AlphaQuest LLC Grows Position in Autodesk, Inc. $ADSK

Key Points

• AlphaQuest LLC significantly increased its stake in Autodesk, acquiring an additional 8,489 shares, boosting its holdings by 509.5% in Q1, making its total worth approximately $2.66 million.
• Multiple institutional investors, including SouthState Corp and Costello Asset Management, also made substantial changes to their positions in Autodesk, resulting in 90.24% of Autodesk's stock now being owned by institutional investors.
• Analyst ratings for Autodesk have been positive, with BMO Capital Markets and Citigroup raising their price targets, contributing to a consensus average target price of $343.04 and an overall rating of "Moderate Buy."

AlphaQuest LLC raised its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 509.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,155 shares of the software company's stock after purchasing an additional 8,489 shares during the quarter. AlphaQuest LLC's holdings in Autodesk were worth $2,659,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in ADSK. SouthState Corp lifted its position in shares of Autodesk by 500.0% during the first quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after purchasing an additional 80 shares during the last quarter. Costello Asset Management INC bought a new stake in shares of Autodesk during the first quarter worth $26,000. Close Asset Management Ltd bought a new stake in shares of Autodesk during the first quarter worth $27,000. Cheviot Value Management LLC bought a new stake in shares of Autodesk during the first quarter worth $27,000. Finally, Investment Management Corp VA ADV bought a new stake in shares of Autodesk during the fourth quarter worth $29,000. 90.24% of the stock is currently owned by institutional investors.

Autodesk Stock Performance

Shares of ADSK stock traded down $4.89 during mid-day trading on Monday, reaching $285.34. The stock had a trading volume of 1,180,056 shares, compared to its average volume of 1,584,369. The business's fifty day moving average is $298.19 and its 200-day moving average is $284.93. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. The firm has a market cap of $61.06 billion, a price-to-earnings ratio of 61.10, a PEG ratio of 2.79 and a beta of 1.46. Autodesk, Inc. has a 1-year low of $232.67 and a 1-year high of $326.62.

Insider Buying and Selling at Autodesk

In related news, EVP Rebecca Pearce sold 3,251 shares of Autodesk stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the completion of the transaction, the executive vice president directly owned 19,440 shares in the company, valued at approximately $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 9,391 shares of company stock valued at $2,909,885 over the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADSK. Oppenheimer reiterated an "outperform" rating and set a $350.00 target price (up from $300.00) on shares of Autodesk in a research report on Friday, May 23rd. Robert W. Baird increased their price target on Autodesk from $335.00 to $345.00 and gave the stock an "outperform" rating in a research report on Thursday. Piper Sandler increased their price target on Autodesk from $357.00 to $361.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. DA Davidson raised Autodesk to a "strong-buy" rating in a research report on Tuesday, July 22nd. Finally, Citigroup increased their price target on Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $343.04.

About Autodesk

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.