Silvant Capital Boosts Stake in Autodesk as Analysts Project Growth

Silvant Capital Management LLC has increased its investment in Autodesk, Inc. (NASDAQ: ADSK) by 0.7%, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 107,387 shares after purchasing an additional 713 shares in the second quarter of 2023. This investment represents approximately 1.3% of Silvant’s portfolio, ranking Autodesk as its 16th largest holding. As of the end of the reporting period, Silvant’s stake in Autodesk was valued at about $33.2 million.

Other institutional investors are also adjusting their positions in Autodesk. Vanguard Group Inc. reported a 0.9% increase in its holdings, bringing its total to 20,963,515 shares, valued at approximately $6.49 billion. Meanwhile, Geode Capital Management LLC raised its stake by 15.1%, now owning 5,606,264 shares worth about $1.73 billion. Ninety One UK Ltd increased its position by 3.7%, resulting in ownership of 5,338,125 shares valued at $1.65 billion.

In the first quarter of this year, UBS Asset Management expanded its holdings by 13.1%, while T. Rowe Price Investment Management Inc. notably raised its stake by 44.1%. Collectively, institutional investors and hedge funds own approximately 90.24% of Autodesk’s stock.

Autodesk Stock Performance and Analyst Insights

On Friday, Autodesk shares opened at $301.38. The company has experienced a one-year low of $232.67 and a high of $329.09. Its 50-day moving average stands at $306.59, while the 200-day moving average is $302.84. Autodesk maintains a market capitalization of $64.19 billion with a price-to-earnings ratio of 62.40 and a price-to-earnings-growth ratio of 2.63.

Recent assessments by Wall Street analysts indicate a positive outlook for Autodesk. On August 29, Oppenheimer raised its target price from $350.00 to $375.00 and rated the stock as “outperform.” Royal Bank of Canada reaffirmed an “outperform” rating with a target price of $380.00 on October 6. UBS Group is recommending a “buy” and set a price target of $400.00, while HSBC recently assigned a target price of $343.00 with a “buy” rating.

Currently, one research analyst has rated the stock as a Strong Buy, while twenty provided a Buy rating and six assigned a Hold rating. According to MarketBeat, Autodesk holds an average rating of “Moderate Buy” with an average target price of $364.24.

Insider Trading Activity

In related news, Autodesk’s executive vice president, Ruth Ann Keene, sold 2,761 shares on September 3 at an average price of $315.10, totaling $869,991.10. After this sale, Keene holds 80,255 shares valued at approximately $25.29 million, marking a 3.33% reduction in her stake. Additionally, Ayanna Howard, a director at Autodesk, sold 917 shares on September 29 for a total of $298,025.00, reducing her ownership by 20.87%.

In total, insiders have sold 26,098 shares of Autodesk, valued at around $8.43 million, over the last quarter. Corporate insiders currently own about 0.15% of the company’s stock.

Overview of Autodesk

Autodesk, Inc. specializes in 3D design, engineering, and entertainment technology solutions on a global scale. Its product offerings include AutoCAD Civil 3D, a solution for civil engineering projects; BuildingConnected, a SaaS preconstruction tool; and Fusion 360, a comprehensive 3D CAD and CAM solution. Autodesk serves professionals across various domains, including architecture, engineering, construction, product design, and entertainment.

As Autodesk navigates the evolving technological landscape, its robust institutional backing and analyst projections suggest a promising trajectory in the software industry.