Vestcor Inc Boosts Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Vestcor Inc increased its stake in Autodesk (NASDAQ:ADSK) by 18.3%, owning 11,408 shares worth approximately $2,987,000, following the purchase of an additional 1,767 shares in the first quarter.
• Multiple hedge funds, including Massachusetts Financial Services Co. and GAMMA Investing LLC, made significant purchases in Autodesk during the fourth quarter, reflecting a broader institutional interest in the company.
• Research firms mostly hold a positive outlook on Autodesk, with Berenberg Bank upgrading its rating to a "buy" and setting a target price of $365, while the overall consensus rating is a "Moderate Buy" with an average target price of $342.61.

Vestcor Inc boosted its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,408 shares of the software company's stock after purchasing an additional 1,767 shares during the quarter. Vestcor Inc's holdings in Autodesk were worth $2,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADSK. Ninety One UK Ltd boosted its holdings in shares of Autodesk by 1.6% in the first 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. Geode Capital Management LLC boosted its holdings in shares of Autodesk by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 4,715,702 shares of the software company's stock valued at $1,391,145,000 after acquiring an additional 45,623 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 acquiring an additional 667,763 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Autodesk by 4.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,000,268 shares of the software company's stock valued at $785,470,000 after acquiring an additional 124,948 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Autodesk by 20.6% in the fourth quarter. Northern Trust Corp now owns 2,462,810 shares of the software company's stock valued at $727,933,000 after acquiring an additional 420,838 shares in the last quarter. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insider Buying and Selling at Autodesk

In other news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction dated Thursday, July 3rd. The shares were 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 in the company, valued at $6,123,600. This represents a 14.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 9,391 shares of company stock worth $2,909,885. Corporate insiders own 0.15% of the company's stock.

Autodesk Trading Down 2.0%

Shares of ADSK stock traded down $6.09 during trading hours on Friday, hitting $297.02. 1,303,875 shares of the company were exchanged, compared to its average volume of 1,731,943. The firm has a market cap of $63.56 billion, a PE ratio of 63.60, a PEG ratio of 2.86 and a beta of 1.46. Autodesk, Inc. has a 1 year low of $223.03 and a 1 year high of $326.62. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $300.18 and a 200 day moving average of $286.32.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADSK shares. The Goldman Sachs Group lifted their target price on shares of Autodesk from $270.00 to $300.00 and gave the company a "neutral" rating in a report on Friday, May 23rd. Morgan Stanley reaffirmed an "overweight" rating and set a $370.00 price target (up from $330.00) on shares of Autodesk in a research note on Friday, May 23rd. JPMorgan Chase & Co. lowered their price target on shares of Autodesk from $300.00 to $280.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Citigroup upped their price target on shares of Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a research note on Tuesday, May 27th. Finally, Robert W. Baird upped their price target on shares of Autodesk from $303.00 to $335.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Autodesk has a consensus 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.