Autodesk, Inc. (NASDAQ:ADSK) Sees Large Drop in Short Interest

Posted by Defense World Staff on Aug 29th, 2023

Autodesk, Inc. (NASDAQ:ADSK – Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 15th, there was short interest totalling 2,580,000 shares, a drop of 14.0% from the July 31st total of 3,000,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is currently 1.6 days. Currently, 1.2% of the company’s stock are sold short.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Oppenheimer reaffirmed an “outperform” rating and set a $250.00 price objective on shares of Autodesk in a research report on Thursday, August 24th. Stifel Nicolaus raised their price target on shares of Autodesk from $240.00 to $245.00 and gave the stock a “buy” rating in a research note on Thursday, August 24th. BMO Capital Markets boosted their price objective on shares of Autodesk from $224.00 to $232.00 and gave the stock a “market perform” rating in a research report on Thursday, August 24th. TheStreet downgraded shares of Autodesk from a “b-” rating to a “c+” rating in a research report on Tuesday, August 15th. Finally, Berenberg Bank lowered their price target on shares of Autodesk from $230.00 to $228.00 and set a “buy” rating on the stock in a research note on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Autodesk currently has a consensus rating of “Moderate Buy” and an average target price of $236.28.

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Autodesk Stock Up 0.5 %

ADSK stock opened at $217.09 on Tuesday. Autodesk has a 1-year low of $179.61 and a 1-year high of $233.69. The business’s 50 day simple moving average is $207.83 and its 200 day simple moving average is $204.06. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 1.89. The firm has a market capitalization of $46.40 billion, a PE ratio of 53.74, a PEG ratio of 2.95 and a beta of 1.52.

Autodesk (NASDAQ:ADSK – Get Free Report) last released its quarterly earnings data on Wednesday, August 23rd. The software company reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.18. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Autodesk had a net margin of 16.77% and a return on equity of 90.61%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.04 earnings per share. As a group, research analysts anticipate that Autodesk will post 4.62 EPS for the current year.

Insiders Place Their Bets

In other news, Director Betsy Rafael sold 309 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $203.00, for a total value of $62,727.00. Following the completion of the transaction, the director now owns 4,781 shares in the company, valued at $970,543. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Autodesk during the fourth quarter worth $426,374,000. Price T Rowe Associates Inc. MD raised its stake in Autodesk by 480.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,785,264 shares of the software company’s stock worth $371,621,000 after purchasing an additional 1,477,770 shares in the last quarter. Portside Wealth Group LLC bought a new stake in Autodesk in the 2nd quarter valued at about $221,914,000. BlackRock Inc. grew its position in shares of Autodesk by 5.8% during the 2nd quarter. BlackRock Inc. now owns 18,086,689 shares of the software company’s stock worth $3,700,717,000 after purchasing an additional 989,144 shares in the last quarter. Finally, Bank of Montreal Can bought a new position in shares of Autodesk during the second quarter worth approximately $135,596,000. 87.92% of the stock is owned by institutional investors.

About Autodesk

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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.