Royal Bank of Canada Boosts Holdings in Autodesk, Inc. $ADSK

Key Points

• Royal Bank of Canada increased its stake in Autodesk, purchasing 378,801 shares during Q1, raising its total ownership to 1,155,233 shares, valued at approximately $302.4 million.
• Several institutional investors, including Caisse DE Depot ET Placement DU Quebec and Ameriprise Financial, significantly increased their holdings in Autodesk, indicating broader institutional interest.
• Analysts have raised their price targets on Autodesk shares, with Royal Bank of Canada lifting its target from $345 to $380, reflecting a strong outlook on the company's performance.

Royal Bank of Canada boosted its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 48.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,155,233 shares of the software company's stock after buying an additional 378,801 shares during the period. Royal Bank of Canada owned about 0.54% of Autodesk worth $302,442,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Freedom Investment Management Inc. lifted its stake in Autodesk by 2.4% during the first quarter. Freedom Investment Management Inc. now owns 1,473 shares of the software company's stock worth $386,000 after purchasing an additional 34 shares during the last quarter. Financial Network Wealth Advisors LLC lifted its stake in shares of Autodesk by 34.9% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 143 shares of the software company's stock valued at $37,000 after acquiring an additional 37 shares during the last quarter. Oregon Pacific Wealth Management LLC raised its position in shares of Autodesk by 4.0% in the 1st quarter. Oregon Pacific Wealth Management LLC now owns 999 shares of the software company's stock worth $262,000 after acquiring an additional 38 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its stake in shares of Autodesk by 30.1% in the first quarter. GPS Wealth Strategies Group LLC now owns 177 shares of the software company's stock worth $46,000 after buying an additional 41 shares in the last quarter. Finally, Sky Investment Group LLC increased its holdings in Autodesk by 0.5% during the first quarter. Sky Investment Group LLC now owns 8,338 shares of the software company's stock valued at $2,183,000 after buying an additional 42 shares during the last quarter. Institutional investors and hedge funds own 90.24% of the company's stock.

Autodesk Stock Down 0.5%

NASDAQ ADSK traded down $1.65 during 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 company has a market capitalization of $67.95 billion, a P/E ratio of 65.74, a PEG ratio of 3.03 and a beta of 1.49. The business has a fifty day simple moving average of $298.53 and a 200 day simple moving average of $285.13. 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 0.76, a quick ratio of 0.65 and a debt-to-equity ratio of 0.91.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADSK. Robert W. Baird boosted their target price on shares of Autodesk from $345.00 to $363.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Rosenblatt Securities increased their price target on shares of Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a research note on Friday, August 29th. Citigroup raised their price target on Autodesk from $376.00 to $393.00 and gave the company a "buy" rating in a research note on Tuesday. The Goldman Sachs Group upped their price objective on Autodesk from $270.00 to $300.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Finally, Mizuho boosted their price target on Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Autodesk currently has a consensus rating of "Moderate Buy" and a consensus target price of $356.83.

Insider Transactions at Autodesk

In related news, EVP Rebecca Pearce sold 6,129 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $323.06, for a total value of $1,980,034.74. Following the completion of the transaction, the executive vice president owned 13,311 shares in the company, valued at $4,300,251.66. The trade was a 31.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Ayanna Howard sold 3,159 shares of the company's stock in a transaction 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 completion of the sale, the director owned 4,393 shares of the company's stock, valued at approximately $1,427,725. This represents a 41.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,679 shares of company stock worth $5,916,595. Company insiders own 0.15% of the company's stock.

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.