Hsbc Global Res Upgrades Autodesk (NASDAQ:ADSK) to Strong-Buy

Key Points

• HSBC Global Research has upgraded Autodesk from a "hold" to a "strong-buy" rating, suggesting increased confidence in the company's stock performance.
• Bank of America and Mizuho have also raised their price targets for Autodesk, with Mizuho setting it at $375.00, indicating positive sentiment among analysts.
• Insider selling has been reported, including significant sales by executives, which could indicate caution among company leadership despite positive analyst ratings.

Autodesk (NASDAQ:ADSK - Get Free Report) was upgraded by research analysts at Hsbc Global Res from a "hold" rating to a "strong-buy" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Bank of America lifted their target price on Autodesk from $330.00 to $360.00 and gave the stock a "neutral" rating in a research note on Friday, August 29th. Mizuho boosted their target price on Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. HSBC set a $343.00 price target on Autodesk and gave the stock a "buy" rating in a research note on Wednesday. Piper Sandler increased their price objective on Autodesk from $361.00 to $373.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Finally, Wall Street Zen cut Autodesk from a "strong-buy" rating to a "buy" rating in a research report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Autodesk has a consensus rating of "Moderate Buy" and a consensus target price of $359.13.

Autodesk Stock Performance

NASDAQ:ADSK opened at $315.73 on Wednesday. The company has a market capitalization of $67.25 billion, a PE ratio of 65.37, a P/E/G ratio of 2.81 and a beta of 1.49. Autodesk has a fifty-two week low of $232.67 and a fifty-two week high of $329.09. The company has a 50 day simple moving average of $306.66 and a two-hundred day simple moving average of $291.87. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.76 and a current ratio of 0.76.

Insider Buying and Selling

In other Autodesk news, EVP Ruth Ann Keene sold 2,761 shares of Autodesk stock in a transaction that occurred 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 sale, the executive vice president owned 80,255 shares of the company's stock, valued at approximately $25,288,350.50. The trade was a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steven M. Blum sold 22,420 shares of the stock in a transaction on Friday, September 5th. The shares were sold at an average price of $323.75, for a total value of $7,258,475.00. Following the completion of the sale, the executive vice president owned 13,099 shares of the company's stock, valued at approximately $4,240,801.25. This represents a 63.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,386 shares of company stock worth $11,433,201. Insiders own 0.15% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Autodesk by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 20,963,515 shares of the software company's stock worth $6,489,675,000 after purchasing an additional 180,596 shares in the last quarter. State Street Corp grew its position in Autodesk by 1.8% during the 2nd quarter. State Street Corp now owns 10,086,995 shares of the software company's stock worth $3,122,631,000 after purchasing an additional 174,247 shares in the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of Autodesk by 1.5% during the 2nd quarter. Loomis Sayles & Co. L P now owns 5,831,447 shares of the software company's stock valued at $1,805,241,000 after acquiring an additional 88,066 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Autodesk by 15.1% during the 2nd quarter. Geode Capital Management LLC now owns 5,606,264 shares of the software company's stock valued at $1,730,415,000 after acquiring an additional 734,449 shares in the last quarter. Finally, Ninety One UK Ltd grew its holdings in shares of Autodesk by 3.7% during the 2nd quarter. Ninety One UK Ltd now owns 5,338,125 shares of the software company's stock valued at $1,652,523,000 after acquiring an additional 191,448 shares in the last quarter. Institutional investors own 90.24% of the company's stock.

Autodesk Company Profile

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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