Prudential PLC Raises Stake in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Prudential PLC increased its stake in Autodesk, Inc. by 3.9% in Q1, owning 56,415 shares valued at approximately $14.77 million.
• Hedge funds and institutional investors hold 90.24% of Autodesk's stock, with several funds, including Brighton Jones LLC and Rockefeller Capital Management, significantly increasing their positions.
• Analyst ratings for Autodesk have become increasingly positive, with Barclays raising its target price to $355 and a consensus rating of "Moderate Buy" among analysts.

Prudential PLC lifted its stake in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,415 shares of the software company's stock after acquiring an additional 2,143 shares during the quarter. Prudential PLC's holdings in Autodesk were worth $14,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Cheviot Value Management LLC bought a new stake in Autodesk in the first quarter worth approximately $27,000. SouthState Corp increased its holdings 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 purchasing an additional 80 shares in the last quarter. Investment Management Corp VA ADV acquired a new stake in Autodesk in the fourth quarter valued at approximately $29,000. Costello Asset Management INC purchased a new position in shares of Autodesk during the first quarter valued at approximately $26,000. Finally, Close Asset Management Ltd purchased a new position in shares of Autodesk during the first quarter valued at approximately $27,000. 90.24% of the stock is currently owned by institutional investors.

Insider Transactions at Autodesk

In other news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction on 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 transaction, the executive vice president owned 19,440 shares of the company's stock, 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 at this link. Insiders have sold 9,391 shares of company stock worth $2,909,885 in the last three months. Insiders own 0.15% of the company's stock.

Autodesk Price Performance

Shares of ADSK traded up $2.98 during trading hours on Friday, reaching $286.73. 1,149,134 shares of the company's stock traded hands, compared to its average volume of 1,602,777. Autodesk, Inc. has a 12 month low of $232.67 and a 12 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 stock has a market cap of $61.36 billion, a PE ratio of 61.40, a price-to-earnings-growth ratio of 2.76 and a beta of 1.46. The firm's 50 day simple moving average is $299.18 and its 200-day simple moving average is $286.08.

Wall Street Analyst Weigh In

ADSK has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price target on Autodesk from $310.00 to $350.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Piper Sandler lifted their price target on Autodesk from $357.00 to $361.00 and gave the stock an "overweight" rating in a report on Tuesday, May 27th. Bank of America lifted their price target on Autodesk from $290.00 to $330.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. KeyCorp reiterated an "overweight" rating and set a $350.00 price target (up from $323.00) on shares of Autodesk in a report on Friday, May 23rd. Finally, Citigroup lifted their price target on Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. Seven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $342.61.

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.