Waycross Partners LLC Takes Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Waycross Partners LLC invested $2.62 million in Autodesk, acquiring 10,000 shares during the first quarter, reflecting strong interest from institutional investors.
• Analysts have generally positive outlooks on Autodesk, with several raising their price targets, including Bank of America increasing it to $330 and Oppenheimer to $350.
• Autodesk's stock has increased by 2.0% recently, with a current market cap of $65.31 billion, and has a 52-week price range of $232.36 to $326.62.

Waycross Partners LLC bought a new position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,000 shares of the software company's stock, valued at approximately $2,618,000.

Other institutional investors have also modified their holdings of the company. Costello Asset Management INC purchased a new position in shares of Autodesk during the first quarter worth approximately $26,000. Close Asset Management Ltd bought a new position in shares of Autodesk during the first quarter valued at approximately $27,000. Cheviot Value Management LLC bought a new position in shares of Autodesk during the first quarter valued at approximately $27,000. Investment Management Corp VA ADV bought a new position in shares of Autodesk during the fourth quarter valued at approximately $29,000. Finally, Abound Financial LLC bought a new position in shares of Autodesk during the first quarter valued at approximately $35,000. 90.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADSK has been the topic of a number of recent research reports. Piper Sandler increased their price objective on shares of Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a research note on Tuesday, May 27th. Loop Capital began coverage on shares of Autodesk in a research note on Monday, July 21st. They issued a "hold" rating and a $320.00 target price for the company. Royal Bank Of Canada restated an "outperform" rating and issued a $345.00 target price (up from $313.03) on shares of Autodesk in a research note on Friday, May 23rd. Barclays raised their target price on shares of Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Finally, Rosenblatt Securities restated a "buy" rating and issued a $340.00 target price on shares of Autodesk in a research note on Tuesday, May 20th. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Autodesk has an average rating of "Moderate Buy" and a consensus price target of $342.61.

Insiders Place Their Bets

In related news, EVP Rebecca Pearce sold 3,251 shares of the business's 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 approximately $6,123,600. The trade was a 14.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold 9,391 shares of company stock worth $2,909,885 in the last quarter. Insiders own 0.15% of the company's stock.

Autodesk Price Performance

ADSK traded down $5.32 on Monday, reaching $285.36. 734,463 shares of the company's stock were exchanged, compared to its average volume of 1,589,433. The stock has a market cap of $61.07 billion, a PE ratio of 61.16, a P/E/G ratio of 2.80 and a beta of 1.46. Autodesk, Inc. has a twelve month low of $232.67 and a twelve month high of $326.62. The stock's fifty day moving average price is $300.24 and its 200-day moving average price is $286.31. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65.

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.