Azimuth Capital Investment Management LLC Has $19.17 Million Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Azimuth Capital Investment Management LLC increased its stake in Autodesk, Inc. by 6.9%, now owning 73,218 shares valued at approximately $19.17 million.
• Multiple institutional investors, such as SouthState Corp and Costello Asset Management, have significantly increased their positions in Autodesk during the first quarter, with 90.24% of the stock now owned by institutional investors.
• Brokerages are optimistic about Autodesk, with several raising their price targets; the company's consensus rating stands at "Moderate Buy" with an average price target of $342.61.

Azimuth Capital Investment Management LLC grew its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 6.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 73,218 shares of the software company's stock after acquiring an additional 4,717 shares during the quarter. Azimuth Capital Investment Management LLC's holdings in Autodesk were worth $19,168,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. SouthState Corp grew its position in shares of Autodesk by 500.0% in the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after purchasing an additional 80 shares during the period. Costello Asset Management INC acquired a new position in shares of Autodesk in the 1st quarter valued at approximately $26,000. Close Asset Management Ltd acquired a new position in shares of Autodesk in the 1st quarter valued at approximately $27,000. Cheviot Value Management LLC acquired a new position in shares of Autodesk in the 1st quarter valued at approximately $27,000. Finally, Investment Management Corp VA ADV acquired a new position in shares of Autodesk in the 4th quarter valued at approximately $29,000. 90.24% of the stock is owned by institutional investors.

Insider Activity at Autodesk

In other news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total value of $1,024,065.00. Following the completion of the sale, the executive vice president owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This represents a 14.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 9,391 shares of company stock valued at $2,909,885. Corporate insiders own 0.15% of the company's stock.

Autodesk Trading Down 1.1%

NASDAQ ADSK opened at $283.75 on Friday. The company has a market cap of $60.72 billion, a PE ratio of 60.76, a PEG ratio of 2.76 and a beta of 1.46. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $326.62. The stock has a 50 day moving average of $299.18 and a 200-day moving average of $286.08.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ADSK. Berenberg Bank upgraded Autodesk from a "hold" rating to a "buy" rating and boosted their price objective for the company from $325.00 to $365.00 in a research report on Friday, June 27th. BMO Capital Markets boosted their price objective on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Robert W. Baird boosted their price objective on Autodesk from $303.00 to $335.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Bank of America boosted their price objective on Autodesk from $290.00 to $330.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $345.00 price target (up previously from $313.03) on shares of Autodesk in a research report on Friday, May 23rd. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Autodesk has a consensus rating of "Moderate Buy" and a consensus price target of $342.61.

Autodesk 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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