HighTower Advisors LLC Sells 2,759 Shares of Autodesk, Inc. $ADSK

Key Points

• HighTower Advisors LLC reduced its stake in Autodesk, Inc. by 4.2% during the 1st quarter, owning 63,092 shares worth approximately $16.5 million after selling 2,759 shares.
• Analysts have raised their price targets on Autodesk shares, with KeyCorp setting a new price objective of $350.00, reflecting a positive sentiment towards the company's stock.
• In insider trading news, EVP Rebecca Pearce sold 3,251 shares of Autodesk at an average price of $315.00, resulting in a transaction total of over $1 million.

HighTower Advisors LLC cut its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 4.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 63,092 shares of the software company's stock after selling 2,759 shares during the quarter. HighTower Advisors LLC's holdings in Autodesk were worth $16,518,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Spire Wealth Management increased its stake in Autodesk by 2.5% during the 1st quarter. Spire Wealth Management now owns 2,075 shares of the software company's stock valued at $543,000 after buying an additional 50 shares during the period. Sowell Financial Services LLC bought a new position in shares of Autodesk during the 1st quarter valued at about $324,000. Cambridge Investment Research Advisors Inc. raised its holdings in Autodesk by 1.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,617 shares of the software company's stock worth $3,565,000 after buying an additional 229 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Autodesk by 27.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 42,826 shares of the software company's stock worth $11,212,000 after buying an additional 9,222 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Autodesk by 5.4% in the first quarter. GAMMA Investing LLC now owns 5,617 shares of the software company's stock worth $1,471,000 after acquiring an additional 290 shares in the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 transaction of $1,024,065.00. Following the completion of the sale, the executive vice president owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 9,391 shares of company stock valued at $2,909,885 in the last quarter. 0.15% of the stock is owned by insiders.

Autodesk Stock Performance

ADSK traded down $1.4850 during trading on Wednesday, reaching $287.7550. 498,865 shares of the company's stock were exchanged, compared to its average volume of 1,588,749. The company has a market capitalization of $61.58 billion, a P/E ratio of 61.63, a PEG ratio of 2.79 and a beta of 1.46. 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 business has a 50 day moving average price of $298.64 and a 200 day moving average price of $285.50. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $326.62.

Wall Street Analyst Weigh In

A number of brokerages have commented on ADSK. Macquarie restated an "outperform" rating and set a $360.00 price objective on shares of Autodesk in a research report on Friday, July 11th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $360.00 price objective (up from $345.00) on shares of Autodesk in a research report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and issued a $340.00 target price on shares of Autodesk in a research report on Tuesday, May 20th. Bank of America boosted their target price on Autodesk from $290.00 to $330.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $370.00 price target (up from $330.00) on shares of Autodesk in a research note on Friday, May 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Autodesk has an average rating of "Moderate Buy" and an average price target of $342.61.

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.