On Tuesday, Autodesk got an upgrade for its IBD SmartSelect Composite Rating from 90 to 98.
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The upgrade means the stock currently tops 98% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major climbs.
Autodesk is currently forming a consolidation, with a 326.62 buy point. See if the stock can break out in volume at least 40% higher than normal. Keep in mind that it's a later-stage base, which makes it a riskier entry point.
The stock has a 97 EPS Rating, meaning its recent quarterly and annual earnings growth tops 97% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company reported a 22% earnings gain for Q2. Top line growth increased 17%, up from 15% in the prior quarter. That marks three consecutive reports with increasing revenue gains.
Autodesk holds the No. 1 rank among its peers in the Computer Software-Design industry group. Cadence Design Systems and PTC are also among the group's highest-rated stocks.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
