Autodesk (NASDAQ:ADSK) Shares Gap Up Following Analyst Upgrade

Key Points

• Autodesk's stock price surged from a previous close of $288.49 to an opening of $318.00 after Rosenblatt Securities raised its price target from $345.00 to $355.00, maintaining a buy rating on the stock.
• Multiple analysts have increased their target prices for Autodesk, with Piper Sandler, KeyCorp, and Robert W. Baird setting new targets ranging from $363.00 to $373.00, indicating strong investor confidence.
• Insider activity was noted as EVP Rebecca Pearce sold over 3,200 shares of Autodesk, reducing her ownership by 14.33%, while institutional investors collectively own 90.24% of the company's stock.

Shares of Autodesk, Inc. (NASDAQ:ADSK - Get Free Report) gapped up prior to trading on Friday after Rosenblatt Securities raised their price target on the stock from $345.00 to $355.00. The stock had previously closed at $288.49, but opened at $318.00. Rosenblatt Securities currently has a buy rating on the stock. Autodesk shares last traded at $313.29, with a volume of 1,006,594 shares.

Several other analysts also recently commented on ADSK. Piper Sandler boosted their target price on shares of Autodesk from $361.00 to $373.00 and gave the stock an "overweight" rating in a research report on Friday. KeyCorp boosted their price objective on shares of Autodesk from $350.00 to $365.00 and gave the stock an "overweight" rating in a research note on Friday. Bank of America boosted their price objective on shares of Autodesk from $290.00 to $330.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. The Goldman Sachs Group boosted their target price on shares of Autodesk from $270.00 to $300.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Finally, Robert W. Baird boosted their target price on shares of Autodesk from $345.00 to $363.00 and gave the stock an "outperform" rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Autodesk currently has a consensus rating of "Moderate Buy" and an average price target of $349.78.

Insider Activity

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of Autodesk stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the completion of the transaction, the executive vice president directly owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 9,391 shares of company stock worth $2,909,885 over the last three months. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SouthState Corp lifted its holdings in shares of Autodesk by 500.0% during the first quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after acquiring an additional 80 shares during the period. Costello Asset Management INC acquired a new stake in shares of Autodesk in the first quarter valued at $26,000. Close Asset Management Ltd acquired a new stake in shares of Autodesk in the first quarter valued at $27,000. Cheviot Value Management LLC acquired a new stake in shares of Autodesk in the first quarter valued at $27,000. Finally, Flaharty Asset Management LLC acquired a new stake in shares of Autodesk in the first quarter valued at $27,000. 90.24% of the stock is owned by institutional investors.

Autodesk Stock Performance

The company has a market capitalization of $66.94 billion, a price-to-earnings ratio of 66.82, a price-to-earnings-growth ratio of 2.75 and a beta of 1.46. 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 stock has a 50 day moving average price of $297.30 and a two-hundred day moving average price of $284.69.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.