Fifth Third Bancorp Increases Position in Autodesk, Inc. $ADSK

Key Points

• Fifth Third Bancorp increased its stake in Autodesk, Inc. by 9.6% during Q2, owning 9,222 shares valued at approximately $2.86 million.
• Several hedge funds significantly boosted their positions in Autodesk, with Crew Capital Management growing its stake by 111.8% in the same quarter.
• Autodesk's stock has received multiple upgrades from analysts, with target prices increased by several firms, indicating positive sentiment around the company's performance.

Fifth Third Bancorp boosted its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 9.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,222 shares of the software company's stock after acquiring an additional 808 shares during the period. Fifth Third Bancorp's holdings in Autodesk were worth $2,855,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Crew Capital Management Ltd. grew its stake in shares of Autodesk by 111.8% in the 2nd quarter. Crew Capital Management Ltd. now owns 2,999 shares of the software company's stock valued at $928,000 after buying an additional 1,583 shares during the period. CHICAGO TRUST Co NA grew its stake in shares of Autodesk by 55.1% in the 2nd quarter. CHICAGO TRUST Co NA now owns 4,961 shares of the software company's stock valued at $1,536,000 after buying an additional 1,763 shares during the period. Leonard Rickey Investment Advisors P.L.L.C. purchased a new stake in shares of Autodesk in the 2nd quarter valued at approximately $234,000. Golden State Equity Partners purchased a new position in shares of Autodesk during the 2nd quarter worth approximately $203,000. Finally, GAMMA Investing LLC boosted its position in shares of Autodesk by 19.3% during the 2nd quarter. GAMMA Investing LLC now owns 6,702 shares of the software company's stock worth $2,075,000 after purchasing an additional 1,085 shares during the period. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insider Activity at Autodesk

In other Autodesk news, EVP Ruth Ann Keene sold 2,761 shares of the firm's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $315.10, for a total transaction of $869,991.10. Following the transaction, the executive vice president directly owned 80,255 shares of the company's stock, valued at approximately $25,288,350.50. This trade represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Rebecca Pearce sold 6,129 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $323.06, for a total transaction of $1,980,034.74. Following the transaction, the executive vice president directly owned 13,311 shares in the company, valued at $4,300,251.66. The trade was a 31.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 40,830 shares of company stock valued at $13,123,341. Corporate insiders own 0.15% of the company's stock.

Autodesk Trading Up 0.8%

NASDAQ ADSK opened at $322.88 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76. The firm's fifty day moving average price is $305.46 and its 200 day moving average price is $290.47. The company has a market capitalization of $68.77 billion, a price-to-earnings ratio of 66.85, a price-to-earnings-growth ratio of 2.84 and a beta of 1.49. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $329.09.

Analyst Ratings Changes

ADSK has been the subject of a number of research analyst reports. Rosenblatt Securities increased their price objective on shares of Autodesk from $345.00 to $355.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Berenberg Bank set a $370.00 target price on shares of Autodesk in a report on Monday, September 1st. Robert W. Baird increased their target price on shares of Autodesk from $345.00 to $363.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Piper Sandler increased their target price on shares of Autodesk from $361.00 to $373.00 and gave the stock an "overweight" rating in a report on Friday, August 29th. Finally, Loop Capital began coverage on shares of Autodesk in a report on Monday, July 21st. They set a "hold" rating and a $320.00 target price on the stock. Seventeen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $356.83.

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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