Autodesk Stock Slips on Downgrade, Forecast

The stock is brushing off an upbeat quarter

Deputy Editor
Nov 22, 2023 at 10:58 AM
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Autodesk Inc (NASDAQ:ADSK) is gapping lower today, after the the software name's disappointing current-quarter forecast overshadowed a better-than-expected third-quarter report. To follow, Piper Sandler downgraded ADSK to "neutral" from "overweight," with a price-target cut to $215 from $240, noting its lackluster 2025 guidance as well. No fewer than 10 other firms also lowered their price objectives. At last glance, ADSK was down 5.3% at $206.19. 

A familiar floor at the $200 region appears to be keeping losses in check, though today's price action has the stock breaking below all daily moving averages between the 20- and 320-day trendlines. Since the start of the year, Autodesk stock is up 10.2%. 

Unsurprisingly, ADSK's typically quiet options pits are teeming with activity today. So far, 5,874 calls and 6,512 puts have been exchanged, which is already nine times the average daily options volume. The weekly 11/24 195-strike put is the most popular, followed by the 200-strike put in the same series. 

 

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