Beacon Pointe Advisors LLC Trims Position in Autodesk, Inc. (NASDAQ:ADSK)

Beacon Pointe Advisors LLC lowered its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 26.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,963 shares of the software company's stock after selling 1,448 shares during the period. Beacon Pointe Advisors LLC's holdings in Autodesk were worth $1,171,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADSK. Mount Yale Investment Advisors LLC increased its holdings in shares of Autodesk by 1.9% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 1,864 shares of the software company's stock valued at $551,000 after purchasing an additional 35 shares during the last quarter. Y.D. More Investments Ltd raised its position in Autodesk by 1.0% in the fourth quarter. Y.D. More Investments Ltd now owns 3,384 shares of the software company's stock valued at $1,000,000 after purchasing an additional 35 shares during the period. Grove Bank & Trust lifted its stake in shares of Autodesk by 9.2% in the 4th quarter. Grove Bank & Trust now owns 440 shares of the software company's stock valued at $130,000 after purchasing an additional 37 shares during the last quarter. Journey Strategic Wealth LLC lifted its stake in shares of Autodesk by 4.6% in the 4th quarter. Journey Strategic Wealth LLC now owns 835 shares of the software company's stock valued at $247,000 after purchasing an additional 37 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Autodesk by 11.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 357 shares of the software company's stock worth $106,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 90.24% of the company's stock.

Autodesk Stock Performance

Shares of ADSK stock traded down $0.97 during mid-day trading on Tuesday, hitting $279.10. The stock had a trading volume of 678,068 shares, compared to its average volume of 1,623,515. The firm has a market cap of $59.45 billion, a PE ratio of 55.38, a PEG ratio of 2.94 and a beta of 1.47. Autodesk, Inc. has a fifty-two week low of $195.32 and a fifty-two week high of $326.62. The company's 50-day simple moving average is $262.89 and its 200-day simple moving average is $286.20. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65.

Insiders Place Their Bets

In other news, CAO Stephen W. Hope sold 2,452 shares of the company's stock in a transaction on Friday, March 28th. The shares were sold at an average price of $267.29, for a total transaction of $655,395.08. Following the transaction, the chief accounting officer now directly owns 3,003 shares of the company's stock, valued at $802,671.87. This represents a 44.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John T. Cahill acquired 2,000 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average cost of $267.10 per share, for a total transaction of $534,200.00. Following the acquisition, the director now owns 2,000 shares of the company's stock, valued at $534,200. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. 0.14% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Piper Sandler raised shares of Autodesk from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $311.00 to $357.00 in a research note on Wednesday, January 8th. Macquarie reissued an "outperform" rating and set a $360.00 target price on shares of Autodesk in a research note on Friday, February 28th. Stifel Nicolaus dropped their price objective on shares of Autodesk from $350.00 to $310.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Morgan Stanley decreased their target price on Autodesk from $385.00 to $330.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Oppenheimer restated an "outperform" rating on shares of Autodesk in a report on Thursday, April 24th. Eight research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $321.36.

About Autodesk

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.