings ratio of 52.37, a price-to-earnings-growth ratio of 2.94 and a beta of 1.49. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk has a 12 month low of $195.32 and a 12 month high of $326.62.

Insiders Place Their Bets

In related news, Director John T. Cahill acquired 2,000 shares of the firm's stock in a transaction on Friday, March 21st. The stock was acquired at an average cost of $267.10 per share, for a total transaction of $534,200.00. Following the acquisition, the director now owns 2,000 shares of the company's stock, valued at $534,200. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen W. Hope sold 2,452 shares of Autodesk stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $267.29, for a total transaction of $655,395.08. Following the sale, the chief accounting officer now directly owns 3,003 shares in the company, valued at $802,671.87. The trade was a 44.95 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company's stock.

Institutional Trading of Autodesk

Large investors have recently bought and sold shares of the company. USA Financial Formulas raised its holdings in Autodesk by 21.1% in the first quarter. USA Financial Formulas now owns 5,302 shares of the software company's stock worth $1,388,000 after purchasing an additional 922 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Autodesk by 7.6% in the first quarter. Assenagon Asset Management S.A. now owns 17,942 shares of the software company's stock worth $4,697,000 after acquiring an additional 1,266 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Autodesk by 1.1% in the 1st quarter. Handelsbanken Fonder AB now owns 126,270 shares of the software company's stock worth $33,057,000 after purchasing an additional 1,412 shares during the last quarter. SG Americas Securities LLC boosted its stake in Autodesk by 6,703.4% in the 1st quarter. SG Americas Securities LLC now owns 263,835 shares of the software company's stock worth $69,072,000 after purchasing an additional 259,957 shares in the last quarter. Finally, Abacus FCF Advisors LLC lifted its stake in shares of Autodesk by 136.7% in the first quarter. Abacus FCF Advisors LLC now owns 45,593 shares of the software company's stock worth $11,936,000 after buying an additional 26,335 shares in the last quarter. 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.