Alliancebernstein L.P. Raises Position in Autodesk, Inc. $ADSK

Key Points

• Alliancebernstein L.P. increased its stake in Autodesk by 13.2%, owning 288,717 shares valued at approximately $75.6 million as of the most recent SEC filing.
• Several hedge funds have recently modified their positions in Autodesk, with SouthState Corp increasing its holdings by 500% in the first quarter, showcasing strong institutional interest in the company.
• Wall Street analysts have generally positive outlooks for Autodesk, with multiple firms raising their price targets, leading to an average rating of "Moderate Buy" and a target price of $356.83.

Alliancebernstein L.P. increased its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 13.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 288,717 shares of the software company's stock after purchasing an additional 33,560 shares during the quarter. Alliancebernstein L.P. owned 0.13% of Autodesk worth $75,586,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of ADSK. SouthState Corp increased its position in shares of Autodesk by 500.0% in the first quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after acquiring an additional 80 shares during the period. Costello Asset Management INC purchased a new position in shares of Autodesk in the first quarter valued at about $26,000. Close Asset Management Ltd purchased a new position in shares of Autodesk in the first quarter valued at about $27,000. Cheviot Value Management LLC purchased a new position in shares of Autodesk in the first quarter valued at about $27,000. Finally, Investment Management Corp VA ADV purchased a new position in shares of Autodesk in the fourth quarter valued at about $29,000. Hedge funds and other institutional investors own 90.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ADSK shares. Rosenblatt Securities boosted their price objective on shares of Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Barclays boosted their price objective on shares of Autodesk from $355.00 to $385.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Loop Capital assumed coverage on shares of Autodesk in a research report on Monday, July 21st. They issued a "hold" rating and a $320.00 price objective on the stock. KeyCorp lifted their target price on shares of Autodesk from $350.00 to $365.00 and gave the company an "overweight" rating in a research note on Friday, August 29th. Finally, Royal Bank Of Canada lifted their target price on shares of Autodesk from $345.00 to $380.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Seventeen investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $356.83.

Autodesk Price Performance

Shares of ADSK opened at $326.37 on Friday. The stock has a market cap of $69.52 billion, a PE ratio of 67.57, a price-to-earnings-growth ratio of 2.89 and a beta of 1.49. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.65 and a current ratio of 0.76. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $326.85. The firm's 50-day simple moving average is $299.25 and its two-hundred day simple moving average is $285.36.

Insiders Place Their Bets

In other Autodesk news, EVP Rebecca Pearce sold 6,129 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $323.06, for a total value of $1,980,034.74. Following the sale, the executive vice president owned 13,311 shares in the company, valued at approximately $4,300,251.66. This represents a 31.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ruth Ann Keene sold 2,761 shares of the company's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $315.10, for a total transaction of $869,991.10. Following the completion of the sale, the executive vice president owned 80,255 shares in the company, valued at approximately $25,288,350.50. This trade represents a 3.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,440 shares of company stock worth $6,786,586. 0.15% of the stock is currently owned by company 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.

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