Pinnacle Associates Ltd. Takes Position in Autodesk, Inc. (NASDAQ:ADSK)

Pinnacle Associates Ltd. acquired a new stake in shares of Autodesk, Inc. (NASDAQ:ADSK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,116 shares of the software company’s stock, valued at approximately $307,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADSK. Price T Rowe Associates Inc. MD increased its holdings in Autodesk by 263.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,294,746 shares of the software company’s stock valued at $1,639,279,000 after buying an additional 4,563,668 shares during the last quarter. Ninety One UK Ltd increased its stake in shares of Autodesk by 28.0% in the 2nd quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock worth $1,255,054,000 after purchasing an additional 1,108,973 shares in the last quarter. Van ECK Associates Corp raised its holdings in Autodesk by 100.9% in the 2nd quarter. Van ECK Associates Corp now owns 1,642,973 shares of the software company’s stock worth $406,554,000 after purchasing an additional 825,165 shares during the period. Point72 Asset Management L.P. lifted its position in Autodesk by 366.5% during the second quarter. Point72 Asset Management L.P. now owns 843,040 shares of the software company’s stock valued at $208,610,000 after purchasing an additional 662,339 shares in the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Autodesk by 58,375.5% during the third quarter. International Assets Investment Management LLC now owns 567,797 shares of the software company’s stock valued at $1,564,170,000 after purchasing an additional 566,826 shares during the period. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ADSK shares. Morgan Stanley reaffirmed an “overweight” rating and set a $320.00 price objective on shares of Autodesk in a research report on Monday, September 30th. Berenberg Bank upped their price target on shares of Autodesk from $286.00 to $299.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. Bank of America lifted their target price on shares of Autodesk from $260.00 to $285.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. BMO Capital Markets increased their price target on Autodesk from $254.00 to $287.00 and gave the stock a “market perform” rating in a research note on Friday, August 30th. Finally, Royal Bank of Canada boosted their price objective on Autodesk from $290.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $292.95.

Insider Transactions at Autodesk

In related news, Director Mary T. Mcdowell sold 550 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $248.18, for a total transaction of $136,499.00. Following the sale, the director now owns 31,899 shares in the company, valued at approximately $7,916,693.82. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $248.18, for a total transaction of $136,499.00. Following the transaction, the director now owns 31,899 shares in the company, valued at $7,916,693.82. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Stephen W. Hope sold 286 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $274.84, for a total transaction of $78,604.24. Following the completion of the sale, the chief accounting officer now directly owns 4,879 shares in the company, valued at approximately $1,340,944.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,280 shares of company stock worth $5,200,929. 0.14% of the stock is currently owned by company insiders.

Autodesk Price Performance

Autodesk stock opened at $286.57 on Monday. Autodesk, Inc. has a 52-week low of $192.01 and a 52-week high of $294.13. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.80. The firm’s fifty day moving average is $271.79 and its 200 day moving average is $245.57. The company has a market cap of $61.61 billion, a price-to-earnings ratio of 58.60, a PEG ratio of 3.60 and a beta of 1.47.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.15. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the company earned $1.12 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. Sell-side analysts forecast that Autodesk, Inc. will post 5.73 EPS for the current fiscal year.

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.