Maryland State Retirement & Pension System Decreases Stock Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Autodesk, Inc. by 12.5%, now holding 10,072 shares valued at approximately $2.64 million.
• Autodesk saw significant changes from institutional investors, with Farallon Capital Management acquiring a new stake worth $544 million and GAMMA Investing LLC increasing its position by over 27,500%.
• Analysts are optimistic about Autodesk's stock, with several raising their price targets, resulting in a consensus rating of "Moderate Buy" and an average price target of $342.61.

Maryland State Retirement & Pension System cut its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 12.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,072 shares of the software company's stock after selling 1,433 shares during the quarter. Maryland State Retirement & Pension System's holdings in Autodesk were worth $2,637,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ADSK. Costello Asset Management INC bought a new position in Autodesk in the first quarter worth about $26,000. Close Asset Management Ltd bought a new position in Autodesk in the first quarter worth about $27,000. Cheviot Value Management LLC bought a new position in Autodesk in the first quarter worth about $27,000. Investment Management Corp VA ADV bought a new position in Autodesk in the fourth quarter worth about $29,000. Finally, Abound Financial LLC bought a new position in Autodesk in the first quarter worth about $35,000. 90.24% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $315.00, for a total value of $1,024,065.00. Following the sale, the executive vice president owned 19,440 shares in the company, valued at approximately $6,123,600. This represents a 14.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders sold 9,391 shares of company stock valued at $2,909,885. Corporate insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Macquarie reiterated an "outperform" rating and issued a $360.00 target price on shares of Autodesk in a report on Friday, July 11th. Robert W. Baird upped their price objective on shares of Autodesk from $303.00 to $335.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Barclays upped their price objective on shares of Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $345.00 price objective (up previously from $313.03) on shares of Autodesk in a report on Friday, May 23rd. Finally, KeyCorp restated an "overweight" rating and set a $350.00 price objective (up previously from $323.00) on shares of Autodesk in a report on Friday, May 23rd. Seven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Autodesk currently has a consensus rating of "Moderate Buy" and a consensus target price of $342.61.

Autodesk Stock Performance

Autodesk stock traded up $2.07 during mid-day trading on Wednesday, hitting $285.10. The company had a trading volume of 823,715 shares, compared to its average volume of 1,599,156. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a 12-month low of $232.67 and a 12-month high of $326.62. The company's fifty day moving average is $299.70 and its 200-day moving average is $286.18. The company has a market capitalization of $61.01 billion, a price-to-earnings ratio of 61.17, a P/E/G ratio of 2.74 and a beta of 1.46.

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.