Adage Capital Partners GP L.L.C. Decreases Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Autodesk, Inc. by 19.2%, selling 34,700 shares and now owns 0.07% of the company, valued at approximately $38 million.
• Many institutional investors, including Vanguard Group Inc. and T. Rowe Price Investment Management Inc., have increased their stakes in Autodesk, indicating ongoing strong interest in the company.
• Research analysts have revised their price targets for Autodesk, with recent increases suggestive of a positive outlook, as the average consensus price target now stands at $356.83.

Adage Capital Partners GP L.L.C. cut its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 19.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 146,189 shares of the software company's stock after selling 34,700 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.07% of Autodesk worth $38,272,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. EP Wealth Advisors LLC increased its position in shares of Autodesk by 5.8% during the first quarter. EP Wealth Advisors LLC now owns 2,906 shares of the software company's stock valued at $761,000 after buying an additional 160 shares during the period. Focus Partners Advisor Solutions LLC purchased a new position in Autodesk in the 1st quarter worth approximately $639,000. One Wealth Capital Management LLC grew its stake in Autodesk by 20.3% in the 1st quarter. One Wealth Capital Management LLC now owns 1,074 shares of the software company's stock worth $281,000 after buying an additional 181 shares in the last quarter. Royal Bank of Canada boosted its holdings in shares of Autodesk by 48.8% in the 1st quarter. Royal Bank of Canada now owns 1,155,233 shares of the software company's stock worth $302,442,000 after purchasing an additional 378,801 shares in the last quarter. Finally, Quarry LP boosted its holdings in shares of Autodesk by 1,065.9% in the 1st quarter. Quarry LP now owns 2,670 shares of the software company's stock worth $699,000 after purchasing an additional 2,441 shares in the last quarter. 90.24% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Rebecca Pearce sold 6,129 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $323.06, for a total transaction of $1,980,034.74. Following the sale, the executive vice president directly owned 13,311 shares of the company's stock, valued at $4,300,251.66. The trade was a 31.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ruth Ann Keene sold 2,761 shares of the company's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $315.10, for a total transaction of $869,991.10. Following the completion of the sale, the executive vice president directly owned 80,255 shares in the company, valued at approximately $25,288,350.50. The trade was 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 valued at $6,786,586 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Autodesk Stock Up 0.1%

Shares of ADSK stock traded up $0.42 during trading hours on Monday, reaching $326.79. 1,764,938 shares of the company's stock were exchanged, compared to its average volume of 1,628,693. The stock's 50 day moving average is $299.25 and its 200-day moving average is $285.32. The company has a market cap of $69.61 billion, a price-to-earnings ratio of 67.66, a P/E/G ratio of 2.89 and a beta of 1.49. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.91. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $329.09.

Analysts Set New Price Targets

ADSK has been the subject of a number of research reports. DA Davidson reiterated a "buy" rating and issued a $375.00 price objective on shares of Autodesk in a report on Friday, August 29th. Piper Sandler upped their price target on Autodesk from $361.00 to $373.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Mizuho increased their target price on Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. KeyCorp increased their target price on Autodesk from $350.00 to $365.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. Finally, BMO Capital Markets raised their price objective on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $356.83.

Autodesk 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.