Connable Office Inc. Makes New Investment in Autodesk, Inc. (NASDAQ:ADSK)

Connable Office Inc. purchased a new position in shares of Autodesk, Inc. (NASDAQ:ADSK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,126 shares of the software company’s stock, valued at approximately $2,697,000.

Several other hedge funds have also made changes to their positions in the business. State Street Corp lifted its position in shares of Autodesk by 3.0% during the third quarter. State Street Corp now owns 9,808,476 shares of the software company’s stock worth $2,702,028,000 after purchasing an additional 288,931 shares in the last quarter. FMR LLC lifted its position in shares of Autodesk by 0.8% during the third quarter. FMR LLC now owns 5,653,602 shares of the software company’s stock worth $1,557,454,000 after purchasing an additional 46,069 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Autodesk by 2.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,385,987 shares of the software company’s stock worth $657,292,000 after purchasing an additional 61,785 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Autodesk by 12.6% in the third quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock valued at $603,947,000 after acquiring an additional 245,816 shares in the last quarter. Finally, Starboard Value LP acquired a new stake in Autodesk in the third quarter valued at approximately $510,189,000. Institutional investors and hedge funds own 90.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADSK. Mizuho raised shares of Autodesk from a “neutral” rating to an “outperform” rating and raised their target price for the company from $280.00 to $400.00 in a report on Tuesday, January 28th. Stifel Nicolaus reduced their target price on shares of Autodesk from $360.00 to $350.00 and set a “buy” rating on the stock in a report on Friday. Macquarie reaffirmed an “outperform” rating and issued a $360.00 target price on shares of Autodesk in a report on Friday. Morgan Stanley raised their price objective on shares of Autodesk from $375.00 to $385.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Oppenheimer raised their price objective on shares of Autodesk from $300.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $334.86.

Autodesk Stock Performance

NASDAQ:ADSK opened at $274.23 on Friday. The firm’s fifty day moving average price is $296.63 and its 200 day moving average price is $286.83. Autodesk, Inc. has a 1-year low of $195.32 and a 1-year high of $326.62. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a market cap of $58.96 billion, a price-to-earnings ratio of 54.41, a price-to-earnings-growth ratio of 2.94 and a beta of 1.43.

Autodesk (NASDAQ:ADSK) last issued its earnings results on Tuesday, November 26th. The software company reported $2.17 EPS for the quarter, topping the consensus estimate of $2.12 by $0.05. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.56 billion. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.33 EPS. On average, sell-side analysts expect that Autodesk, Inc. will post 5.76 EPS for the current year.

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.