Autodesk Inc. (NASDAQ: ADSK) Stock Coverage Initiated at Wedbush

Analysts at Wedbush initiated coverage on Autodesk Inc. (NASDAQ: ADSK) stock, rating the company at Neutral. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $66.13, lower than the opening price of $68.17. Autodesk Inc.stock has a 52-week high of $69.21.After beginning or initiating coverage, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

Meanwhile, U.S. stocks saw their biggest selloff since June 24, (Brexit) on Friday after comments from a voting member of the Federal Reserve’s policy-setting committee suggested a September rate hike was still a possibility.

The Dow Jones Industrial Average dropped 394 points, or 2.13% to 18085.

The S&P 500 shed 53 points, or 2.45% to 2127, while the Nasdaq Composite erased 133 points, or 2.54% to 5125.

Stocks were not alone in declines on Friday.

Global oil prices, after rallying Thursday, dropped more than 3% Friday to trade just above $45 a barrel.

Gold prices also traded lower, shedding more than 0.6% to trade around $1,332.

Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.

Shares of Autodesk Inc. (NASDAQ: ADSK) opened at $68.17 and traded in a range between, $66.84 and $68.65 on Friday, and last traded at $66.84, which represents a change of $ -1.97 over the previous closing price.

Autodesk Inc. (NASDAQ: ADSK) currently has a market cap of 14.83B

The stocks average daily volume is 1,718,890 shares out of a total float 195,243,000 of and some 2,205,537 shares crossed the trading desk yesterday, 59 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.

By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.

With that in mind Autodesk Inc. (NASDAQ: ADSK) now has a 50-day MA is $62.86 and 200-day MA is $58.52, and it has traded in a 52-week range between $41.60 – 69.21 and today’s last price is -3.42 percent off the 52 week high.

Indeed, earnings growth is among the most important things to look in regards to stock investing and, accordingly, investors seek companies who have been successful at growing their earnings by at least 25 percent over a 3 year period.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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