Autodesk (NASDAQ:ADSK) Upgraded by Wall Street Zen to "Strong-Buy" Rating

Key Points

• Autodesk has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, indicating increasing investor confidence in the stock.
• Several analysts have raised their target prices for Autodesk shares, with Oppenheimer setting a new target of $375, while Morgan Stanley increased theirs to $385.
• Insider selling has occurred, with two executives significantly reducing their holdings; a total of 43,374 shares valued at approximately $13.9 million were sold in the last three months.

Wall Street Zen upgraded shares of Autodesk (NASDAQ:ADSK - Free Report) from a buy rating to a strong-buy rating in a report published on Saturday morning.

Several other equities analysts have also commented on ADSK. Morgan Stanley increased their price objective on shares of Autodesk from $370.00 to $385.00 and gave the company an "overweight" rating in a research report on Sunday, August 31st. Berenberg Bank set a $370.00 price objective on shares of Autodesk in a research report on Monday, September 1st. Macquarie increased their price objective on shares of Autodesk from $360.00 to $380.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Oppenheimer increased their price objective on shares of Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, The Goldman Sachs Group increased their price objective on shares of Autodesk from $270.00 to $300.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Seventeen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $356.83.

Autodesk Stock Down 0.4%

Shares of ADSK stock traded down $1.18 during mid-day trading on Friday, hitting $323.21. 54,718 shares of the stock traded hands, compared to its average volume of 1,618,795. The stock has a market cap of $68.84 billion, a P/E ratio of 66.99, a P/E/G ratio of 2.86 and a beta of 1.49. The stock's fifty day moving average is $302.99 and its two-hundred day moving average is $289.00. Autodesk has a 52-week low of $232.67 and a 52-week high of $329.09. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76.

Insider Transactions at Autodesk

In other Autodesk news, EVP Ruth Ann Keene sold 2,761 shares of the firm's stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $315.10, for a total value of $869,991.10. Following the transaction, the executive vice president owned 80,255 shares in the company, valued at approximately $25,288,350.50. This trade represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ayanna Howard sold 3,159 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $325.00, for a total value of $1,026,675.00. Following the completion of the transaction, the director owned 4,393 shares in the company, valued at $1,427,725. The trade was a 41.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,830 shares of company stock worth $13,123,341. Company insiders own 0.15% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SouthState Corp raised its holdings in shares of Autodesk by 500.0% during the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after acquiring an additional 80 shares during the period. Costello Asset Management INC purchased a new position in shares of Autodesk during the 1st quarter worth $26,000. Close Asset Management Ltd purchased a new position in shares of Autodesk during the 1st quarter worth $27,000. Cheviot Value Management LLC purchased a new position in shares of Autodesk during the 1st quarter worth $27,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of Autodesk during the 1st quarter worth $27,000. Hedge funds and other 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.