Corebridge Financial Inc. Cuts Stake in Autodesk, Inc. $ADSK

Key Points

• Corebridge Financial Inc. has decreased its stake in Autodesk by 3.9%, now holding 69,329 shares valued at approximately $18.15 million.
• Institutional investors collectively own 90.24% of Autodesk's stock, indicating strong institutional backing for the company.
• Multiple analysts have recently upgraded their price targets for Autodesk, with Barclays raising it to $355.00 and Wells Fargo to $360.00, reflecting positive sentiment towards the company.

Corebridge Financial Inc. reduced its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 3.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,329 shares of the software company's stock after selling 2,823 shares during the quarter. Corebridge Financial Inc.'s holdings in Autodesk were worth $18,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in shares of Autodesk by 14.5% during the 4th quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock valued at $343,000 after acquiring an additional 147 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Autodesk by 12.1% during the fourth quarter. Integrated Wealth Concepts LLC now owns 5,723 shares of the software company's stock valued at $1,691,000 after purchasing an additional 620 shares during the last quarter. Coldstream Capital Management Inc. lifted its position in Autodesk by 14.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 5,211 shares of the software company's stock valued at $1,540,000 after purchasing an additional 645 shares during the period. Johnson Financial Group Inc. boosted its holdings in Autodesk by 30.2% in the fourth quarter. Johnson Financial Group Inc. now owns 181 shares of the software company's stock worth $56,000 after purchasing an additional 42 shares during the last quarter. Finally, Quarry LP grew its position in Autodesk by 106.3% in the 4th quarter. Quarry LP now owns 229 shares of the software company's stock worth $68,000 after purchasing an additional 118 shares during the period. 90.24% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction 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 completion of 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 9,391 shares of company stock valued at $2,909,885. Corporate insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

ADSK has been the topic of several research analyst reports. Rosenblatt Securities increased their price target on Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a report on Friday. UBS Group increased their target price on Autodesk from $370.00 to $385.00 and gave the company a "buy" rating in a report on Friday. Macquarie boosted their price target on Autodesk from $360.00 to $380.00 and gave the company an "outperform" rating in a research note on Friday. Mizuho upped their price target on shares of Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a research report on Friday. Finally, DA Davidson reissued a "buy" rating and issued a $375.00 price objective on shares of Autodesk in a report on Friday. Seventeen analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $355.22.

Autodesk Price Performance

Shares of ADSK traded up $26.21 during mid-day trading on Friday, reaching $314.70. The stock had a trading volume of 4,903,855 shares, compared to its average volume of 1,620,912. The firm has a market cap of $67.35 billion, a price-to-earnings ratio of 67.39, a PEG ratio of 2.75 and a beta of 1.46. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $326.62. The business has a fifty day moving average of $297.30 and a 200 day moving average of $284.69. 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 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.