Short Interest in Autodesk, Inc. (NASDAQ:ADSK) Declines By 5.2%

Autodesk, Inc. (NASDAQ:ADSK) was the recipient of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 2,920,000 shares, a drop of 5.2% from the December 31st total of 3,080,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.4% of the shares of the stock are sold short.

Insider Activity at Autodesk

In related news, Director Mary T. Mcdowell sold 550 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $305.06, for a total value of $167,783.00. Following the completion of the transaction, the director now owns 30,249 shares in the company, valued at $9,227,759.94. The trade was a 1.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Autodesk

A number of large investors have recently modified their holdings of the company. Jag Capital Management LLC bought a new stake in shares of Autodesk during the 3rd quarter worth $13,861,000. LMR Partners LLP purchased a new position in shares of Autodesk in the 3rd quarter worth about $12,643,000. Starboard Value LP bought a new position in shares of Autodesk during the 3rd quarter valued at about $510,189,000. Erste Asset Management GmbH purchased a new position in shares of Autodesk during the 3rd quarter valued at about $20,087,000. Finally, Brookstone Capital Management lifted its position in Autodesk by 1,058.9% in the 4th quarter. Brookstone Capital Management now owns 29,296 shares of the software company’s stock worth $8,659,000 after buying an additional 26,768 shares during the last quarter. 90.24% of the stock is currently owned by institutional investors.

Autodesk Stock Performance

NASDAQ ADSK opened at $306.23 on Tuesday. The stock has a fifty day simple moving average of $299.08 and a 200 day simple moving average of $279.55. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $65.84 billion, a price-to-earnings ratio of 60.76, a PEG ratio of 3.67 and a beta of 1.43. Autodesk has a twelve month low of $195.32 and a twelve month high of $326.62.

Autodesk (NASDAQ:ADSK) last posted its quarterly earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.05. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Autodesk had a return on equity of 53.87% and a net margin of 18.30%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.33 EPS. Sell-side analysts expect that Autodesk will post 5.76 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADSK. Wells Fargo & Company increased their price objective on shares of Autodesk from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Robert W. Baird upped their price target on shares of Autodesk from $305.00 to $330.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Piper Sandler raised Autodesk from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $311.00 to $357.00 in a research report on Wednesday, January 8th. Morgan Stanley raised their price objective on Autodesk from $320.00 to $375.00 and gave the company an “overweight” rating in a report on Friday, November 22nd. Finally, BMO Capital Markets upped their price target on shares of Autodesk from $287.00 to $308.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 27th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $331.50.

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.