Analyst Turns Bullish on Autodesk Stock

Software stock Autodesk Inc (NASDAQ:ADSK) was last seen up 3.7% at $310, after an upgrade from Mizuho to "outperform" from "neutral," with a price-target hike to $400 from $280. The brokerage noted the company's new transaction model, as well as signs of macroeconomic recovery. 

On the charts, ADKS has been steadily climbing since bouncing off the $280 level earlier this month, which rejected the shares in March. The ascending 120-day moving average lingers below as potential support as well. Year over year, the equity is up 20.2%.

The options pits have been more bearish than usual over the last two weeks. ADSK's 10-day put/call volume ratio of 3.38 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 94% of readings from the past year. 

Sentiment appears to be shifting after today's bull note, however, as the stock has seen six times the call volume typically seen at this point. The February 320 call is the most popular, followed by the September 370 call, with new positions opening at the latter. 

These options are reasonably priced at the moment, too. This is per Autodesk stock's Schaeffer's Volatility Index (SVI) of 27%, which sits in the 19th percentile of its annual range.