Nuveen LLC Makes New $278.38 Million Investment in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Nuveen LLC acquired a new stake in Autodesk, purchasing over 1 million shares valued at approximately $278.38 million, representing about 0.50% ownership of the company.
• Several hedge funds have significantly increased their holdings in Autodesk, with Farallon Capital Management investing approximately $544.38 million in a new stake.
• Analysts have recently raised their price targets for Autodesk, with Barclays setting a new target at $355.00 and Wells Fargo increasing theirs to $360.00, reflecting a generally positive outlook on the stock.

Nuveen LLC purchased a new position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,063,343 shares of the software company's stock, valued at approximately $278,383,000. Nuveen LLC owned approximately 0.50% of Autodesk at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Farallon Capital Management LLC purchased a new position in Autodesk during the fourth quarter worth approximately $544,381,000. GAMMA Investing LLC increased its stake in Autodesk by 27,505.2% during the 1st quarter. GAMMA Investing LLC now owns 1,470,531 shares of the software company's stock worth $384,985,000 after buying an additional 1,465,204 shares during the period. Janus Henderson Group PLC lifted its stake in Autodesk by 43.7% in the fourth quarter. Janus Henderson Group PLC now owns 2,206,237 shares of the software company's stock worth $652,127,000 after acquiring an additional 670,699 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Autodesk by 28.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,053,750 shares of the software company's stock valued at $902,597,000 after purchasing an additional 667,763 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Autodesk in the 4th quarter valued at about $148,299,000. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $315.00, for a total value of $1,024,065.00. Following the sale, the executive vice president directly owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 9,391 shares of company stock valued at $2,909,885 over the last 90 days. Insiders own 0.15% of the company's stock.

Autodesk Stock Down 1.1%

NASDAQ:ADSK traded down $3.26 on Thursday, hitting $283.75. The stock had a trading volume of 1,411,947 shares, compared to its average volume of 1,605,753. Autodesk, Inc. has a 1 year low of $232.67 and a 1 year high of $326.62. The stock has a market cap of $60.72 billion, a P/E ratio of 60.76, a price-to-earnings-growth ratio of 2.72 and a beta of 1.46. The firm's fifty day simple moving average is $299.47 and its two-hundred day simple moving average is $286.18. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ADSK shares. Berenberg Bank raised shares of Autodesk from a "hold" rating to a "buy" rating and increased their target price for the company from $325.00 to $365.00 in a report on Friday, June 27th. Rosenblatt Securities reaffirmed a "buy" rating and set a $340.00 price target on shares of Autodesk in a research report on Tuesday, May 20th. Barclays boosted their price objective on Autodesk from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Bank of America boosted their target price on shares of Autodesk from $290.00 to $330.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Finally, Loop Capital initiated coverage on Autodesk in a research note on Monday, July 21st. They issued a "hold" rating and a $320.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock 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.