Panagora Asset Management Inc. Boosts Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• Panagora Asset Management Inc. significantly increased its stake in Autodesk, Inc. by 1,069.8%, acquiring a total of 39,070 shares valued at approximately $10.23 million.
• Autodesk shares experienced a price increase of 9.1%, with the stock currently priced at $314.70 and a 52-week range of $232.67 to $326.62.
• A majority of investment analysts rate Autodesk as a "Moderate Buy", with a consensus price target of $355.22 based on recent upward adjustments from multiple financial institutions.

Panagora Asset Management Inc. increased its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 1,069.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,070 shares of the software company's stock after acquiring an additional 35,730 shares during the period. Panagora Asset Management Inc.'s holdings in Autodesk were worth $10,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADSK. Brighton Jones LLC raised its stake in Autodesk by 14.5% in the 4th quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock worth $343,000 after acquiring an additional 147 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Autodesk by 90.3% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 40,824 shares of the software company's stock valued at $12,066,000 after buying an additional 19,374 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Autodesk during the 4th quarter valued at about $7,068,000. Aptus Capital Advisors LLC raised its stake in shares of Autodesk by 13.3% during the 4th quarter. Aptus Capital Advisors LLC now owns 1,474 shares of the software company's stock valued at $436,000 after buying an additional 173 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of Autodesk by 0.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,795,817 shares of the software company's stock valued at $530,773,000 after buying an additional 8,962 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Berenberg Bank set a $370.00 price target on Autodesk in a research note on Monday. Bank of America boosted their target price on Autodesk from $330.00 to $360.00 and gave the stock a "neutral" rating in a report on Friday, August 29th. Wells Fargo & Company boosted their target price on Autodesk from $360.00 to $375.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Robert W. Baird lifted their price target on shares of Autodesk from $345.00 to $363.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, Morgan Stanley boosted their target price on Autodesk from $370.00 to $385.00 and gave the company an "overweight" rating in a research report on Sunday. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Autodesk has a consensus rating of "Moderate Buy" and an average target price of $356.83.

Insider Activity

In other news, EVP Rebecca Pearce sold 6,129 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $323.06, for a total transaction of $1,980,034.74. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ayanna Howard sold 3,159 shares of the stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $325.00, for a total transaction of $1,026,675.00. Following the sale, the director owned 4,393 shares of the company's stock, valued at $1,427,725. This trade represents a 41.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,679 shares of company stock valued at $5,916,595 in the last quarter. Insiders own 0.15% of the company's stock.

Autodesk Stock Performance

NASDAQ ADSK traded up $2.42 during trading hours on Thursday, hitting $319.93. The company had a trading volume of 1,422,005 shares, compared to its average volume of 1,627,868. Autodesk, Inc. has a 1-year low of $232.67 and a 1-year high of $326.62. The company has a market cap of $68.47 billion, a PE ratio of 66.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.49. The business has a 50 day moving average of $298.53 and a 200-day moving average of $285.13. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.65 and a current ratio of 0.76.

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.