Quarry LP Boosts Holdings in Autodesk, Inc. $ADSK

Key Points

• Quarry LP significantly increased its stake in Autodesk by acquiring an additional 2,441 shares, raising its total to 2,670 shares valued at approximately $699,000.
• Insider trading activity includes the sale of 9,288 shares by Director Ayanna Howard and EVP Rebecca Pearce, totaling over $3 million in transactions, reflecting a notable decrease in their holdings.
• Analysts have recently raised their price targets on Autodesk, with Barclays setting a new target of $385.00 and Wells Fargo increasing theirs to $375.00, indicating a strong bullish consensus on the stock.

Quarry LP boosted its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 1,065.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,670 shares of the software company's stock after acquiring an additional 2,441 shares during the quarter. Quarry LP's holdings in Autodesk were worth $699,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADSK. Cheviot Value Management LLC bought a new stake in shares of Autodesk in the 1st quarter valued at $27,000. SouthState Corp grew its position in shares of Autodesk by 500.0% during the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after purchasing an additional 80 shares in the last quarter. Investment Management Corp VA ADV bought a new position in shares of Autodesk in the 4th quarter worth $29,000. Costello Asset Management INC purchased a new stake in shares of Autodesk in the 1st quarter valued at $26,000. Finally, Close Asset Management Ltd purchased a new stake in Autodesk during the 1st quarter valued at $27,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Autodesk Stock Performance

Shares of ADSK traded down $1.65 during mid-day trading on Wednesday, hitting $317.51. 1,939,487 shares of the company traded hands, compared to its average volume of 1,651,426. The stock has a market cap of $67.95 billion, a price-to-earnings ratio of 50.19, a P/E/G ratio of 3.03 and a beta of 1.49. The stock has a 50-day moving average price of $298.23 and a two-hundred day moving average price of $284.90. Autodesk, Inc. has a 1 year low of $232.67 and a 1 year high of $326.62. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.65 and a current ratio of 0.76.

Wall Street Analyst Weigh In

ADSK has been the subject of several research reports. The Goldman Sachs Group increased their price target on shares of Autodesk from $270.00 to $300.00 and gave the stock a "neutral" rating in a research note on Friday, May 23rd. Stifel Nicolaus raised their target price on shares of Autodesk from $350.00 to $375.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Rosenblatt Securities lifted their target price on shares of Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a report on Friday, August 29th. Citigroup upped their price target on Autodesk from $376.00 to $393.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Berenberg Bank set a $370.00 price objective on Autodesk in a research report on Monday. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Autodesk currently has an average rating of "Moderate Buy" and an average price target of $356.83.

Insider Buying and Selling

In other news, EVP Rebecca Pearce sold 6,129 shares of the business's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $323.06, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ayanna Howard sold 3,159 shares of Autodesk stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $325.00, for a total transaction of $1,026,675.00. Following the sale, the director owned 4,393 shares in the company, valued at approximately $1,427,725. The trade was a 41.83% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,679 shares of company stock valued at $5,916,595. Company insiders own 0.15% of the company's stock.

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.