Amundi Trims Stock Position in Autodesk, Inc. $ADSK

Key Points

• Amundi has reduced its stake in Autodesk, Inc. by 1.4%, selling 44,057 shares, resulting in ownership of approximately 3.09 million shares valued at $794 million.
• Several hedge funds have recently increased their positions in Autodesk, with SouthState Corp boosting its stake by 500% during the first quarter.
• Analysts have raised their price targets for Autodesk, with Mizuho setting a new target of $375.00, indicating a strong outlook for the stock.

Amundi lessened its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 1.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,088,542 shares of the software company's stock after selling 44,057 shares during the period. Amundi owned approximately 1.44% of Autodesk worth $794,296,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. EP Wealth Advisors LLC grew its holdings in Autodesk by 5.8% during the first quarter. EP Wealth Advisors LLC now owns 2,906 shares of the software company's stock worth $761,000 after acquiring an additional 160 shares during the period. Focus Partners Advisor Solutions LLC acquired a new position in Autodesk during the first quarter worth $639,000. One Wealth Capital Management LLC grew its holdings in Autodesk by 20.3% during the first quarter. One Wealth Capital Management LLC now owns 1,074 shares of the software company's stock worth $281,000 after acquiring an additional 181 shares during the period. Royal Bank of Canada grew its holdings in Autodesk by 48.8% during the first quarter. Royal Bank of Canada now owns 1,155,233 shares of the software company's stock worth $302,442,000 after acquiring an additional 378,801 shares during the period. Finally, Quarry LP grew its holdings in Autodesk by 1,065.9% during the first quarter. Quarry LP now owns 2,670 shares of the software company's stock worth $699,000 after acquiring an additional 2,441 shares during the period. Institutional investors and hedge funds own 90.24% of the company's stock.

Insider Activity

In other news, EVP Rebecca Pearce sold 6,129 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $323.06, for a total value of $1,980,034.74. Following the sale, the executive vice president directly owned 13,311 shares in the company, valued at $4,300,251.66. This represents a 31.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ruth Ann Keene sold 2,761 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $315.10, for a total value of $869,991.10. Following the transaction, the executive vice president owned 80,255 shares in the company, valued at $25,288,350.50. This trade represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,440 shares of company stock worth $6,786,586 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Piper Sandler upped their target price on Autodesk from $361.00 to $373.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Bank of America upped their target price on Autodesk from $330.00 to $360.00 and gave the company a "neutral" rating in a report on Friday, August 29th. Berenberg Bank set a $370.00 target price on Autodesk in a report on Monday, September 1st. Wells Fargo & Company upped their target price on Autodesk from $360.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Finally, BMO Capital Markets upped 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. Seventeen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $356.83.

Autodesk Price Performance

Shares of NASDAQ:ADSK traded up $6.44 on Friday, hitting $326.37. The company had a trading volume of 1,632,149 shares, compared to its average volume of 1,784,814. The company has a current ratio of 0.76, a quick ratio of 0.65 and a debt-to-equity ratio of 0.91. Autodesk, Inc. has a 52-week low of $232.67 and a 52-week high of $326.85. The business has a 50 day moving average of $299.25 and a 200 day moving average of $285.46. The company has a market cap of $69.52 billion, a PE ratio of 67.57, a PEG ratio of 2.83 and a beta of 1.49.

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.