Citigroup Forecasts Strong Price Appreciation for Autodesk (NASDAQ:ADSK) Stock

Key Points

• Citigroup has increased its price target for Autodesk (NASDAQ:ADSK) from $376 to $393, suggesting a potential upside of 24.91% compared to the stock's previous close.
• A total of seventeen research analysts have rated Autodesk stock with a Buy rating, while seven analysts have assigned a Hold rating, reflecting a consensus rating of "Moderate Buy".
• Insiders have sold a total of 18,679 shares of Autodesk stock over the past three months, indicating recent activity among key company executives.

Autodesk (NASDAQ:ADSK - Get Free Report) had its price objective lifted by Citigroup from $376.00 to $393.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the software company's stock. Citigroup's price target would indicate a potential upside of 24.91% from the stock's previous close.

Several other research firms have also recently weighed in on ADSK. Wells Fargo & Company increased their price objective on Autodesk from $360.00 to $375.00 and gave the stock an "overweight" rating in a report on Friday. Oppenheimer lifted their price target on shares of Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a report on Friday. Stifel Nicolaus upped their price objective on shares of Autodesk from $350.00 to $375.00 and gave the stock a "buy" rating in a report on Friday. KeyCorp lifted their target price on shares of Autodesk from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday. Finally, The Goldman Sachs Group boosted their price target 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 research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $356.83.

Autodesk Trading Down 0.0%

Shares of ADSK stock traded down $0.09 during mid-day trading on Tuesday, reaching $314.61. The stock had a trading volume of 1,053,404 shares, compared to its average volume of 1,616,996. The stock's 50-day moving average price is $297.93 and its two-hundred day moving average price is $284.66. Autodesk has a 52-week low of $232.67 and a 52-week high of $326.62. The firm has a market capitalization of $67.33 billion, a PE ratio of 65.22, a price-to-earnings-growth ratio of 3.03 and a beta of 1.49. The company has a current ratio of 0.76, a quick ratio of 0.65 and a debt-to-equity ratio of 0.91.

Insider Buying and Selling at Autodesk

In related news, EVP Rebecca Pearce sold 6,129 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $323.06, for a total value of $1,980,034.74. Following the transaction, the executive vice president owned 13,311 shares in the company, valued at $4,300,251.66. The trade was a 31.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ayanna Howard sold 3,159 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $325.00, for a total transaction of $1,026,675.00. Following the sale, the director directly owned 4,393 shares in the company, valued at $1,427,725. This trade represents a 41.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,679 shares of company stock worth $5,916,595 over the last three months. Corporate insiders own 0.15% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Spire Wealth Management raised its holdings in Autodesk by 2.5% in the 1st quarter. Spire Wealth Management now owns 2,075 shares of the software company's stock worth $543,000 after acquiring an additional 50 shares during the last quarter. Sowell Financial Services LLC bought a new stake in shares of Autodesk in the 1st quarter worth $324,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Autodesk by 1.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 13,617 shares of the software company's stock worth $3,565,000 after purchasing an additional 229 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Autodesk by 27.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,826 shares of the software company's stock valued at $11,212,000 after purchasing an additional 9,222 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Autodesk by 5.4% during the first quarter. GAMMA Investing LLC now owns 5,617 shares of the software company's stock valued at $1,471,000 after buying an additional 290 shares during the last quarter. 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.

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