Aberdeen Group plc Trims Stock Position in Autodesk, Inc. $ADSK

Key Points

• Aberdeen Group plc decreased its position in Autodesk, Inc. by 57.6%, selling 426,881 shares and holding 314,306 shares at the end of the first quarter, valuing their stake at $81,555,000.
• Institutional investors own 90.24% of Autodesk's stock, with various hedge funds making significant adjustments to their positions during the first quarter.
• Wall Street analysts are optimistic about Autodesk, with multiple firms raising their price targets and maintaining an overall rating of "Moderate Buy" with a consensus price target of $342.61.

Aberdeen Group plc decreased its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 57.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 314,306 shares of the software company's stock after selling 426,881 shares during the quarter. Aberdeen Group plc owned approximately 0.15% of Autodesk worth $81,555,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADSK. Brighton Jones LLC lifted its stake in Autodesk by 14.5% in the fourth quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock valued at $343,000 after buying an additional 147 shares during the last quarter. Mariner LLC increased its holdings in shares of Autodesk by 3.7% in the fourth quarter. Mariner LLC now owns 27,948 shares of the software company's stock valued at $8,261,000 after purchasing an additional 1,006 shares during the period. Insigneo Advisory Services LLC increased its holdings in shares of Autodesk by 10.1% in the fourth quarter. Insigneo Advisory Services LLC now owns 1,042 shares of the software company's stock valued at $308,000 after purchasing an additional 96 shares during the period. NewEdge Advisors LLC increased its holdings in shares of Autodesk by 1.9% in the fourth quarter. NewEdge Advisors LLC now owns 12,170 shares of the software company's stock valued at $3,597,000 after purchasing an additional 229 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of Autodesk by 16.1% in the fourth quarter. Marshall Wace LLP now owns 43,061 shares of the software company's stock valued at $12,728,000 after purchasing an additional 5,984 shares during the period. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insiders Place Their Bets

In related news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the transaction, the executive vice president directly owned 19,440 shares in the company, valued at approximately $6,123,600. This represents a 14.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 9,391 shares of company stock worth $2,909,885 in the last quarter. Corporate insiders own 0.15% of the company's stock.

Analyst Upgrades and Downgrades

ADSK has been the topic of a number of recent research reports. BMO Capital Markets boosted their target price on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a report on Friday, May 23rd. Piper Sandler raised their target price on Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Wells Fargo & Company reissued an "overweight" rating and issued a $360.00 target price (up previously from $345.00) on shares of Autodesk in a report on Friday, May 23rd. Barclays raised their target price on Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Finally, DA Davidson raised Autodesk to a "strong-buy" rating in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Autodesk has a consensus rating of "Moderate Buy" and a consensus price target of $342.61.

Autodesk Price Performance

Shares of ADSK traded down $0.4710 during trading hours on Wednesday, reaching $288.7690. 616,203 shares of the company traded hands, compared to its average volume of 1,589,484. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $61.80 billion, a PE ratio of 61.86, a price-to-earnings-growth ratio of 2.79 and a beta of 1.46. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $326.62. The stock has a fifty day simple moving average of $298.64 and a 200 day simple moving average of $285.50.

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.