Autodesk (NASDAQ:ADSK) Trading 4.2% Higher – Here’s What Happened

Autodesk, Inc. (NASDAQ:ADSK)’s stock price traded up 4.2% during mid-day trading on Wednesday . The company traded as high as $269.76 and last traded at $270.80. 216,518 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,579,148 shares. The stock had previously closed at $259.95.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Mizuho raised Autodesk from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $280.00 to $400.00 in a research note on Tuesday, January 28th. Morgan Stanley boosted their target price on Autodesk from $375.00 to $385.00 and gave the company an “overweight” rating in a research report on Friday, February 28th. Macquarie reaffirmed an “outperform” rating and issued a $360.00 target price on shares of Autodesk in a research report on Friday, February 28th. Piper Sandler raised Autodesk from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $311.00 to $357.00 in a research report on Wednesday, January 8th. Finally, Stifel Nicolaus decreased their target price on Autodesk from $360.00 to $350.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Seven research 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 has an average rating of “Moderate Buy” and a consensus price target of $336.29.

Autodesk Stock Up 3.9 %

The company has a market cap of $57.55 billion, a P/E ratio of 53.63, a P/E/G ratio of 2.94 and a beta of 1.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. The company’s 50-day moving average is $287.48 and its two-hundred day moving average is $287.83.

Institutional Investors Weigh In On Autodesk

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. grew its position in Autodesk by 12.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock worth $603,947,000 after purchasing an additional 245,816 shares during the period. Empowered Funds LLC grew its position in Autodesk by 26.0% in the 3rd quarter. Empowered Funds LLC now owns 4,743 shares of the software company’s stock worth $1,307,000 after purchasing an additional 979 shares during the period. Claro Advisors LLC bought a new stake in Autodesk in the 3rd quarter worth approximately $387,000. Thrivent Financial for Lutherans grew its position in Autodesk by 101.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 180,394 shares of the software company’s stock worth $49,696,000 after purchasing an additional 90,913 shares during the period. Finally, Quest Partners LLC bought a new stake in Autodesk in the 3rd quarter worth approximately $760,000. Institutional investors 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.