Canopy Partners LLC Makes New Investment in Autodesk, Inc. (NASDAQ:ADSK)

Canopy Partners LLC bought a new stake in Autodesk, Inc. (NASDAQ:ADSK) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 720 shares of the software company’s stock, valued at approximately $213,000.

A number of other hedge funds also recently bought and sold shares of ADSK. Principal Financial Group Inc. boosted its stake in Autodesk by 12.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock valued at $603,947,000 after purchasing an additional 245,816 shares during the period. Benjamin Edwards Inc. acquired a new position in shares of Autodesk during the third quarter worth approximately $814,000. IHT Wealth Management LLC boosted its position in shares of Autodesk by 7.9% in the third quarter. IHT Wealth Management LLC now owns 2,302 shares of the software company’s stock valued at $633,000 after acquiring an additional 168 shares during the period. Wellington Management Group LLP grew its stake in shares of Autodesk by 17.1% in the third quarter. Wellington Management Group LLP now owns 262,723 shares of the software company’s stock worth $72,375,000 after acquiring an additional 38,391 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC increased its position in Autodesk by 9.7% during the third quarter. Kovitz Investment Group Partners LLC now owns 27,591 shares of the software company’s stock worth $7,601,000 after acquiring an additional 2,437 shares during the period. 90.24% of the stock is currently owned by institutional investors.

Autodesk Trading Down 4.5 %

ADSK stock opened at $245.51 on Monday. 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 stock has a market capitalization of $52.29 billion, a price-to-earnings ratio of 48.71, a P/E/G ratio of 2.94 and a beta of 1.51. The business has a fifty day moving average price of $280.12 and a 200 day moving average price of $288.37. Autodesk, Inc. has a fifty-two week low of $195.32 and a fifty-two week high of $326.62.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADSK. Piper Sandler raised shares of Autodesk from a “neutral” rating to an “overweight” rating and increased their price target for the company from $311.00 to $357.00 in a report on Wednesday, January 8th. Mizuho upgraded shares of Autodesk from a “neutral” rating to an “outperform” rating and increased their target price for the company from $280.00 to $400.00 in a research note on Tuesday, January 28th. Macquarie restated an “outperform” rating and set a $360.00 price target on shares of Autodesk in a research note on Friday, February 28th. Robert W. Baird cut their price target on Autodesk from $345.00 to $336.00 and set an “outperform” rating for the company in a report on Friday, February 28th. Finally, KeyCorp lifted their price objective on Autodesk from $330.00 to $335.00 and gave the stock an “overweight” rating in a report on Friday, February 28th. Seven 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, Autodesk currently has an average rating of “Moderate Buy” and a consensus price target of $336.29.

Insider Activity

In other news, Director John T. Cahill bought 2,000 shares of the company’s stock in a transaction dated Friday, March 21st. The stock was bought at an average price of $267.10 per share, for a total transaction of $534,200.00. Following the completion of the transaction, the director now directly owns 2,000 shares in the company, valued at $534,200. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Stephen W. Hope sold 2,452 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $267.29, for a total value of $655,395.08. Following the completion of the transaction, the chief accounting officer now owns 3,003 shares in the company, valued at approximately $802,671.87. This represents a 44.95 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.

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.