Autodesk (NASDAQ:ADSK) Shares Down 6.6% - Should You Sell?

Autodesk, Inc. (NASDAQ:ADSK - Get Free Report) shares dropped 6.6% on Thursday . The company traded as low as $282.65 and last traded at $286.86. Approximately 1,377,450 shares changed hands during mid-day trading, a decline of 7% from the average daily volume of 1,487,574 shares. The stock had previously closed at $307.27.

Wall Street Analysts Forecast Growth

ADSK has been the topic of a number of research analyst reports. Mizuho reduced their price target on shares of Autodesk from $400.00 to $350.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler lifted their target price on shares of Autodesk from $357.00 to $361.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 27th. Rosenblatt Securities reiterated a "buy" rating and set a $340.00 target price on shares of Autodesk in a research report on Tuesday, May 20th. Robert W. Baird lifted their target price on shares of Autodesk from $303.00 to $335.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Finally, Citigroup lifted their target price on shares of Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Six equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, Autodesk has a consensus rating of "Moderate Buy" and an average price target of $343.64.

Autodesk Stock Down 6.9%

The firm's 50 day moving average price is $298.03 and its two-hundred day moving average price is $285.95. The company has a market cap of $61.23 billion, a P/E ratio of 61.27, a price-to-earnings-growth ratio of 2.96 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Insider Buying and Selling at Autodesk

In other news, EVP Rebecca Pearce sold 3,251 shares of Autodesk stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $315.00, for a total value of $1,024,065.00. Following the completion of the sale, the executive vice president owned 19,440 shares in the company, valued at $6,123,600. The trade was a 14.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last three months, insiders have sold 9,391 shares of company stock valued at $2,909,885. Insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Autodesk

Large investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its holdings in Autodesk by 406.8% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,875,320 shares of the software company's stock worth $849,858,000 after buying an additional 2,307,960 shares during the last quarter. Norges Bank acquired a new stake in shares of Autodesk in the 4th quarter worth about $632,566,000. Farallon Capital Management LLC bought a new position in Autodesk in the 4th quarter valued at about $544,381,000. GAMMA Investing LLC boosted its stake in Autodesk by 27,505.2% during the 1st quarter. GAMMA Investing LLC now owns 1,470,531 shares of the software company's stock valued at $384,985,000 after purchasing an additional 1,465,204 shares during the last quarter. Finally, Nuveen LLC bought a new stake in Autodesk during the 1st quarter worth approximately $278,383,000. 90.24% of the stock is currently owned by institutional investors.

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.