Autodesk, Inc. (NASDAQ: ADSK – Get a rating) saw strong growth in short-term interest in the month of September. As of September 15, there was short interest totaling 2,940,000 shares, a growth of 23.5% from the total of 2,380,000 shares as of August 31. Based on an average trading volume of 1,420,000 shares, the day-to-cover ratio is currently 2.1 days. Approximately 1.4% of the company’s shares are sold short.
Insiders place their bets
Separately, CAO Stephen W. Hope sold 327 shares in a trade on Tuesday, July 12. The stock was sold at an average price of $177.43, for a total value of $58,019.61. Following the completion of the transaction, the chief accounting officer now owns 4,186 shares of the company, valued at $742,721.98. The transaction was disclosed in an SEC filing, available at the SEC website. In other news, CAD Stephen W. Hope sold 327 shares in a trade on Tuesday, July 12. The stock was sold at an average price of $177.43, for a total value of $58,019.61. Following the completion of the transaction, the chief accounting officer now owns 4,186 shares of the company, valued at $742,721.98. The transaction was disclosed in an SEC filing, available at the SEC website. Also, CEO Andre Anagnost sold 34,366 shares in a trade on Monday, August 29. The stock was sold at an average price of $206.87, for a total value of $7,109,294.42. Following completion of the transaction, the CEO now directly owns 76,968 shares of the company, valued at approximately $15,922,370.16. Disclosure of this sale can be found here. 0.11% of the shares are currently held by insiders.
Hedge funds weigh on Autodesk
Several large investors have recently bought and sold shares of the stock. Private Trust Co. NA acquired a new position in Autodesk during Q2 worth $50,000. Royal London Asset Management Ltd. increased its stake in Autodesk by 25.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 745,577 shares of the software company valued at $128,262,000 after purchasing an additional 150,291 shares in the last quarter. Amundi increased its stake in Autodesk by 26.5% in the second quarter. Amundi now owns 1,787,226 shares of the software company valued at $305,545,000 after buying an additional 374,086 shares in the last quarter. Verition Fund Management LLC increased its stake in Autodesk by 225.5% in Q2. Verition Fund Management LLC now owns 5,507 shares of the software company valued at $947,000 after purchasing 3,815 additional shares during the period. Finally, M&G Investment Management Ltd. increased its stake in Autodesk by 2.3% in the 2nd quarter. M&G Investment Management Ltd. now owns 6,112 shares of the software company valued at $1,051,000 after purchasing an additional 136 shares during the period. 86.44% of the shares are currently held by institutional investors and hedge funds.
Autodesk Inventory Performance
Shares of NASDAQ ADSK opened at $186.80 on Friday. The company has a debt ratio of 3.08, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market capitalization of $40.32 billion, a price/earnings ratio of 73.83, a P/E/G ratio of 2.35 and a beta of 1.53. The company’s 50-day simple moving average is $208.42 and its 200-day simple moving average is $198.48. Autodesk has a 52-week low of $163.20 and a 52-week high of $335.48.
Autodesk (NASDAQ:ADSK – Get a rating) last released its quarterly results on Wednesday, August 24. The software company reported EPS of $1.04 for the quarter, beating the consensus estimate of $0.92 by $0.12. The company posted revenue of $1.24 billion for the quarter, versus a consensus estimate of $1.22 billion. Autodesk achieved a return on equity of 88.57% and a net margin of 11.76%. The company’s revenue for the quarter increased 16.7% year over year. During the same period a year earlier, the company posted EPS of $0.67. As a group, equity research analysts expect Autodesk to post earnings per share of 4.13 for the current fiscal year.
Wall Street analysts predict growth
ADSK has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft raised its price target on Autodesk from $225.00 to $255.00 in a Thursday, August 25 report. Bank of America launched coverage on Autodesk in a Wednesday, August 3 report. They issued a “neutral” rating and a price target of $220.00 for the company. Rosenblatt Securities cut its price target on Autodesk from $285.00 to $270.00 and set a “buy” rating for the company in a Thursday, August 25 report. Robert W. Baird raised his target price on Autodesk from $260.00 to $264.00 and gave the company an “outperforming” rating in a Wednesday, August 17 report. Finally, Barclays raised its target price on Autodesk from $263.00 to $275.00 and gave the company an “overweight” rating in a Thursday, August 25 report. Two research analysts rated the stock with a sell rating, five gave the company a hold rating and fifteen gave the company a buy rating. According to MarketBeat.com, Autodesk currently has an average rating of “Moderate Buy” and an average price target of $257.52.
Autodesk Company Profile
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, transportation, and environmental projects; BIM 360, a cloud-based construction management software; AutoCAD, professional design, drafting, detailing, and visualization software; AutoCAD LT, drafting and detailing software; computer aided manufacturing (CAM) software for computer numerical control machining, inspection and modeling for manufacturing; Fusion 360, a 3D CAD, CAM and computer-aided engineering tool; and industry collections tools for professionals in the architecture, engineering and construction, product design and manufacturing, and media and entertainment collections industries.
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