GAMMA Investing LLC Boosts Stock Position in Autodesk, Inc. $ADSK

Key Points

• GAMMA Investing LLC increased its stake in Autodesk by 19.3% during the second quarter, bringing its total shares to 6,702, valued at approximately $2.07 million.
• Insiders have sold a significant number of shares recently, with Director Ayanna Howard selling 3,159 shares and EVP Steven M. Blum selling 22,420 shares, indicating notable activity in the stock.
• Wall Street analysts are optimistic about Autodesk, with several brokerages increasing their price targets; the average consensus price target is $356.83 with a "Moderate Buy" rating.

GAMMA Investing LLC grew its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 19.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,702 shares of the software company's stock after purchasing an additional 1,085 shares during the period. GAMMA Investing LLC's holdings in Autodesk were worth $2,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. SouthState Corp grew its position in Autodesk by 500.0% in the first quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after acquiring an additional 80 shares during the period. Costello Asset Management INC purchased a new position in Autodesk in the first quarter worth approximately $26,000. Close Asset Management Ltd purchased a new position in Autodesk in the first quarter worth approximately $27,000. Cheviot Value Management LLC purchased a new position in Autodesk in the first quarter worth approximately $27,000. Finally, Flaharty Asset Management LLC purchased a new position in Autodesk in the first quarter worth approximately $27,000. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADSK. Loop Capital began coverage on Autodesk in a research report on Monday, July 21st. They issued a "hold" rating and a $320.00 price objective for the company. Piper Sandler upped their price target on Autodesk from $361.00 to $373.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Wall Street Zen upgraded Autodesk from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Wells Fargo & Company upped their price target on Autodesk from $360.00 to $375.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Finally, Barclays upped their price target on Autodesk from $355.00 to $385.00 and gave the stock an "overweight" rating in a research note on Friday, August 29th. Seventeen investment 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $356.83.

Insiders Place Their Bets

In other Autodesk news, Director Ayanna Howard sold 3,159 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $325.00, for a total value of $1,026,675.00. Following the sale, the director directly owned 4,393 shares in the company, valued at $1,427,725. This trade represents a 41.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Steven M. Blum sold 22,420 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $323.75, for a total value of $7,258,475.00. Following the transaction, the executive vice president directly owned 13,099 shares in the company, valued at approximately $4,240,801.25. The trade was a 63.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,830 shares of company stock valued at $13,123,341 in the last three months. Corporate insiders own 0.15% of the company's stock.

Autodesk Stock Up 0.5%

Autodesk stock opened at $324.39 on Tuesday. Autodesk, Inc. has a 1-year low of $232.67 and a 1-year high of $329.09. 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 stock has a market cap of $69.10 billion, a PE ratio of 67.16, a P/E/G ratio of 2.86 and a beta of 1.49. The stock's fifty day moving average is $302.99 and its two-hundred day moving average is $289.00.

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.

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