SCS Capital Management LLC Buys New Position in Autodesk, Inc. $ADSK

Key Points

• SCS Capital Management LLC has invested approximately $518,000 in Autodesk, acquiring 1,980 shares during the 1st quarter, as reported in a recent SEC filing.
• Several institutional investors increased their stakes in Autodesk, with SouthState Corp lifting its investment by 500%.
• Analysts are optimistic about Autodesk's growth, with multiple firms raising their price targets, indicating a consensus "Moderate Buy" rating for the stock.

SCS Capital Management LLC bought a new stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 1,980 shares of the software company's stock, valued at approximately $518,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Autodesk by 1.9% during the first quarter. Vanguard Group Inc. now owns 20,782,919 shares of the software company's stock worth $5,440,968,000 after buying an additional 397,458 shares during the last quarter. Ninety One UK Ltd boosted its holdings in shares of Autodesk by 1.6% during the 1st quarter. Ninety One UK Ltd now owns 5,146,677 shares of the software company's stock valued at $1,347,400,000 after acquiring an additional 79,900 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Autodesk by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,454,264 shares of the software company's stock worth $904,326,000 after acquiring an additional 400,514 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in Autodesk by 44.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,318,319 shares of the software company's stock worth $868,736,000 after acquiring an additional 1,016,187 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Autodesk by 28.0% in the 4th 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 worth $902,597,000 after purchasing an additional 667,763 shares in the last quarter. Institutional investors own 90.24% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Bank of America lifted their price target on Autodesk from $330.00 to $360.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. UBS Group lifted their target price on shares of Autodesk from $370.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Piper Sandler upped their price target on shares of Autodesk from $361.00 to $373.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. BMO Capital Markets lifted their price target on shares of Autodesk from $324.00 to $333.00 and gave the stock a "market perform" rating in a report on Friday, May 23rd. Finally, Citigroup boosted their price objective on shares of Autodesk from $376.00 to $393.00 and gave the stock a "buy" rating in a research note on Tuesday, September 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $356.83.

Insider Activity at Autodesk

In other Autodesk news, EVP Steven M. Blum sold 22,420 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $323.75, for a total value of $7,258,475.00. Following the completion of the sale, the executive vice president directly owned 13,099 shares in the company, valued at approximately $4,240,801.25. This trade represents a 63.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ayanna Howard sold 3,159 shares of the company's stock in a transaction dated 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 transaction, the director owned 4,393 shares in the company, valued at $1,427,725. This represents a 41.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,860 shares of company stock valued at $14,045,061 in the last ninety days. Insiders own 0.15% of the company's stock.

Autodesk Trading Down 1.7%

Shares of Autodesk stock traded down $5.47 on Friday, hitting $319.05. 1,077,474 shares of the company's stock traded hands, compared to its average volume of 1,681,436. The company has a fifty day moving average of $300.38 and a two-hundred day moving average of $286.67. Autodesk, Inc. has a one year low of $232.67 and a one year high of $329.09. The company has a market capitalization of $67.96 billion, a price-to-earnings ratio of 66.06, a price-to-earnings-growth ratio of 2.83 and a beta of 1.49. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76.

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.