5 Stocks That Will Make You Rich In 2024

In this article, we discuss the 5 stocks that will make you rich in 2024. To read the detailed analysis of the recent events in the financial markets and expert outlook, go directly to the 10 Stocks That Will Make You Rich In 2024.

5. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 46

Autodesk, Inc. (NASDAQ:ADSK) is a California-based company that provides engineering, 3D design, and entertainment software and services.

On February 5, Autodesk, Inc. (NASDAQ:ADSK) announced that it would acquire the PIX business unit of X2X. The acquisition is expected to be completed early in fiscal year 2025.

On February 20, Barclays raised the price target on Autodesk, Inc. (NASDAQ:ADSK)’s stock to $300 from $278 and kept an Overweight rating on the shares.

RiverPark Advisors made the following comment about Autodesk, Inc. (NASDAQ:ADSK) in its Q2 2023 investor letter:

“Autodesk, Inc. (NASDAQ:ADSK): Autodesk was our next top detractor despite quarterly results reported in late May that were in line with expectations. For 1Q, revenue grew 12%, Remaining Performance Obligation (RPO) grew 15%, and the company generated $714 million of FCF, which increased 69% year over year. Profitability for the company was strong, with a 32% non-GAAP operating margin for the quarter, and management reiterated its outlook for the year.

Autodesk has a near monopoly on software for designing, building, and managing buildings, as well as software for infrastructure and manufacturing plants, prototyping software for manufacturers of products (including autos, machinery, and consumer products) and document sharing. As a result, we believe ADSK’s business is very sticky. The company expects to grow revenue mid-teens annually over the next several years, and, as we have seen in similar SaaS businesses, as revenue scales, operating margins are expected to expand significantly from their current 32% to more than 40%, more in-line with peers. We believe that ADSK shares can grow along with its mid-teens free cash flow growth over the next several years.”