Autodesk, Inc. (NASDAQ: ADSK) shares were down on Wednesday February 8 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock, boosting the price target of stock.
Meanwhile U.S. stocks traded modestly lower on Wednesday, as losses in energy shares following a drop in oil prices and a slide in financials weighed on the main indexes.
The S&P 500 index SPX, -0.17% declined 6 points, or 0.3%, to 2,286, with six of the main sectors trading lower. Energy and financials were leading the losses, down more than 1%.
The Dow Jones Industrial Average DJIA, -0.26% was down 65 points, or 0.3%, to 20,021, a day after the blue-chip index set an intraday high at 10,155.35. The Nasdaq Composite COMP, -0.13% retreated from an all-time high set on Tuesday, falling 23 points, or 0.4%, to 5,650.
Autodesk, Inc. (NASDAQ: ADSK) had its price target boosted by equities researchers at Wedbush from $0.00 to $80.00. With a rating of Neutral on the stock, Autodesk, Inc. has a 52-week high of $85.11. The one-year price target of $81.47 is less than the opening price of $84.44, causing a fair amount of other analysts to report on the stock in recent days.
Shares of Autodesk, Inc. (NASDAQ: ADSK) opened at $84.44 yesterday trading between $82.88 and $84.89, and last traded at $83.10, which is a dip of $1.40 over the previous closing price.
Autodesk, Inc. (NASDAQ: ADSK) now has a market cap of 18.49B.
Autodesk, Inc. (NASDAQ: ADSK) Average Daily Trading Volume
The stock’s average daily volume is 2,440,050 shares out of a total float 195,974,000 and some 242,279 shares traded hands yesterday, 92 percent below the average. lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution 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 commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain teams of analysts researching thousands of stocks, so it is good validation to see them buying a stock you are researching.
Autodesk, Inc. (NASDAQ: ADSK) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
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.
Trades for Autodesk, Inc. (NASDAQ: ADSK) have ranged from $41.85 – 85.11, and the stock now has a 50-day MA of $79.47 and 200-day MA of $71.87. Today’s last price is 2.36%% lower than the 52 week high of $85.11.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors watch for companies that have grown their earnings by at least 25% over 3 consecutive years.
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