E Fund Management Co. Ltd. Increases Stake in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• E Fund Management Co. Ltd. increased its position in Autodesk, Inc. by 42.2% during the 1st quarter, owning 9,933 shares valued at $2.6 million.
• Institutional investors hold 90.24% of Autodesk's stock, with firms like Vanguard Group and UBS AM significantly increasing their holdings recently.
• Wall Street analysts show optimism in Autodesk’s growth, with a consensus price target of $342.61 and ratings leaning towards "buy".

E Fund Management Co. Ltd. raised its stake in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 42.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,933 shares of the software company's stock after purchasing an additional 2,950 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Autodesk were worth $2,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. SouthState Corp lifted its holdings in shares of Autodesk by 500.0% in the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after acquiring an additional 80 shares during the last quarter. Costello Asset Management INC bought a new stake in shares of Autodesk in the 1st quarter worth approximately $26,000. Close Asset Management Ltd bought a new stake in shares of Autodesk in the 1st quarter worth approximately $27,000. Cheviot Value Management LLC bought a new stake in shares of Autodesk in the 1st quarter worth approximately $27,000. Finally, Investment Management Corp VA ADV bought a new stake in shares of Autodesk in the 4th quarter worth approximately $29,000. 90.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on ADSK shares. Stifel Nicolaus lifted their target price on shares of Autodesk from $310.00 to $350.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Berenberg Bank raised shares of Autodesk from a "hold" rating to a "buy" rating and lifted their target price for the stock from $325.00 to $365.00 in a research note on Friday, June 27th. Bank of America lifted their target price on shares of Autodesk from $290.00 to $330.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. BMO Capital Markets lifted their target price on shares of Autodesk from $324.00 to $333.00 and gave the stock a "market perform" rating in a research note on Friday, May 23rd. Finally, Citigroup lifted their target price on shares of Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Autodesk has an average rating of "Moderate Buy" and a consensus price target of $342.61.

Autodesk Price Performance

Shares of ADSK traded up $2.98 during trading hours on Friday, reaching $286.73. 1,149,378 shares of the stock traded hands, compared to its average volume of 1,432,251. 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 52-week low of $232.67 and a 52-week high of $326.62. The company's 50-day moving average price is $298.96 and its two-hundred day moving average price is $285.92. The company has a market cap of $61.36 billion, a P/E ratio of 61.40, a price-to-earnings-growth ratio of 2.73 and a beta of 1.46.

Insider Buying and Selling

In related news, EVP Rebecca Pearce sold 3,251 shares of the business's 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 transaction, the executive vice president directly owned 19,440 shares of the company's stock, valued at approximately $6,123,600. The trade was a 14.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 9,391 shares of company stock valued at $2,909,885. 0.15% of the stock is currently owned by insiders.

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.