July 18, 2023 – The State of Michigan Retirement System has increased its stake in Autodesk, Inc. (NASDAQ:ADSK) by 1.0% during the first quarter of this year, according to a recent filing with the Securities and Exchange Commission (SEC). This institutional investor now owns a total of 60,023 shares in the software company, acquiring an additional 600 shares in this period. The value of State of Michigan Retirement System’s holdings in Autodesk currently stands at $12,494,000.
Autodesk reported its quarterly earnings data on May 25th, disclosing earnings per share (EPS) of $1.55 for the quarter. This met the consensus estimate set by analysts. The company also revealed a net margin of 16.42% and a return on equity of 100.54%. Its revenue amounted to $1.27 billion during the same period, which was on par with analysts’ expectations. In comparison to the previous year’s quarter, Autodesk witnessed an increase in revenue by 8.5%.
Experts predict that Autodesk is likely to post EPS of about $4.54 for this year based on sell-side analysts’ expectations.
As a global provider of technology solutions for 3D design, engineering, and entertainment industries, Autodesk offers various software products and services worldwide. These include AutoCAD Civil 3D—a comprehensive solution for civil engineering projects such as land development and transportation—as well as BuildingConnected—a preconstruction SaaS solution.
Additionally, Autodesk provides AutoCAD software for professional design and visualization purposes alongside AutoCAD LT—an application specifically designed for drafting and detailing tasks. Furthermore, they offer computer-aided manufacturing (CAM) software used in computer numeric control machining modelling and inspection processes within manufacturing sectors.
Fusion 360 serves as an all-in-one tool for three-dimensional computer-aided design (CAD), CAM engineering tasks, making it highly versatile. Lastly, Autodesk has developed Industry Collections—a series of tools catering to professionals in architecture, engineering, construction, product design, manufacturing, and media and entertainment sectors.
Autodesk’s commitment to innovation and its wide array of software solutions have made an impact in various industries globally. The State of Michigan Retirement System’s decision to increase its stake in the company is a sign of confidence in Autodesk’s continued growth potential. With its strong financial performance and diversified product offerings, Autodesk remains well-positioned for future success.
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Loop Capital Markets
Autodesk, Inc: A Leading Provider of 3D Design, Engineering, and Entertainment Solutions
In the world of software and technology, Autodesk, Inc. stands as a leading provider of 3D design, engineering, and entertainment solutions. With its wide range of innovative products and services, the company has gained significant attention from both large investors and industry experts. As of July 18, 2023, NASDAQ-listed Autodesk’s shares opened at $213.73.
One notable event in the realm of investment involves Elequin Securities LLC, which recently acquired a new stake in Autodesk during the fourth quarter of the previous year. This acquisition was valued at $26,000. Likewise, Newbridge Financial Services Group Inc. experienced a 200% increase in their position by acquiring an additional 100 shares in the first quarter, making their ownership worth $31,000.
First Manhattan Co., known for its strategic investments, also saw a substantial growth in its stake by 342.9% during the first quarter. The firm now possesses 155 shares, valued at $33,000. Furthermore, Financial Avengers Inc., another investor in Autodesk’s stock market journey from last year’s fourth quarter with an investment worth $29,000 was also recorded.
Adding to this series of investments is Tobam’s venture into Autodesk with a new stake valued at $33,000 during the same period last year. Collectively these institutional investors are now accountable for nearly 86.93% ownership of Autodesk’s valuable stocks.
When evaluating Autodesk’s overall performance and market presence, it is essential to consider key parameters that influence stock values. The company boasts a debt-to-equity ratio of 2.54 emphasizing its financial strength backed by proper management decisions regarding capital structure dynamics.
Autodesk’s current assets demonstrate sturdy liquidity with quick ratios identical to those found within industry benchmarks signaling optimal short-term liquidity levels aiding operational endeavors effectively.
The software giant possesses a market capitalization amounting to an impressive $45.68 billion thus proving its immense presence in the market. Meanwhile, Autodesk’s stocks exhibit volatility with a beta of 1.51, indicating its susceptibility to fluctuations in broader market movements.
With regards to price valuation metrics, Autodesk stands at a modest price-to-earnings (P/E) ratio of 55.37 and an encouraging price-to-earnings growth (PEG) ratio of 1.94—a favorable indication for investors seeking long-term capital gains.
Turning towards Autodesk’s product offerings, their diverse portfolio caters to professionals across various industries including architecture, engineering and construction, product design and manufacturing as well as media and entertainment collection sectors.
Their noteworthy lineup includes AutoCAD Civil 3D primarily designed for civil engineering applications such as land development, transportation and environmental projects. BuildingConnected represents another pivotal software by Autodesk, serving as a SaaS preconstruction solution sought-after by industry professionals.
The company’s flagship software, AutoCAD, is highly regarded among designers for its comprehensive suite of design tools encompassing drafting, detailing, and visualization capabilities. Additionally, it provides AutoCAD LT for individuals looking for powerful drafting and detailing solutions tailored to their requirements.
Autodesk’s influence extends into the computer-aided manufacturing (CAM) domain with software empowering precision machining, inspection techniques alongside modeling functionalities to serve the manufacturing sector effectively.
Fusion 360 constitutes yet another noteworthy offering from Autodesk—an all-encompassing tool providing advanced capabilities in the domains of 3D CAD (computer-aided design), CAM (computer-aided manufacturing), and CAE (computer-aided engineering).
As highlighted by recent news involving insider trading activity, Director Betsy Rafael sold 309 shares on July 3rd at an average price of $203 per share amounting to $62,727 in total value. Following this sale transaction, Rafael retains ownership of approximately 4,781 shares valued at around $970,543.
Numerous brokers have evaluated Autodesk’s market performance, rendering insights and recommendations for potential investors. BMO Capital Markets initiated coverage on Autodesk, providing a “market perform” rating and setting a price objective of $224.00 per share.
Citigroup, on the other hand, lowered its target price from $265.00 to $241.00 while maintaining a “buy” rating for the company in their research report issued on May 23rd.
Rosenblatt Securities echoed optimism by reaffirming their “buy” rating and issuing a target price of $235.00 per share on April 20th.
Another research report surfaced from OTR Global, which downgraded Autodesk to a “positive” rating on May 8th. Financial analyst firm Stifel Nicolaus subsequently reduced their target price from $245.00 to $240.00 in a report published on May 19th.
Considering different perspectives from analysts, Bloomberg suggests that Autodesk holds an average rating of “Moderate Buy” with consensus pointing towards a target price of approximately $231.84 per share.
As Autodesk continues to drive innovation and provide cutting-edge solutions in its respective domains, investors and industry experts alike eagerly follow its trajectory to gauge potential opportunities for growth and profitability in the rapidly evolving technology landscape.