With Auto sales globally hitting all-time highs this past month, and interest rates remaining very accommodative for the foreseeable future, autoparts companies such as Autodesk are likely to outperform.
Autodesk, Inc. (NASDAQ: ADSK) operates as a design software and services company worldwide.The company announced last Monday that it has completed the acquisition of technology and the development team of Circuits.io, a web-based app and connected community for designing and simulating electronic circuits. Autodesk partnered with the Circuits.io team to introduce Autodesk 123D Circuits in 2013, and through this acquisition Autodesk intends to expand its offering of technology for electronic circuit design and simulation.
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The 52-week range for the stock price is $ 33.01 - $50.50, and it hit a new fresh 52-week high on the last trading day in December. Earning declined 13% quarter over quarter but the three year growth rate of earnings is 14%. Sales increased 1% quarter over quarter and the 3-year growth rate of sales increased 7%. The profit margin for the company is 25.6% and the price to earnings ratio for the company is 27.
Recent insider purchases of the company should give investors’ confidence. Carl Bass the President and CEO of the company purchased 495K shares on January 2, 2014 for a total value of 8.2 million dollars. He also purchased a block of 145K shares on January 3, for a total value of 4.3 million dollars. Steven Blum purchased 45,000 shares on January 3, 2014 for a total value of 1.3 million dollars.
The technical picture is strong as the stock price moves toward resistance near the 52-week high. Momentum is strong as the MACD (moving average convergence divergence) index generated a buy signal, where the spread (the 12-day moving average minus the 26-day moving average) crossed above the 9-day moving average of the spread. The RSI moved higher with price action and is printing near 71 which is in overbought territory and could signal a minor correction.
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