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Autodesk (NASDAQ:ADSK) Shares Gap Down Following Analyst Downgrade – MarketBeat

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Autodesk, Inc. (NASDAQ:ADSKGet Rating) gapped down prior to trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $260.00 to $225.00. The stock had previously closed at $208.90, but opened at $188.78. Autodesk shares last traded at $190.76, with a volume of 31,590 shares trading hands.
Several other research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Autodesk from $255.00 to $225.00 in a research note on Wednesday. Barclays reduced their target price on shares of Autodesk from $275.00 to $225.00 and set an “overweight” rating on the stock in a report on Wednesday. Bank of America reduced their target price on shares of Autodesk from $240.00 to $225.00 in a report on Wednesday. Rosenblatt Securities reduced their target price on shares of Autodesk from $270.00 to $235.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, JPMorgan Chase & Co. assumed coverage on shares of Autodesk in a report on Friday, September 16th. They issued a “neutral” rating and a $203.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $241.57.

Insider Activity

In other news, CEO Andrew Anagnost sold 34,366 shares of Autodesk stock in a transaction on Monday, August 29th. The shares were sold at an average price of $206.87, for a total value of $7,109,294.42. Following the transaction, the chief executive officer now directly owns 76,968 shares of the company’s stock, valued at approximately $15,922,370.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.11% of the company’s stock.

Hedge Funds Weigh In On Autodesk

A number of institutional investors have recently modified their holdings of the business. Lone Pine Capital LLC purchased a new position in Autodesk in the 3rd quarter valued at $414,972,000. Polen Capital Management LLC grew its position in Autodesk by 18.7% in the 1st quarter. Polen Capital Management LLC now owns 8,650,112 shares of the software company’s stock valued at $1,854,152,000 after buying an additional 1,365,221 shares during the last quarter. Ninety One UK Ltd grew its position in Autodesk by 29.0% in the 1st quarter. Ninety One UK Ltd now owns 3,393,123 shares of the software company’s stock valued at $727,316,000 after buying an additional 762,242 shares during the last quarter. Parnassus Investments LLC grew its position in Autodesk by 480.0% in the 1st quarter. Parnassus Investments LLC now owns 565,307 shares of the software company’s stock valued at $121,174,000 after buying an additional 467,842 shares during the last quarter. Finally, Amundi grew its position in Autodesk by 26.5% in the 2nd quarter. Amundi now owns 1,787,226 shares of the software company’s stock valued at $305,545,000 after buying an additional 374,086 shares during the last quarter. 86.44% of the stock is owned by institutional investors and hedge funds.

Autodesk Stock Down 7.8 %

The company has a market capitalization of $41.58 billion, a PE ratio of 75.40, a price-to-earnings-growth ratio of 1.83 and a beta of 1.49. The firm’s 50-day simple moving average is $201.79 and its 200 day simple moving average is $198.87. The company has a debt-to-equity ratio of 3.08, a quick ratio of 0.64 and a current ratio of 0.64.
Autodesk (NASDAQ:ADSKGet Rating) last issued its earnings results on Tuesday, November 22nd. The software company reported $1.70 EPS for the quarter, hitting the consensus estimate of $1.70. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.28 billion. Autodesk had a net margin of 11.76% and a return on equity of 88.57%. The business’s revenue was up 13.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. As a group, equities research analysts forecast that Autodesk, Inc. will post 4.13 earnings per share for the current year.

Autodesk Company Profile

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Autodesk, Inc provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; 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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