Shares of Autodesk Inc. (ADSK) rose 7.2 percent to $41.17 and jumped to a 52-week high of $41.33 in early trading Wednesday. Before the market opened, the design-software company was raised to “Buy” from “Neutral” at Goldman Sachs Group Inc. (GS). The stock broke out to the upside, posting the strongest percentage gain in the S&P 500. Goldman also set a $50 price target on the stock.
Volume has exploded with more than 3.7 million ADSK shares already trading hands compared to a daily average volume of about 2.8 million.
Autodesk’s stock opened at $39.56 on Wednesday. The equity has a 52 week range of $22.50 to $41.33. The stock’s 50-day moving average is $37.01 and its 200-day moving average is $31.64. The median Wall Street price target on the stock is $40.00 with a high target of $45.00.
Autodesk has a market cap of $9.35 billion and a P/E (price-to-earnings ratio) of 1.89.
At last check, ADSK shares were up $2.60, or 6.74%, to $41.12.