Exchange Traded Concepts LLC Reduces Position in Autodesk, Inc. $ADSK

Key Points

• Exchange Traded Concepts LLC has reduced its stake in Autodesk, Inc. by 18.1% in the second quarter, now holding 79,631 shares valued at approximately $24.65 million.
• Several other hedge funds have also adjusted their positions, with 90.24% of Autodesk’s stock being owned by institutional investors.
• Analysts have recently raised their price targets for Autodesk, with Macquarie and Royal Bank of Canada increasing theirs to $380.00, both rating the stock as "outperform."

Exchange Traded Concepts LLC lessened its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 18.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,631 shares of the software company's stock after selling 17,631 shares during the quarter. Exchange Traded Concepts LLC's holdings in Autodesk were worth $24,651,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Cheviot Value Management LLC acquired a new stake in Autodesk in the 1st quarter valued at $27,000. SouthState Corp lifted its stake in Autodesk by 500.0% during the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after acquiring an additional 80 shares in the last quarter. Investment Management Corp VA ADV bought a new position in Autodesk during the 4th quarter valued at $29,000. Livelsberger Financial Advisory bought a new position in Autodesk during the 2nd quarter valued at $31,000. Finally, Costello Asset Management INC bought a new position in Autodesk during the 1st quarter valued at $26,000. Institutional investors own 90.24% of the company's stock.

Autodesk Trading Up 1.0%

Shares of Autodesk stock traded up $3.08 during midday trading on Monday, reaching $325.75. 367,864 shares of the company's stock traded hands, compared to its average volume of 1,620,085. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $69.38 billion, a PE ratio of 67.46, a price-to-earnings-growth ratio of 2.86 and a beta of 1.49. The stock has a 50 day moving average of $302.39 and a 200-day moving average of $288.54. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $329.09.

Analyst Upgrades and Downgrades

ADSK has been the topic of several recent analyst reports. DA Davidson restated a "buy" rating and set a $375.00 price objective on shares of Autodesk in a research note on Friday, August 29th. Morgan Stanley boosted their price objective on Autodesk from $370.00 to $385.00 and gave the company an "overweight" rating in a research note on Sunday, August 31st. Wells Fargo & Company lifted their target price on Autodesk from $360.00 to $375.00 and gave the company an "overweight" rating in a report on Friday, August 29th. Mizuho lifted their target price on Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a report on Friday, August 29th. Finally, Royal Bank Of Canada upped their target price on shares of Autodesk from $345.00 to $380.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $356.83.

Insider Transactions at Autodesk

In other Autodesk news, Director Ayanna Howard sold 3,159 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $325.00, for a total value of $1,026,675.00. Following the completion of the transaction, the director owned 4,393 shares in the company, valued at approximately $1,427,725. This represents a 41.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ruth Ann Keene sold 2,761 shares of the stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $315.10, for a total value of $869,991.10. Following the completion of the transaction, the executive vice president owned 80,255 shares of the company's stock, valued at approximately $25,288,350.50. This trade represents a 3.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,374 shares of company stock worth $13,899,261 in the last ninety days. 0.15% of the stock is owned by company insiders.

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.