Pinnacle Associates Ltd. Takes $307,000 Position in Autodesk, Inc. (NASDAQ:ADSK)

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

Several other hedge funds have also bought and sold shares of the stock. New Covenant Trust Company N.A. purchased a new stake in shares of Autodesk during the 1st quarter valued at $25,000. LRI Investments LLC bought a new position in Autodesk in the first quarter valued at $26,000. Livelsberger Financial Advisory purchased a new stake in Autodesk during the third quarter valued at about $27,000. Concord Wealth Partners bought a new stake in Autodesk during the third quarter worth about $28,000. Finally, Olistico Wealth LLC purchased a new position in shares of Autodesk in the 2nd quarter worth about $26,000. 90.24% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADSK has been the topic of a number of research reports. DA Davidson assumed coverage on Autodesk in a report on Friday, September 27th. They set a “neutral” rating and a $260.00 price objective on the stock. BMO Capital Markets lifted their price target on shares of Autodesk from $254.00 to $287.00 and gave the stock a “market perform” rating in a research note on Friday, August 30th. Stifel Nicolaus boosted their price objective on shares of Autodesk from $290.00 to $320.00 and gave the stock a “buy” rating in a report on Friday, August 30th. KeyCorp reaffirmed an “overweight” rating and set a $305.00 target price on shares of Autodesk in a report on Monday, August 26th. Finally, Hsbc Global Res raised shares of Autodesk to a “strong-buy” rating in a research note on Tuesday, September 3rd. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $292.95.

Insider Transactions at Autodesk

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

Autodesk Price Performance

Shares of ADSK stock opened at $286.57 on Monday. 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 stock 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. The business’s fifty day moving average is $271.79 and its 200 day moving average is $245.57. Autodesk, Inc. has a twelve month low of $192.01 and a twelve month high of $294.13.

Autodesk (NASDAQ:ADSK) last issued its quarterly earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the business earned $1.12 EPS. Autodesk’s quarterly revenue was up 11.9% compared to the same quarter last year. Research analysts expect that Autodesk, Inc. will post 5.73 EPS for the current fiscal year.

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.