T. Rowe Price Investment Management Inc. Increases Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Autodesk, Inc. by 44.1%, acquiring an additional 1,016,187 shares during the first quarter, bringing their total ownership to approximately 3.3 million shares valued at about $868.7 million.
• Corporate officials have been selling stock, with EVP Rebecca Pearce selling 3,251 shares for over $1 million, resulting in a 14.33% decrease in her position.
• Analysts are optimistic about Autodesk, with a strong-buy rating from DA Davidson and several price target increases, leading to a consensus target price of $342.61.

T. Rowe Price Investment Management Inc. lifted its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 44.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,318,319 shares of the software company's stock after purchasing an additional 1,016,187 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.55% of Autodesk worth $868,736,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cheviot Value Management LLC purchased a new position in Autodesk during the 1st quarter valued at $27,000. SouthState Corp boosted its holdings in 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 acquiring an additional 80 shares during the period. Investment Management Corp VA ADV purchased a new position in Autodesk during the 4th quarter valued at $29,000. Costello Asset Management INC purchased a new position in Autodesk during the 1st quarter valued at $26,000. Finally, Close Asset Management Ltd purchased a new position in Autodesk during the 1st quarter valued at $27,000. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insider Transactions at Autodesk

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 transaction of $1,024,065.00. Following the transaction, 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 filing with the SEC, which is available at this link. Over the last quarter, insiders sold 9,391 shares of company stock worth $2,909,885. Corporate insiders own 0.15% of the company's stock.

Autodesk Trading Down 0.1%

ADSK opened at $289.24 on Wednesday. The firm has a market cap of $61.90 billion, a price-to-earnings ratio of 61.94, a PEG ratio of 2.79 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 12 month low of $232.67 and a 12 month high of $326.62. The stock has a fifty day moving average price of $298.64 and a 200-day moving average price of $285.50.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. DA Davidson upgraded Autodesk to a "strong-buy" rating in a report on Tuesday, July 22nd. Stifel Nicolaus boosted their price objective on Autodesk from $310.00 to $350.00 and gave the company a "buy" rating in a report on Friday, May 23rd. KeyCorp restated an "overweight" rating and set a $350.00 price objective (up previously from $323.00) on shares of Autodesk in a report on Friday, May 23rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $345.00 target price (up from $313.0345) on shares of Autodesk in a research report on Friday, May 23rd. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $370.00 target price (up from $330.00) on shares of Autodesk in a research report on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $342.61.

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.

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