Citigroup Adjusts Target Price for Autodesk Stock

Citigroup has revised its target price for Autodesk (NASDAQ:ADSK) from $361.00 to $339.00, according to a research report published on Thursday. Despite this decrease, the brokerage maintains a "buy" rating on the stock, suggesting that investors may still see potential in the software company. The new target price indicates a possible upside of 18.09% from the stock's current valuation.

Analyst Ratings and Updates

Autodesk has also caught the attention of other analysts. For instance, Wells Fargo recently increased its price target for Autodesk shares from $340.00 to $350.00, classifying the stock as "overweight" in their report dated November 22. Similarly, UBS Group began coverage with a "buy" rating and a target price of $350.00 on December 2. On November 15, Barclays raised its price target from $310.00 to $355.00, also giving the stock an "overweight" rating. Furthermore, Scotiabank initiated coverage on November 18 with a "sector outperform" rating and a target price of $360.00. However, HSBC Global Research cut Autodesk's rating from "strong-buy" to "hold" on November 29. Overall, eight analysts recommend holding the stock while sixteen advocate for buying it, leading to a consensus rating of "Moderate Buy" with an average target price of $333.45.

Recent Stock Performance

On Thursday, shares of Autodesk increased by 0.5%, gaining $1.40 and reaching a price of $287.07. During the trading session, 1,534,585 shares exchanged hands, surpassing the average volume of 1,394,486. Currently, Autodesk has a 50-day moving average of $297.33 and a two-hundred day moving average of $286.62. Financially, the company shows a current ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk’s 52-week range is between a low of $195.32 and a high of $326.62, with a market capitalization of approximately $61.72 billion.

Autodesk's Financial Performance

In its latest earnings report on November 26, Autodesk disclosed earnings of $2.17 per share, slightly exceeding the expected $2.12 by $0.05. The company's revenue for the quarter was reported at $1.57 billion, above the consensus estimate of $1.56 billion. With a net margin of 18.30% and a return on equity of 53.87%, Autodesk had an impressive revenue growth of 11.0% compared to the same period last year.

Institutional Investors Involvement

Recent institutional trading activity suggests a growing interest in Autodesk shares. New positions were established by Golden State Wealth Management LLC, Investment Management Corp VA ADV, and Transcendent Capital Group LLC, among others, indicating a trend of investment in the software company. Now, institutional investors hold approximately 90.24% of Autodesk's stock.

About Autodesk

Autodesk, Inc. develops various 3D design, engineering, and entertainment technology solutions globally. Their product range includes popular offerings like AutoCAD and Fusion 360, catering to industries such as architecture, engineering, and construction.

Conclusion

Although Citigroup has lowered its price target for Autodesk, the company still holds favorable positions with several other analysts maintaining a buy rating. This suggests a complex landscape for investors to navigate in determining the right opportunity within the Autodesk stock.

Citigroup, Autodesk, Stock