Covington Capital Management Acquires New Shares in Autodesk, Inc. (NASDAQ:ADSK)

Covington Capital Management acquired a new stake in Autodesk, Inc. (NASDAQ:ADSK) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 911 shares of the software company’s stock, valued at approximately $167,000.

A number of other large investors have also added to or reduced their stakes in the stock. Ilmarinen Mutual Pension Insurance Co purchased a new position in shares of Autodesk in the 3rd quarter worth $3,693,000. Voya Financial Advisors Inc. boosted its stake in shares of Autodesk by 23.0% in the 3rd quarter. Voya Financial Advisors Inc. now owns 5,506 shares of the software company’s stock worth $799,000 after buying an additional 1,030 shares during the last quarter. State Street Corp boosted its stake in shares of Autodesk by 0.4% in the 3rd quarter. State Street Corp now owns 8,656,573 shares of the software company’s stock worth $1,278,576,000 after buying an additional 36,322 shares during the last quarter. Neo Ivy Capital Management boosted its stake in shares of Autodesk by 103.6% in the 3rd quarter. Neo Ivy Capital Management now owns 8,986 shares of the software company’s stock worth $1,283,000 after buying an additional 4,573 shares during the last quarter. Finally, Equitable Trust Co. purchased a new position in shares of Autodesk in the 3rd quarter worth $240,000. 92.93% of the stock is currently owned by institutional investors and hedge funds.

In other news, CAO Stephen W. Hope sold 212 shares of Autodesk stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $147.81, for a total value of $31,335.72. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.12% of the company’s stock.

Shares of Autodesk stock opened at $149.99 on Thursday. The stock’s 50-day simple moving average is $182.78 and its 200-day simple moving average is $171.50. Autodesk, Inc. has a 52 week low of $125.38 and a 52 week high of $211.58. The company has a market capitalization of $32.92 billion, a price-to-earnings ratio of 156.24, a PEG ratio of 1.20 and a beta of 1.66.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings data on Thursday, February 27th. The software company reported $0.92 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.03. Autodesk had a negative return on equity of 165.74% and a net margin of 6.55%. The business had revenue of $899.30 million for the quarter, compared to the consensus estimate of $891.06 million. During the same period in the previous year, the business earned $0.46 earnings per share. The business’s revenue was up 22.0% on a year-over-year basis. Analysts forecast that Autodesk, Inc. will post 2.89 earnings per share for the current year.

A number of research firms have recently issued reports on ADSK. Royal Bank of Canada raised their price target on Autodesk from $205.00 to $220.00 and gave the stock an “average” rating in a research note on Tuesday, February 18th. Morgan Stanley lifted their target price on Autodesk from $187.00 to $192.00 and gave the company an “equal weight” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. lifted their target price on Autodesk from $175.00 to $181.00 and gave the company an “underweight” rating in a research report on Friday, February 28th. BidaskClub upgraded Autodesk from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Credit Suisse Group lifted their target price on Autodesk from $185.00 to $210.00 and gave the company an “outperform” rating in a research report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $204.91.

Autodesk Profile

Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; AutoCAD LT, a professional drafting and detailing software; BIM 360, a construction management cloud-based 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 software products for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment industries.

Further Reading: 52- Week Highs

Institutional Ownership by Quarter for Autodesk (NASDAQ:ADSK)

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