Diversified Trust Co Increases Stake in Autodesk, Inc.
September 27, 2023
Diversified Trust Co has recently disclosed an increase in its stake in software company Autodesk, Inc., according to its Form 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 10,133 shares of Autodesk’s stock, representing a 54.1% increase from the previous quarter. This new holding is valued at approximately $2,073,000.
Autodesk (NASDAQ:ADSK) recently announced its quarterly earnings results on August 23rd. The software company reported earnings per share of $1.91 for the quarter, surpassing analysts’ consensus estimates by $0.18. With revenue of $1.35 billion in the same period – higher than the consensus estimate of $1.32 billion – Autodesk’s performance exceeded expectations across key financial metrics.
A year-over-year comparison reveals that Autodesk experienced an impressive revenue growth rate of 8.7%. During this period, the company achieved a net margin of 16.77% and a return on equity of 90.61%. In the same quarter last year, Autodesk earned $1.04 EPS.
Research analysts anticipate that Autodesk will continue to perform well for the remainder of the current fiscal year and expect it to post EPS of approximately 4.68.
In other news concerning Autodesk, CEO Andrew Anagnost made significant sales regarding company stock on September 1st, disposing of a total of 22,318 shares at an average price of $221.90 per share – totaling approximately $4,952,364.20 in transactions value. Following this sale, Anagnost now holds approximately 99,327 shares with a value of roughly $22,040,661.30.
The mentioned sale made by CEO Anagnost was duly disclosed in a legal filing with the SEC accessible through the provided hyperlink. Furthermore, in an additional transaction on September 1st, Director Mary T. Mcdowell sold 4,656 shares of Autodesk stock at an average price of $222.04 per share for a total of $1,033,818.24. Following the completion of this sale, Mcdowell now owns 42,916 shares in the company valued at approximately $9,529,068.64.
Cumulatively, insiders within Autodesk have sold a total of 27,707 shares valuing $6,139,461 throughout the last quarter. Insiders currently own 0.14% of the company’s stock.
With Diversified Trust Co increasing its stake in Autodesk and the positive financial performance reported by the software company recently, it is evident that confidence in Autodesk’s prospects remains high among shareholders and investors alike.
Disclaimer: The information contained herein is not guaranteed to be accurate or complete and should not be relied upon as such. We do not warrant or guarantee the suitability or availability of any securities mentioned herein for any particular purpose and expressly disclaim all warranties and conditions of any kind, whether express or implied. Investors are advised to conduct their own research before making any investment decisions based on this article.
Source: SEC filing with reference to form 13F filed by Diversified Trust Co on September 27th, 2023; Autodesk’s quarterly earnings release on August 23rd; legal filings with the Securities & Exchange Commission accessible through SEC.gov.
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Autodesk’s Stock Holdings See Significant Changes as Hedge Funds and Institutional Investors Show Increased Interest and Confidence
Autodesk, Inc., a software company specializing in computer-aided design and 3D modeling, has seen some significant changes in its stock holdings recently. Several hedge funds have modified their stakes in the company, resulting in an increase of ownership by Zions Bancorporation N.A., Ameritas Advisory Services LLC, Mission Wealth Management LP, Personal CFO Solutions LLC, and Armstrong Henry H Associates Inc.
Zions Bancorporation N.A. boosted its stake in Autodesk by 8.7% during the first quarter of this year. The bank now owns 635 shares of the company’s stock valued at $136,000 after purchasing an additional 51 shares in the last quarter. Ameritas Advisory Services LLC also increased its stake by 4.2% during the same period, now owning 1,277 shares valued at $255,000 after acquiring an additional 52 shares. Mission Wealth Management LP raised its stake by 0.8%, now owning 6,570 shares worth $1,368,000 after buying an additional 53 shares. Similarly, Personal CFO Solutions LLC grew its holdings by 0.7%, now owning 7,863 shares valued at $1,637,000 with the purchase of an additional 53 shares. Finally, Armstrong Henry H Associates Inc. raised its position by 1.0% in the second quarter and currently owns 5,370 shares worth $1,099,000 after acquiring an additional 55 shares.
These modifications reflect increased interest and confidence from both hedge funds and institutional investors in Autodesk’s stock. Currently, approximately 87.92% of the company’s stock is owned by hedge funds and other institutional investors.
On September 27th this year, ADSK opened at $201.66 per share on the stock market. The company has a debt-to-equity ratio of 1.89 and a quick ratio as well as a current ratio of 0.73. With a market capitalization of $43.11 billion and a price-to-earnings ratio of 49.92, the stock has demonstrated both stability and growth potential in recent years. Additionally, it has shown a low-beta value of 1.49, indicating that its performance is less volatile than the overall market.
Autodesk’s stock price fluctuated between its twelve-month low of $179.61 and its high point of $233.69 during the same period. The company’s fifty-day moving average price stood at $210.69, while the two-hundred-day moving average price was recorded at $204.63.
In light of these developments, several brokerages have issued reports on Autodesk’s stock. StockNews.com upgraded their rating from “buy” to “strong-buy” in a research note on September 19th this year. Deutsche Bank Aktiengesellschaft also increased their price target on Autodesk to match its rising stock value, setting it at $230.00 with a “hold” rating on August 24th.
Royal Bank of Canada reaffirmed an “outperform” rating for the company and assigned a target price of $260.00 on September 15th, highlighting continued confidence in Autodesk’s prospects for growth and profitability.
Stifel Nicolaus raised their target price from $240.00 to $245.00 and gave the stock a “buy” rating in their research report on August 24th, further endorsing the company’s positive trajectory.
Furthermore, Berenberg Bank lowered their target price slightly from $230 to $228 but maintained a “buy” rating on the stock in their research note released on August 24th.
Based on Bloomberg data, Autodesk currently has an average rating of “Moderate Buy,” with fifteen analysts favoring either buy or strong buy ratings while five analysts hold more neutral positions.
Overall, Autodesk’s recent stock modifications and favorable ratings from analysts indicate a positive outlook for the company. As it continues to innovate and expand its offerings in the software industry, it is likely to attract further interest from investors seeking a solid investment with growth potential.
Reference:
– Bloomberg
