Entropy Technologies LP Makes New $3.79 Million Investment in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Entropy Technologies LP invested approximately $3.79 million in Autodesk by purchasing 14,466 shares during the first quarter, reflecting growing interest from institutional investors in the software company.
• Analysts have increased price targets for Autodesk, with projections ranging up to $370.00, indicating a strong "outperform" outlook for the company's stock.
• Insider selling activity was noted with EVP Rebecca Pearce selling over 3,000 shares, which decreased her holdings by 14.33%, amid general trading by insiders in recent months.

Entropy Technologies LP purchased a new position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 14,466 shares of the software company's stock, valued at approximately $3,787,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Berger Financial Group Inc acquired a new position in shares of Autodesk in the 1st quarter valued at about $4,854,000. Benjamin Edwards Inc. lifted its stake in shares of Autodesk by 3.4% in the 1st quarter. Benjamin Edwards Inc. now owns 2,658 shares of the software company's stock valued at $696,000 after purchasing an additional 87 shares in the last quarter. Zions Bancorporation National Association UT acquired a new position in shares of Autodesk in the 1st quarter valued at about $91,000. Townsquare Capital LLC lifted its stake in shares of Autodesk by 6.2% in the 1st quarter. Townsquare Capital LLC now owns 49,751 shares of the software company's stock valued at $13,025,000 after purchasing an additional 2,895 shares in the last quarter. Finally, Founders Financial Alliance LLC acquired a new position in shares of Autodesk in the 1st quarter valued at about $281,000. 90.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Robert W. Baird lifted their price objective on Autodesk from $303.00 to $335.00 and gave the company an "outperform" rating in a research note on Friday, May 16th. Morgan Stanley reissued an "overweight" rating and set a $370.00 price target (up from $330.00) on shares of Autodesk in a research report on Friday, May 23rd. Macquarie reissued an "outperform" rating and set a $360.00 price target on shares of Autodesk in a research report on Friday, July 11th. Wells Fargo & Company reissued an "overweight" rating and set a $360.00 price target (up from $345.00) on shares of Autodesk in a research report on Friday, May 23rd. Finally, Piper Sandler boosted 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. Seven equities research 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 stock. According to MarketBeat.com, Autodesk presently has an average rating of "Moderate Buy" and a consensus price target of $342.61.

Autodesk Price Performance

Shares of NASDAQ ADSK opened at $290.68 on Friday. Autodesk, Inc. has a twelve month low of $232.67 and a twelve month high of $326.62. 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 company has a market capitalization of $62.21 billion, a price-to-earnings ratio of 62.24, a price-to-earnings-growth ratio of 2.80 and a beta of 1.46. The business has a 50 day simple moving average of $300.24 and a 200-day simple moving average of $286.42.

Insider Buying and Selling

In related news, EVP Rebecca Pearce sold 3,251 shares of the company's stock in a transaction 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 $6,123,600. This represents a 14.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 9,391 shares of company stock worth $2,909,885. 0.15% of the stock is owned by corporate 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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