Bank of New York Mellon Corp Sells 39,091 Shares of Autodesk, Inc. $ADSK

Key Points

• Bank of New York Mellon Corp reduced its Autodesk stake by 3.1% in the first quarter, selling 39,091 shares and ending with 1,238,555 shares valued at about $296.5 million.
• Autodesk’s latest quarterly results beat expectations, with EPS of $2.99 versus $2.84 expected and revenue of $1.93 billion versus $1.89 billion forecast. Revenue rose 18.4% year over year, and the company reaffirmed its FY2027 outlook.
• Wall Street sentiment remains constructive overall: analysts have a Moderate Buy consensus on ADSK, even though several firms trimmed price targets. Insider buying also continued, including purchases by directors John T. Cahill and Stacy J. Smith.

Bank of New York Mellon Corp cut its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,238,555 shares of the software company's stock after selling 39,091 shares during the quarter. Bank of New York Mellon Corp owned 0.59% of Autodesk worth $296,510,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Checchi Capital Advisers LLC increased its stake in Autodesk by 20.5% in the first quarter. Checchi Capital Advisers LLC now owns 1,716 shares of the software company's stock valued at $411,000 after purchasing an additional 292 shares in the last quarter. Hillsdale Investment Management Inc. increased its position in shares of Autodesk by 38.0% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,360 shares of the software company's stock valued at $1,044,000 after buying an additional 1,200 shares in the last quarter. ABC Arbitrage SA acquired a new stake in Autodesk during the 1st quarter worth $322,000. Calamos Wealth Management LLC lifted its holdings in Autodesk by 17.8% during the first quarter. Calamos Wealth Management LLC now owns 1,698 shares of the software company's stock worth $407,000 after acquiring an additional 256 shares in the last quarter. Finally, Calamos Advisors LLC lifted its holdings in Autodesk by 3.9% during the first quarter. Calamos Advisors LLC now owns 44,962 shares of the software company's stock worth $10,764,000 after acquiring an additional 1,698 shares in the last quarter. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ADSK shares. Royal Bank Of Canada cut their price objective on Autodesk from $335.00 to $305.00 and set an "outperform" rating on the stock in a report on Friday, May 29th. BMO Capital Markets dropped their target price on shares of Autodesk from $279.00 to $262.00 and set a "market perform" rating on the stock in a report on Friday, May 29th. DA Davidson reaffirmed a "buy" rating and issued a $325.00 price target on shares of Autodesk in a research note on Friday, May 29th. Barclays reduced their price target on shares of Autodesk from $315.00 to $300.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Finally, Piper Sandler lowered their price objective on shares of Autodesk from $383.00 to $369.00 and set an "overweight" rating for the company in a research report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $326.10.

Autodesk Stock Performance

NASDAQ ADSK opened at $218.35 on Friday. The firm has a 50-day moving average price of $217.43 and a two-hundred day moving average price of $238.34. Autodesk, Inc. has a 12-month low of $185.50 and a 12-month high of $329.09. The company has a market capitalization of $46.07 billion, a P/E ratio of 31.83, a P/E/G ratio of 1.34 and a beta of 1.32. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.78.

Autodesk (NASDAQ:ADSK - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The software company reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.84 by $0.15. The company had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.89 billion. Autodesk had a return on equity of 57.14% and a net margin of 19.49%.Autodesk's revenue was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.29 EPS. Autodesk has set its FY 2027 guidance at 12.400-12.650 EPS and its Q2 2027 guidance at 3.100-3.140 EPS. Analysts anticipate that Autodesk, Inc. will post 9.64 earnings per share for the current year.

Insider Activity at Autodesk

In other Autodesk news, Director John T. Cahill acquired 2,000 shares of Autodesk stock in a transaction dated Tuesday, June 23rd. The stock was purchased at an average cost of $189.20 per share, for a total transaction of $378,400.00. Following the completion of the acquisition, the director directly owned 4,000 shares of the company's stock, valued at $756,800. This represents a 100.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stacy J. Smith purchased 3,435 shares of the company's stock in a transaction that occurred on Friday, May 29th. The shares were purchased at an average cost of $231.17 per share, for a total transaction of $794,068.95. Following the completion of the transaction, the director directly owned 26,517 shares of the company's stock, valued at $6,129,934.89. This represents a 14.88% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 7,935 shares of company stock valued at $1,666,644 in the last three months. Corporate insiders own 0.14% of the company's stock.

About Autodesk

Autodesk, Inc NASDAQ: ADSK is a software company that develops design and creation tools for the architecture, engineering and construction (AEC), manufacturing, and media and entertainment industries. Headquartered in San Rafael, California, the company was founded in 1982 and is best known for pioneering CAD (computer-aided design) software. Autodesk sells products and services to a global customer base, including architects, engineers, contractors, product designers, and content creators.

The company's product portfolio includes industry-standard design and modeling applications such as AutoCAD, Revit, Inventor, Fusion 360, Maya and 3ds Max, as well as cloud-based collaboration and project management platforms like BIM 360 and Autodesk Construction Cloud.

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