Lorrie M. Norrington, a director at Autodesk, Inc. (NASDAQ:ADSK), recently sold 1,778 shares of the company's common stock. The software giant, currently valued at $66.2 billion, has seen its stock trade near its 52-week high of $326.62, with an impressive 42% return over the past six months. The transaction, executed on December 6, 2024, was carried out under a pre-established Rule 10b5-1 trading plan. The shares were sold at a price of $305.92 each, amounting to a total sale value of approximately $543,925.
Following the transaction, Norrington holds 11,759 shares of Autodesk, which includes 7,981 shares of unvested Restricted Stock Units. The sale was reported in a Form 4 filing with the Securities and Exchange Commission on December 9, 2024.
In other recent news, Autodesk continues to make headlines with several major financial firms adjusting their outlooks on the company. Citi has reaffirmed its Buy rating on Autodesk, emphasizing the company's potential to increase its market share in manufacturing and the promising narrative surrounding its Generative AI technology. The transition to a subscription model, despite its associated costs, has led to significant margin improvements, with Autodesk reporting a gross profit margin of 92%.
JPMorgan has raised its stock price target for Autodesk following the company's third-quarter earnings beat, though it maintains a Neutral rating. The company's gross profit margin of 92% and last twelve months revenue of $6 billion demonstrate a strong financial position. UBS has initiated coverage on Autodesk with a Buy rating, citing potential for a 10% or more increase in revenue due to hiring and volume expectations.
Autodesk's new transaction model, expected to significantly impact billings, revenue, and margins, has led BMO Capital Markets to increase its stock price target while maintaining a Market Perform rating. Piper Sandler has also raised its price target for Autodesk, noting progress in the adoption of the transactional model.
These developments come as Autodesk reported an 11% year-over-year increase in its recent quarterly earnings, outperforming estimates with Non-GAAP earnings per share of $2.17. The company also announced the appointment of Janesh Moorjani as the new Chief Financial Officer, effective from December 16. Autodesk aims to maintain a 10-15% growth framework over the long term and is preparing for strong free cash flow growth in fiscal 2026.
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