Advisors Capital Management LLC Raises Stake in Autodesk, Inc. (NASDAQ:ADSK)

Advisors Capital Management LLC boosted its stake in Autodesk, Inc. (NASDAQ:ADSK) by 37.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,009 shares of the software company’s stock after purchasing an additional 277 shares during the period. Advisors Capital Management LLC’s holdings in Autodesk were worth $298,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in Autodesk by 196.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,099 shares of the software company’s stock worth $2,394,000 after acquiring an additional 5,365 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Autodesk by 1,058.9% in the fourth quarter. Brookstone Capital Management now owns 29,296 shares of the software company’s stock valued at $8,659,000 after purchasing an additional 26,768 shares during the period. Union Bancaire Privee UBP SA acquired a new stake in Autodesk during the 4th quarter valued at $13,906,000. Robeco Institutional Asset Management B.V. increased its stake in Autodesk by 25.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 300,135 shares of the software company’s stock worth $88,711,000 after buying an additional 60,963 shares during the period. Finally, GAM Holding AG acquired a new position in Autodesk in the 4th quarter worth $3,453,000. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Analysts Set New Price Targets

ADSK has been the subject of several recent analyst reports. Citigroup lowered their target price on Autodesk from $361.00 to $339.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Piper Sandler upgraded Autodesk from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $311.00 to $357.00 in a report on Wednesday, January 8th. KeyCorp increased their target price on Autodesk from $330.00 to $335.00 and gave the company an “overweight” rating in a research note on Friday, February 28th. Rosenblatt Securities restated a “buy” rating and issued a $325.00 price target on shares of Autodesk in a research note on Tuesday, February 25th. Finally, UBS Group increased their price objective on shares of Autodesk from $350.00 to $370.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Autodesk has an average rating of “Moderate Buy” and an average target price of $324.64.

Autodesk Stock Up 1.8 %

ADSK stock opened at $265.34 on Wednesday. The stock has a market cap of $56.52 billion, a PE ratio of 52.65, a price-to-earnings-growth ratio of 2.94 and a beta of 1.49. The firm’s 50-day simple moving average is $270.58 and its 200 day simple moving average is $287.15. Autodesk, Inc. has a fifty-two week low of $195.32 and a fifty-two week high of $326.62. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76.

Insiders Place Their Bets

In related news, CAO Stephen W. Hope sold 2,452 shares of the stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $267.29, for a total value of $655,395.08. Following the completion of the transaction, the chief accounting officer now directly owns 3,003 shares of the company’s stock, valued at $802,671.87. This represents a 44.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John T. Cahill bought 2,000 shares of the business’s stock in a transaction on Friday, March 21st. The shares were acquired at an average cost of $267.10 per share, for a total transaction of $534,200.00. Following the purchase, the director now directly owns 2,000 shares in the company, valued at $534,200. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.14% of the stock is owned by insiders.

Autodesk Company Profile

Autodesk, Inc provides 3D design, engineering, and entertainment technology solutions worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BuildingConnected, a SaaS preconstruction solution; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.