Autodesk, Inc. (NASDAQ:ADSK) Sees Strong Short-Term Interest Growth


Autodesk, Inc. (NASDAQ: ADSKGet a rating) saw significant growth in short-term interest in the month of July. As of July 31, there was short interest totaling 3,520,000 shares, a growth of 32.3% from the total of 2,660,000 shares as of July 15. Based on an average trading volume of 1,740,000 shares, the day-to-cover ratio is currently 2.0 days. Approximately 1.6% of the company’s shares are sold short.

Analyst upgrades and downgrades

Several brokerages have recently weighed in on ADSK. Royal Bank of Canada reduced its target price on Autodesk from $295.00 to $255.00 in a Monday, May 23 research note. Barclays cut its price target on Autodesk from $230.00 to $216.00 and set an “overweight” rating for the company in a Friday May 27 research note. Piper Sandler cut her price target on Autodesk from $298.00 to $242.00 and set an “overweight” rating for the company in a Friday, May 27 research note. Stifel Nicolaus reduced his price target on Autodesk from $285.00 to $230.00 and set a “buy” rating for the company in a research note on Monday, May 23. Finally, Bank of America launched coverage on Autodesk in a Wednesday, August 3 research note. They issued a “neutral” rating and a price target of $220.00 for the company. One equity research analyst gave the stock a sell rating, four gave the company a hold rating and sixteen gave the company a buy rating. According to MarketBeat.com, the stock currently has a “moderate buy” consensus rating and an average price target of $261.80.

Autodesk Inventory Performance

NASDAQ ADSK opened at $227.26 on Friday. The stock has a market capitalization of $49.38 billion, a PE ratio of 103.30 and a beta of 1.53. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt ratio of 3.35. Autodesk has a 12-month low of $163.20 and a 12-month high of $344.39. The stock has a fifty-day simple moving average of $190.70 and a 200-day simple moving average of $202.80.

Autodesk (NASDAQ: ADSKGet a rating) last released its quarterly results on Thursday, May 26. The software company reported earnings per share of $0.87 for the quarter, beating analyst consensus estimates of $0.77 by $0.10. The company posted revenue of $1.17 billion in the quarter, versus $1.15 billion expected by analysts. Autodesk had a return on equity of 68.41% and a net margin of 10.67%. The company’s revenue increased by 18.3% compared to the same quarter last year. During the same period a year earlier, the company posted EPS of $1.03. Stock analysts expect Autodesk to post earnings per share of 3.99 for the current year.

Insider Buying and Selling at Autodesk

In other Autodesk news, EVP Rebecca Pearce sold 1,608 shares of the company in a transaction that took place on Tuesday, May 31. The stock was sold at an average price of $207.86, for a total value of $334,238.88. Following the completion of the transaction, the executive vice president now directly owns 19,325 shares of the company, valued at $4,016,894.50. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. In other news, CAD Stephen W. Hope sold 327 shares of the company in a transaction that took place on Tuesday, July 12. The stock was sold at an average price of $177.43, for a total transaction of $58,019.61. Following completion of the transaction, the chief accounting officer now directly owns 4,186 shares of the company, valued at approximately $742,721.98. The sale was disclosed in an SEC filing, available at this link. Also, VPE Rebecca Pearce sold 1,608 shares of the company in a transaction that took place on Tuesday, May 31. The stock was sold at an average price of $207.86, for a total value of $334,238.88. Following the transaction, the executive vice president now directly owns 19,325 shares of the company, valued at $4,016,894.50. Disclosure of this sale can be found here. 0.11% of the shares are currently held by insiders.

Hedge funds weigh on Autodesk

Several hedge funds have recently bought and sold shares of ADSK. Norges Bank acquired a new position in Autodesk during the 4th quarter worth approximately $1,504,904,000. Polen Capital Management LLC increased its stake in Autodesk by 18.7% in Q1. Polen Capital Management LLC now owns 8,650,112 shares of the software company worth $1,854,152,000 after acquiring 1,365,221 additional shares last quarter. Castleview Partners LLC acquired a new position in Autodesk during Q4 worth approximately $3,181,000. Ninety One UK Ltd increased its stake in Autodesk by 29.0% in Q1. Ninety One UK Ltd now owns 3,393,123 shares in the software company worth $727,316,000 after acquiring a further 762,242 shares last quarter. Finally, Intermede Investment Partners Ltd acquired a new position in Autodesk during Q1 worth approximately $130,889,000. Institutional investors and hedge funds hold 89.55% of the company’s shares.

About Autodesk

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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, 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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