On Friday, Autodesk got an upgrade for its IBD SmartSelect Composite Rating from 94 to 96.
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The revised score means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The top-performing stocks tend to have a 95 or better grade as they start a significant move so be sure to keep that in mind when looking for the best stocks to buy and watch.
Autodesk broke out earlier, but has fallen back below the prior 326.62 entry from a consolidation. If a stock you're tracking climbs above a buy point then declines 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new base and breakout. Also keep in mind that the latest pattern is a later-stage base, and such bases are more prone to failure.
The stock sports a 97 EPS Rating, which means its recent quarterly and longer-term 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% increase in earnings for Q2. Sales growth increased 17%, up from 15% in the prior report. That marks three quarters of rising growth.
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.
