Westpac Banking Corp Boosts Stake in Autodesk, Inc. (NASDAQ:ADSK)

Westpac Banking Corp grew its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 50.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,497 shares of the software company's stock after purchasing an additional 3,525 shares during the quarter. Westpac Banking Corp's holdings in Autodesk were worth $2,556,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ADSK. Moran Wealth Management LLC purchased a new position in shares of Autodesk in the 4th quarter worth $237,000. First United Bank & Trust bought a new stake in Autodesk during the fourth quarter valued at approximately $34,000. Wambolt & Associates LLC increased its holdings in Autodesk by 3.4% during the fourth quarter. Wambolt & Associates LLC now owns 1,555 shares of the software company's stock valued at $379,000 after buying an additional 51 shares during the last quarter. Ieq Capital LLC raised its position in Autodesk by 21.4% in the fourth quarter. Ieq Capital LLC now owns 17,185 shares of the software company's stock worth $4,184,000 after acquiring an additional 3,032 shares during the period. Finally, Forum Financial Management LP purchased a new position in shares of Autodesk during the 4th quarter worth $222,000. 90.24% of the stock is owned by hedge funds and other institutional investors.

Autodesk Stock Performance

Shares of NASDAQ ADSK traded down $0.82 during midday trading on Tuesday, reaching $215.83. The company had a trading volume of 1,882,257 shares, compared to its average volume of 1,469,721. Autodesk, Inc. has a 1 year low of $191.26 and a 1 year high of $279.53. The business's 50-day simple moving average is $238.14 and its 200 day simple moving average is $236.31. The company has a current ratio of 0.82, a quick ratio of 0.75 and a debt-to-equity ratio of 1.23. The stock has a market cap of $46.51 billion, a P/E ratio of 51.12, a P/E/G ratio of 2.99 and a beta of 1.45.

Autodesk (NASDAQ:ADSK - Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The software company reported $2.09 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.14. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.43 billion. Autodesk had a return on equity of 75.01% and a net margin of 16.48%. The firm's revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 EPS. On average, analysts forecast that Autodesk, Inc. will post 5.38 earnings per share for the current fiscal year.

Insider Activity at Autodesk

In other news, CAO Stephen W. Hope sold 1,757 shares of the firm's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $260.47, for a total transaction of $457,645.79. Following the sale, the chief accounting officer now directly owns 3,450 shares in the company, valued at approximately $898,621.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Stephen W. Hope sold 1,757 shares of Autodesk stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $260.47, for a total value of $457,645.79. Following the sale, the chief accounting officer now owns 3,450 shares of the company's stock, valued at approximately $898,621.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Rebecca Pearce sold 1,628 shares of Autodesk stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $251.54, for a total transaction of $409,507.12. Following the completion of the sale, the executive vice president now owns 13,620 shares in the company, valued at approximately $3,425,974.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,166 shares of company stock worth $9,465,055. 0.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ADSK shares. Piper Sandler raised their target price on Autodesk from $234.00 to $260.00 and gave the stock a "neutral" rating in a report on Friday, March 1st. Oppenheimer raised their price objective on Autodesk from $265.00 to $315.00 and gave the stock an "outperform" rating in a research note on Friday, March 1st. Rosenblatt Securities boosted their price objective on Autodesk from $265.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, March 1st. Stifel Nicolaus restated a "buy" rating and set a $316.00 target price on shares of Autodesk in a research note on Friday, April 12th. Finally, Barclays upped their price target on shares of Autodesk from $300.00 to $310.00 and gave the stock an "overweight" rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Autodesk has a consensus rating of "Hold" and an average price target of $274.67.

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.