Autodesk (NASDAQ:ADSK) Shares Gap Up - Here's Why

Autodesk, Inc. (NASDAQ:ADSK - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $280.39, but opened at $298.37. Autodesk shares last traded at $292.38, with a volume of 930,153 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Stifel Nicolaus upped their price target on Autodesk from $310.00 to $350.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Citigroup increased their price objective on Autodesk from $374.00 to $376.00 and gave the company a "buy" rating in a research note on Tuesday, May 27th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $360.00 price objective (up previously from $345.00) on shares of Autodesk in a report on Friday, May 23rd. Rosenblatt Securities reissued a "buy" rating and set a $340.00 price target on shares of Autodesk in a report on Tuesday, May 20th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $350.00 price objective (up previously from $300.00) on shares of Autodesk in a report on Friday, May 23rd. Six research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $343.64.

Autodesk Trading Up 4.8%

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 has a fifty day moving average of $298.04 and a 200-day moving average of $285.60. The firm has a market capitalization of $62.90 billion, a PE ratio of 62.77, a price-to-earnings-growth ratio of 2.70 and a beta of 1.44.

Insider Activity

In related news, EVP Rebecca Pearce sold 3,251 shares of Autodesk stock in a transaction dated 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 sale, the executive vice president directly owned 19,440 shares of the company's stock, valued at $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 9,391 shares of company stock valued at $2,909,885 over the last 90 days. Company insiders own 0.15% of the company's stock.

Institutional Investors Weigh In On Autodesk

A number of institutional investors have recently added to or reduced their stakes in ADSK. Brighton Jones LLC boosted its holdings in Autodesk by 14.5% during the fourth quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock valued at $343,000 after purchasing an additional 147 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Autodesk during the fourth quarter valued at approximately $202,000. Sequoia Financial Advisors LLC boosted its holdings in Autodesk by 14.1% during the fourth quarter. Sequoia Financial Advisors LLC now owns 3,952 shares of the software company's stock valued at $1,168,000 after purchasing an additional 488 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Autodesk by 9.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 503 shares of the software company's stock valued at $149,000 after acquiring an additional 42 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Autodesk by 10.5% in the fourth quarter. Farther Finance Advisors LLC now owns 1,183 shares of the software company's stock valued at $350,000 after acquiring an additional 112 shares during the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.

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.

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