Resona Asset Management Co. Ltd. Boosts Stock Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Resona Asset Management Co. Ltd. increased its holdings in Autodesk, Inc. by 7.6% during the first quarter, owning 72,126 shares worth approximately $18.88 million.
• Institutional ownership of Autodesk stock is notable, with 90.24% of shares held by institutional investors and hedge funds, indicating strong backing from large financial entities.
• Wall Street analysts show a positive outlook for Autodesk, with multiple firms raising their price targets and a consensus rating of "Moderate Buy."

Resona Asset Management Co. Ltd. lifted its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 7.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,126 shares of the software company's stock after acquiring an additional 5,101 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Autodesk were worth $18,881,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. SouthState Corp raised its position in Autodesk by 500.0% in the first quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after purchasing an additional 80 shares during the period. Costello Asset Management INC purchased a new stake in Autodesk in the first quarter valued at $26,000. Close Asset Management Ltd purchased a new stake in Autodesk in the first quarter valued at $27,000. Cheviot Value Management LLC purchased a new stake in Autodesk in the first quarter valued at $27,000. Finally, Investment Management Corp VA ADV purchased a new stake in shares of Autodesk in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 90.24% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADSK shares. KeyCorp reiterated an "overweight" rating and issued a $350.00 price objective (up previously from $323.00) on shares of Autodesk in a report on Friday, May 23rd. Piper Sandler boosted their price objective on Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wells Fargo & Company reiterated an "overweight" rating and issued a $360.00 price objective (up previously from $345.00) on shares of Autodesk in a report on Friday, May 23rd. Oppenheimer reiterated an "outperform" rating and issued a $350.00 price objective (up previously from $300.00) on shares of Autodesk in a report on Friday, May 23rd. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $340.00 price objective on shares of Autodesk in a report on Tuesday, May 20th. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $342.61.

Autodesk Stock Performance

Shares of NASDAQ ADSK traded up $2.98 during trading hours on Friday, reaching $286.73. The stock had a trading volume of 1,149,378 shares, compared to its average volume of 1,432,251. The firm has a market cap of $61.36 billion, a price-to-earnings ratio of 61.40, a PEG ratio of 2.73 and a beta of 1.46. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $326.62. The firm has a 50-day moving average of $298.96 and a 200-day moving average of $285.92.

Insider Activity

In related news, EVP Rebecca Pearce sold 3,251 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total value of $1,024,065.00. Following the completion of the sale, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 9,391 shares of company stock valued at $2,909,885. 0.15% of the stock is owned by corporate insiders.

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.