Harvey Capital Management Inc. Reduces Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Harvey Capital Management Inc. reduced its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 5.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,263 shares of the software company's stock after selling 1,080 shares during the period. Autodesk accounts for approximately 1.2% of Harvey Capital Management Inc.'s portfolio, making the stock its 26th largest position. Harvey Capital Management Inc.'s holdings in Autodesk were worth $4,519,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of ADSK. Brighton Jones LLC lifted its holdings in shares of Autodesk by 14.5% during the fourth quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock valued at $343,000 after purchasing an additional 147 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Autodesk in the fourth quarter worth $202,000. Daiwa Securities Group Inc. grew its stake in shares of Autodesk by 4.9% in the fourth quarter. Daiwa Securities Group Inc. now owns 76,073 shares of the software company's stock worth $22,485,000 after acquiring an additional 3,532 shares during the last quarter. Paragon Private Wealth Management LLC increased its holdings in shares of Autodesk by 11.0% during the fourth quarter. Paragon Private Wealth Management LLC now owns 948 shares of the software company's stock valued at $280,000 after acquiring an additional 94 shares in the last quarter. Finally, Independent Advisor Alliance raised its position in shares of Autodesk by 24.7% in the 4th quarter. Independent Advisor Alliance now owns 5,280 shares of the software company's stock worth $1,561,000 after purchasing an additional 1,047 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company's stock.

Autodesk Stock Down 2.0%

Autodesk stock traded down $5.72 during trading hours on Friday, reaching $280.39. The stock had a trading volume of 2,441,762 shares, compared to its average volume of 1,503,290. Autodesk, Inc. has a 52 week low of $223.03 and a 52 week high of $326.62. The company has a market cap of $60.00 billion, a price-to-earnings ratio of 60.04, a PEG ratio of 2.96 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. The business's 50 day moving average price is $298.03 and its 200-day moving average price is $285.95.

Analyst Ratings Changes

A number of research firms have commented on ADSK. Scotiabank reduced their target price on Autodesk from $360.00 to $315.00 and set a "sector outperform" rating for the company in a report on Monday, March 17th. Oppenheimer reiterated an "outperform" rating and issued a $350.00 price objective (up from $300.00) on shares of Autodesk in a report on Friday, May 23rd. Wells Fargo & Company restated an "overweight" rating and set a $360.00 target price (up previously from $345.00) on shares of Autodesk in a research note on Friday, May 23rd. KeyCorp reaffirmed an "overweight" rating and set a $350.00 price target (up previously from $323.00) on shares of Autodesk in a report on Friday, May 23rd. Finally, Piper Sandler boosted their price objective on shares of Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a report on Tuesday, May 27th. Six research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $343.64.

Insider Activity at Autodesk

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of the firm's stock in a transaction that occurred 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 directly owned 19,440 shares in the company, valued at $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 9,391 shares of company stock worth $2,909,885. Insiders own 0.15% of the company's stock.

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.