Phoenix Financial Ltd. Sells 6,556 Shares of Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Phoenix Financial Ltd. has reduced its stake in Autodesk, Inc. by 36.8%, now holding 11,250 shares valued at approximately $2.95 million.
• Institutional investors and hedge funds own over 90% of Autodesk's stock, indicating strong institutional confidence in the company.
• Several analysts have adjusted their target prices for Autodesk, with the consensus rating now reflecting a "Moderate Buy" status and a target price of $342.61.

Phoenix Financial Ltd. reduced its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 36.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,250 shares of the software company's stock after selling 6,556 shares during the quarter. Phoenix Financial Ltd.'s holdings in Autodesk were worth $2,946,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Investment Management Corp VA ADV bought a new position in Autodesk in the 4th quarter worth approximately $29,000. Close Asset Management Ltd bought a new position in Autodesk in the 1st quarter worth approximately $27,000. Abound Financial LLC bought a new position in Autodesk in the 1st quarter worth approximately $35,000. Hurley Capital LLC bought a new position in Autodesk in the 4th quarter worth approximately $44,000. Finally, CoreCap Advisors LLC raised its position in Autodesk by 212.0% in the 4th quarter. CoreCap Advisors LLC now owns 156 shares of the software company's stock worth $46,000 after purchasing an additional 106 shares during the last quarter. 90.24% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Rebecca Pearce sold 3,251 shares of the company's stock in a transaction 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 transaction, the executive vice president directly owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This represents a 14.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders have sold 9,391 shares of company stock valued at $2,909,885. 0.15% of the stock is currently owned by corporate insiders.

Autodesk Stock Up 0.7%

NASDAQ ADSK traded up $2.07 on Wednesday, reaching $308.68. The company had a trading volume of 195,002 shares, compared to its average volume of 1,607,371. The firm has a market capitalization of $66.06 billion, a price-to-earnings ratio of 66.07, a price-to-earnings-growth ratio of 2.93 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65. Autodesk, Inc. has a 1-year low of $223.03 and a 1-year high of $326.62. The company's fifty day moving average is $299.68 and its 200-day moving average is $285.97.

Analyst Upgrades and Downgrades

ADSK has been the subject of several research analyst reports. Bank of America boosted their price objective on shares of Autodesk from $290.00 to $330.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Piper Sandler upped their target price on shares of Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Mizuho dropped their target price on shares of Autodesk from $400.00 to $350.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Morgan Stanley reiterated an "overweight" rating and set a $370.00 target price (up previously from $330.00) on shares of Autodesk in a research report on Friday, May 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Autodesk from $300.00 to $280.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Seven investment 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $342.61.

Autodesk Company 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.