Bank of America Begins Coverage on Autodesk (NASDAQ:ADSK)

Posted by AM Reporter Staff on Aug 6th, 2022

Bank of America started coverage on shares of Autodesk (NASDAQ:ADSK – Get Rating) in a report issued on Wednesday morning. The brokerage issued a neutral rating and a $220.00 price target on the software company’s stock.

ADSK has been the topic of several other research reports. Stifel Nicolaus reduced their target price on shares of Autodesk from $285.00 to $230.00 and set a buy rating on the stock in a research note on Monday, May 23rd. Mizuho reiterated a buy rating and set a $250.00 price target on shares of Autodesk in a research report on Friday, May 27th. Citigroup reduced their price target on shares of Autodesk from $264.00 to $258.00 and set a buy rating on the stock in a research report on Friday, May 27th. Piper Sandler reduced their price target on shares of Autodesk from $298.00 to $242.00 and set an overweight rating on the stock in a research report on Friday, May 27th. Finally, KeyCorp reduced their price target on shares of Autodesk from $260.00 to $250.00 and set an overweight rating on the stock in a research report on Friday, May 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $261.80.

Autodesk Trading Down 0.1 %

Shares of ADSK stock opened at $221.70 on Wednesday. Autodesk has a 1 year low of $163.20 and a 1 year high of $344.39. The firm’s fifty day simple moving average is $189.93 and its 200 day simple moving average is $203.36. The firm has a market capitalization of $48.17 billion, a P/E ratio of 100.77 and a beta of 1.53. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 3.35.

Autodesk (NASDAQ:ADSK – Get Rating) last announced its earnings results on Thursday, May 26th. The software company reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.10. Autodesk had a net margin of 10.67% and a return on equity of 68.41%. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. Autodesk’s revenue was up 18.3% compared to the same quarter last year. As a group, sell-side analysts predict that Autodesk will post 3.99 EPS for the current year.

Insider Activity at Autodesk

In related news, CAO Stephen W. Hope sold 327 shares of the business’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $177.43, for a total value of $58,019.61. Following the completion of the transaction, the chief accounting officer now directly owns 4,186 shares in the company, valued at approximately $742,721.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Stephen W. Hope sold 327 shares of the business’s stock in a transaction that occurred on Tuesday, July 12th. The stock was sold at an average price of $177.43, for a total value of $58,019.61. Following the completion of the transaction, the chief accounting officer now directly owns 4,186 shares in the company, valued at approximately $742,721.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Rebecca Pearce sold 1,608 shares of the business’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $207.86, for a total value of $334,238.88. Following the completion of the transaction, the executive vice president now owns 19,325 shares of the company’s stock, valued at $4,016,894.50. The disclosure for this sale can be found here. 0.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Autodesk

A number of large investors have recently bought and sold shares of the company. M&T Bank Corp boosted its position in Autodesk by 370.1% during the 2nd quarter. M&T Bank Corp now owns 50,177 shares of the software company’s stock worth $8,564,000 after acquiring an additional 39,503 shares during the last quarter. Lebenthal Global Advisors LLC boosted its position in Autodesk by 3.6% during the 2nd quarter. Lebenthal Global Advisors LLC now owns 2,022 shares of the software company’s stock worth $347,000 after acquiring an additional 71 shares during the last quarter. Pinebridge Investments L.P. boosted its position in Autodesk by 56.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 26,655 shares of the software company’s stock worth $4,584,000 after acquiring an additional 9,563 shares during the last quarter. Financial Gravity Asset Management Inc. boosted its position in Autodesk by 152.6% during the 2nd quarter. Financial Gravity Asset Management Inc. now owns 3,067 shares of the software company’s stock worth $532,000 after acquiring an additional 1,853 shares during the last quarter. Finally, NS Partners Ltd boosted its holdings in shares of Autodesk by 1.2% in the 2nd quarter. NS Partners Ltd now owns 52,791 shares of the software company’s stock valued at $9,078,000 after buying an additional 641 shares during the last quarter. Institutional investors and hedge funds own 89.55% of the company’s stock.

Autodesk Company Profile

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Autodesk, Inc provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; 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.