Connable Office Inc. Buys New Stake in Autodesk, Inc. (NASDAQ:ADSK)

Connable Office Inc. bought a new stake in Autodesk, Inc. (NASDAQ:ADSK) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 9,126 shares of the software company’s stock, valued at approximately $2,697,000.

Several other large investors have also recently made changes to their positions in ADSK. Starboard Value LP acquired a new position in shares of Autodesk in the 3rd quarter valued at $510,189,000. Massachusetts Financial Services Co. MA raised its position in Autodesk by 394.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 567,360 shares of the software company’s stock worth $156,296,000 after acquiring an additional 452,728 shares during the period. Franklin Resources Inc. raised its position in Autodesk by 36.5% during the third quarter. Franklin Resources Inc. now owns 1,448,968 shares of the software company’s stock worth $413,405,000 after acquiring an additional 387,309 shares during the period. State Street Corp raised its position in 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 acquiring an additional 288,931 shares during the period. Finally, Principal Financial Group Inc. raised its position in Autodesk by 12.6% during the third quarter. Principal Financial Group Inc. now owns 2,192,345 shares of the software company’s stock worth $603,947,000 after acquiring an additional 245,816 shares during the period. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Autodesk Trading Down 2.9 %

Shares of ADSK opened at $274.23 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a 12-month low of $195.32 and a 12-month high of $326.62. The firm has a 50-day moving average price of $296.63 and a 200 day moving average price of $286.83. The firm has a market capitalization of $58.96 billion, a P/E ratio of 54.41, a P/E/G ratio of 2.94 and a beta of 1.43.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.05. The company had revenue of $1.57 billion during 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%. Autodesk’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. Sell-side analysts forecast that Autodesk, Inc. will post 5.76 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. UBS Group upped their price objective on shares of Autodesk from $350.00 to $370.00 and gave the stock a “buy” rating in a research report on Friday. Scotiabank assumed coverage on shares of Autodesk in a research report on Monday, November 18th. They set a “sector outperform” rating and a $360.00 price objective for the company. Piper Sandler upgraded shares of Autodesk from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $311.00 to $357.00 in a research report on Wednesday, January 8th. Robert W. Baird reduced their price objective on shares of Autodesk from $345.00 to $336.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Morgan Stanley upped their price objective on shares of Autodesk from $375.00 to $385.00 and gave the stock an “overweight” rating in a research report on Friday. Eight analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Autodesk has a consensus rating of “Moderate Buy” and a consensus price target of $334.86.

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.