Townsquare Capital LLC Grows Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Townsquare Capital LLC increased its stake in Autodesk by 6.2%, purchasing an additional 2,895 shares, bringing its total holdings to 49,751 shares valued at approximately $13,025,000.
• Wall Street analysts are optimistic about Autodesk, with seventeen analysts giving the stock a "buy" or "strong buy" rating and an average price target of $342.61.
• Insider activity includes the sale of 3,251 shares by EVP Rebecca Pearce at an average price of $315, reducing her ownership by 14.33%.

Townsquare Capital LLC grew its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 6.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 49,751 shares of the software company's stock after purchasing an additional 2,895 shares during the period. Townsquare Capital LLC's holdings in Autodesk were worth $13,025,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADSK. Farallon Capital Management LLC bought a new position in shares of Autodesk in the fourth quarter valued at $544,381,000. GAMMA Investing LLC grew its stake in shares of Autodesk by 27,505.2% in the first quarter. GAMMA Investing LLC now owns 1,470,531 shares of the software company's stock valued at $384,985,000 after buying an additional 1,465,204 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Autodesk by 43.7% in the fourth quarter. Janus Henderson Group PLC now owns 2,206,237 shares of the software company's stock valued at $652,127,000 after buying an additional 670,699 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Autodesk by 28.0% in the fourth 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 valued at $902,597,000 after buying an additional 667,763 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Autodesk in the fourth quarter valued at $148,299,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 19,440 shares in the company, valued at $6,123,600. This trade represents a 14.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 9,391 shares of company stock worth $2,909,885. 0.15% of the stock is currently owned by corporate insiders.

Autodesk Trading Up 0.8%

Shares of Autodesk stock traded up $2.32 on Wednesday, reaching $285.35. 876,148 shares of the company's stock were exchanged, compared to its average volume of 1,599,601. The company has a market capitalization of $61.06 billion, a P/E ratio of 61.10, a price-to-earnings-growth ratio of 2.74 and a beta of 1.46. Autodesk, Inc. has a 52 week low of $232.67 and a 52 week high of $326.62. The firm's 50-day moving average is $299.70 and its two-hundred day moving average is $286.18. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ADSK shares. Macquarie reaffirmed an "outperform" rating and set a $360.00 price objective on shares of Autodesk in a research report on Friday, July 11th. Mizuho reduced their price objective on shares of Autodesk from $400.00 to $350.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Rosenblatt Securities reaffirmed a "buy" rating and set a $340.00 price objective on shares of Autodesk in a research report on Tuesday, May 20th. Piper Sandler lifted their price objective on shares of Autodesk from $357.00 to $361.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Finally, Berenberg Bank raised shares of Autodesk from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $325.00 to $365.00 in a research report on Friday, June 27th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $342.61.

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.