Avestar Capital LLC Increases Stake in Autodesk, Inc. (NASDAQ:ADSK)

Avestar Capital LLC lifted its position in shares of Autodesk, Inc. (NASDAQ:ADSK) by 10.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,464 shares of the software company’s stock after acquiring an additional 230 shares during the quarter. Avestar Capital LLC’s holdings in Autodesk were worth $679,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ADSK. Jag Capital Management LLC purchased a new position in shares of Autodesk during the 3rd quarter worth approximately $13,861,000. Cetera Investment Advisers grew its holdings in Autodesk by 163.4% during the first quarter. Cetera Investment Advisers now owns 61,574 shares of the software company’s stock worth $16,035,000 after acquiring an additional 38,196 shares during the period. Forsta AP Fonden raised its position in Autodesk by 7.9% in the third quarter. Forsta AP Fonden now owns 51,600 shares of the software company’s stock worth $14,215,000 after acquiring an additional 3,800 shares in the last quarter. Bank of Montreal Can lifted its holdings in Autodesk by 8.7% in the third quarter. Bank of Montreal Can now owns 913,516 shares of the software company’s stock valued at $248,385,000 after acquiring an additional 73,363 shares during the period. Finally, QRG Capital Management Inc. grew its stake in shares of Autodesk by 32.0% during the 3rd quarter. QRG Capital Management Inc. now owns 13,437 shares of the software company’s stock worth $3,702,000 after purchasing an additional 3,259 shares during the period. 90.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Autodesk

In other news, Director Mary T. Mcdowell sold 550 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $265.50, for a total value of $146,025.00. Following the completion of the transaction, the director now directly owns 31,349 shares in the company, valued at approximately $8,323,159.50. This represents a 1.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Steven M. Blum sold 17,344 shares of Autodesk stock in a transaction on Friday, August 30th. The stock was sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the sale, the chief operating officer now directly owns 17,099 shares in the company, valued at $4,616,730. This trade represents a 50.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,280 shares of company stock valued at $5,232,213 over the last three months. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADSK shares. BMO Capital Markets increased their target price on shares of Autodesk from $254.00 to $287.00 and gave the company a “market perform” rating in a report on Friday, August 30th. Mizuho set a $260.00 target price on shares of Autodesk in a research report on Friday, October 18th. Piper Sandler increased their price target on shares of Autodesk from $239.00 to $257.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Citigroup raised their price objective on shares of Autodesk from $325.00 to $358.00 and gave the stock a “buy” rating in a research note on Friday, November 22nd. Finally, Wells Fargo & Company upped their target price on Autodesk from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Friday, November 22nd. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $309.43.

Autodesk Stock Performance

Autodesk stock opened at $317.96 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.64 and a quick ratio of 0.64. Autodesk, Inc. has a 12 month low of $195.32 and a 12 month high of $326.62. The company has a market cap of $68.36 billion, a price-to-earnings ratio of 65.02, a price-to-earnings-growth ratio of 4.10 and a beta of 1.47. The stock’s 50-day moving average is $288.49 and its 200-day moving average is $256.59.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.05. The firm had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.56 billion. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. Autodesk’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.33 earnings per share. Equities analysts anticipate that Autodesk, Inc. will post 5.73 earnings per share for the current 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.