Autodesk (NASDAQ:ADSK) Given New $335.00 Price Target at KeyCorp

Autodesk (NASDAQ:ADSK) had its price objective boosted by equities researchers at KeyCorp from $330.00 to $335.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the software company’s stock. KeyCorp’s price objective would suggest a potential upside of 22.05% from the stock’s previous close.

A number of other research firms have also issued reports on ADSK. Oppenheimer boosted their price objective on Autodesk from $300.00 to $350.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. Macquarie reiterated an “outperform” rating and set a $360.00 price objective on shares of Autodesk in a research note on Friday. Piper Sandler upgraded Autodesk from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $311.00 to $357.00 in a research note on Wednesday, January 8th. Morgan Stanley boosted their price objective on Autodesk from $375.00 to $385.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Hsbc Global Res lowered Autodesk from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 29th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $332.82.

Autodesk Stock Performance

Shares of ADSK traded down $7.88 during mid-day trading on Friday, hitting $274.47. The stock had a trading volume of 931,684 shares, compared to its average volume of 1,421,599. The firm has a market cap of $59.01 billion, a P/E ratio of 54.37, a PEG ratio of 2.94 and a beta of 1.43. The business has a fifty day moving average price of $297.11 and a 200-day moving average price of $286.59. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. Autodesk has a 52 week low of $195.32 and a 52 week high of $326.62.

Autodesk (NASDAQ:ADSK) last released its quarterly earnings data on Tuesday, November 26th. The software company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.05. Autodesk had a return on equity of 53.87% and a net margin of 18.30%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.56 billion. During the same period in the previous year, the company posted $1.33 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. On average, equities research analysts expect that Autodesk will post 5.76 EPS for the current year.

Hedge Funds Weigh In On Autodesk

Institutional investors and hedge funds have recently bought and sold shares of the stock. 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 purchasing an additional 2,307,960 shares during the last quarter. Norges Bank bought a new stake in shares of Autodesk in the fourth quarter worth about $632,566,000. Starboard Value LP bought a new stake in shares of Autodesk in the third quarter worth about $510,189,000. Farallon Capital Management LLC bought a new stake in shares of Autodesk in the fourth quarter worth about $544,381,000. Finally, Janus Henderson Group PLC increased 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.