Oppenheimer Cuts Autodesk (NASDAQ:ADSK) Price Target to $300.00

Autodesk (NASDAQ:ADSK) had its target price lowered by Oppenheimer from $350.00 to $300.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

A number of other research analysts have also recently commented on ADSK. Piper Sandler raised Autodesk from a “neutral” rating to an “overweight” rating and upped their price target for the company from $311.00 to $357.00 in a research report on Wednesday, January 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $325.00 price objective on shares of Autodesk in a report on Tuesday, February 25th. Robert W. Baird reduced their target price on shares of Autodesk from $345.00 to $336.00 and set an “outperform” rating for the company in a research note on Friday, February 28th. UBS Group upped their price target on shares of Autodesk from $350.00 to $370.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Bank of America raised their price objective on shares of Autodesk from $325.00 to $335.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Eight equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $329.64.

Autodesk Price Performance

Autodesk stock opened at $256.92 on Tuesday. The business’s 50 day simple moving average is $273.41 and its 200 day simple moving average is $287.35. Autodesk has a 12 month low of $195.32 and a 12 month high of $326.62. The company has a market cap of $54.72 billion, a price-to-earnings ratio of 50.98, a PEG ratio of 2.94 and a beta of 1.49. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling

In other news, Director John T. Cahill bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was bought at an average price of $267.10 per share, for a total transaction of $534,200.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $534,200. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Stephen W. Hope sold 2,452 shares of the stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $267.29, for a total transaction of $655,395.08. Following the transaction, the chief accounting officer now owns 3,003 shares in the company, valued at $802,671.87. The trade was a 44.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Institutional Trading of Autodesk

Institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA increased its holdings in shares of Autodesk by 406.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,875,320 shares of the software company’s stock worth $849,858,000 after buying an additional 2,307,960 shares during the period. Norges Bank purchased a new position in Autodesk in the 4th quarter worth approximately $632,566,000. Farallon Capital Management LLC bought a new stake in Autodesk in the fourth quarter valued at approximately $544,381,000. GAMMA Investing LLC boosted its stake in shares of Autodesk by 27,505.2% during the first quarter. GAMMA Investing LLC now owns 1,470,531 shares of the software company’s stock valued at $384,985,000 after purchasing an additional 1,465,204 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of Autodesk by 43.7% in the fourth quarter. Janus Henderson Group PLC now owns 2,206,237 shares of the software company’s stock worth $652,127,000 after purchasing an additional 670,699 shares during the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

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.