Autodesk Stock Price Drops After Lowered Price Target from Oppenheimer

Autodesk, Inc. (NASDAQ:ADSK) experienced a significant drop in stock price at the beginning of trading on Wednesday. This development followed Oppenheimer's decision to reduce their price target on Autodesk shares from $250.00 to $240.00. The software company's stock opened at $201.25, which is notably lower than the previous close of $217.67. Despite the decreased price target, Oppenheimer maintained an outperform rating for Autodesk. The trading volume for Autodesk was recorded at 1,157,557 shares, and the closing price was at $203.75.

Analysts' Perspectives on Autodesk

Various analysts have shared their insights on Autodesk with many releasing reports on the stock. KeyCorp decreased their target price on Autodesk from $250.00 to $245.00 but continued to suggest an "overweight" rating. Stifel Nicolaus reiterated their "buy" rating and kept a price target of $245.00. Conversely, BMO Capital Markets increased their price target from $224.00 to $232.00 awarding Autodesk a "market perform" rating. HSBC signaled a "hold" and set a $214.00 price target when they began covering the stock. Barclays also upped their price target from $225.00 to $233.00, maintaining an "overweight" rating. Generally, the consensus from MarketBeat.com is a "Moderate Buy" for Autodesk, with a consensus price target of $231.35.

Behind the Scenes: Insider Activity

Notable insider transactions have taken place recently. Autodesk's Director Betsy Rafael sold 309 shares at an average price of $198.12, leading to a total sale amount of $61,219.08. Post-transaction, Rafael holds 3,545 shares valued approximately at $702,335.40. Further disclosures can be found with the SEC. Additionally, EVP Rebecca Pearce sold 115 shares at $220.00 each, totaling $25,300.00, leaving her with 22,857 shares valued at around $5,028,540. Over the last three months, insiders have sold a collective 29,917 shares valued at $6,599,720. Insiders own about 0.14% of Autodesk's stock.

Influential Investors

In the institutional investment scene, several funds have adjusted their stake in Autodesk. Norges Bank acquired an interest valued at $426,374,000 during the fourth quarter. Price T Rowe Associates Inc. MD escalated their investment in Autodesk by a staggering 480.6% in the first quarter, now holding 1,785,264 shares. New positions were also initiated by firms like Portside Wealth Group LLC and Meritage Group LP valued at $221,914,000 and $170,972,000 respectively. BlackRock Inc. augmented their stake by 5.8% in the second quarter, currently owning 18,086,689 shares.

Autodesk's Financial Health

The company holds a market cap of $43.32 billion with a PE ratio of 50.16, a price-to-earnings-growth ratio of 2.97, and a beta of 1.46. Autodesk's debt-to-equity ratio is at 1.89, presenting a quick ratio as well as a current ratio both at 0.73. For its latest earning results, Autodesk reported a $2.07 earnings per share for the quarter, surpassing the $1.99 consensus estimate by $0.08, signaling a strong financial status. The company's revenue stood at $1.41 billion, as opposed to the anticipated $1.39 billion.

About Autodesk

Autodesk, Inc. is known globally for its 3D design, engineering, and entertainment software solutions. Its product range includes AutoCAD Civil 3D for civil engineering, BuildingConnected for preconstruction planning, and the ubiquitous AutoCAD for design and drafting, among others. These tools cater to professionals across various industries such as architecture, engineering, manufacturing, and media and entertainment.

Autodesk, StockPrice, AnalystDowngrade