Federated Hermes Inc. significantly expanded its investment footprint in Autodesk, Inc. (NASDAQ:ADSK) during the first quarter, marking a strategic move that reflects broader institutional confidence in the software giant. This notable increase in holdings underscores a tactical adjustment within their portfolio, aligning with their ongoing investment strategy in key technology players.

According to its most recent Form 13F filing with the Securities and Exchange Commission, Federated Hermes Inc. escalated its position in Autodesk shares by a substantial 16.5%. This strategic acquisition saw the fund accumulate an additional 4,262 shares, bringing its total ownership to 30,083 shares. As of its latest filing, the aggregate value of Federated Hermes Inc.’s holdings in Autodesk stood impressively at $7,876,000.

Beyond Federated Hermes, a consortium of other institutional investors also recalibrated their stakes in Autodesk during the same period. Canopy Partners LLC, for instance, augmented its holdings by 23.1% in the first quarter, now commanding 886 shares valued at $232,000 after purchasing 166 additional shares. Similarly, Kirtland Hills Capital Management LLC initiated a new stake, acquiring shares valued at $322,000.

Further demonstrating this trend, Meeder Asset Management Inc. bolstered its Autodesk holdings by 40.7% in the first quarter, now owning 173 shares worth $45,000. Meeder Advisory Services Inc. also participated, raising its stake by 8.3% to 5,484 shares, valued at $1,436,000. Fiera Capital Corp. slightly lifted its position by 0.4%, holding 11,941 shares worth $3,126,000.

The collective actions of these institutional players highlight a robust interest in Autodesk, with institutional investors now collectively owning 90.24% of the company’s stock. This substantial institutional backing provides a strong indicator of market sentiment towards the software company’s long-term prospects and financial stability.

Autodesk’s financial metrics reveal a company with significant market presence. Shares recently opened at $297.02. The company maintains a quick ratio of 0.65 and a current ratio of 0.65, alongside a debt-to-equity ratio of 0.76. These figures offer insights into its liquidity and leverage, crucial for understanding its operational health.

Examining its stock performance over time, Autodesk Inc. has experienced a twelve-month low of $223.03 and a high of $326.62, showcasing its volatility within the market. Its fifty-day moving average stands at $300.18, with the 200-day moving average at $286.28. The company boasts a market capitalization of $63.56 billion, a price-to-earnings ratio of 63.60, a P/E/G ratio of 2.86, and a beta of 1.46, reflecting its valuation and market sensitivity.

Several prominent research analysts have weighed in on Autodesk’s outlook. JPMorgan Chase & Co. adjusted its target price from $300.00 to $280.00, assigning a “neutral” rating. KeyCorp, conversely, reaffirmed an “overweight” rating, increasing its price objective to $350.00. Macquarie reiterated an “outperform” rating with a $360.00 price objective, indicating continued bullish sentiment.

Further positive endorsements came from Robert W. Baird, who boosted their target price to $335.00 with an “outperform” rating, and Rosenblatt Securities, who set a $340.00 price target alongside a “buy” rating. The consensus among analysts, based on MarketBeat data, is a “Moderate Buy” with an average target price of $342.61, underscoring a generally optimistic outlook for Autodesk’s stock performance.