Financial Advisors Network Inc. Trims Stake in Autodesk, Inc. $ADSK

Key Points

• Financial Advisors Network Inc. reduced its stake in Autodesk by 93.9%, holding only 1,581 shares after selling 24,501 shares in the first quarter.
• Analysts have increased their target prices for Autodesk, with Goldman Sachs raising it from $270 to $300 and Berenberg Bank elevating it from $325 to $365.
• Approximately 90.24% of Autodesk stock is currently held by hedge funds and institutional investors, indicating strong institutional interest in the company.

Financial Advisors Network Inc. reduced its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 93.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,581 shares of the software company's stock after selling 24,501 shares during the quarter. Financial Advisors Network Inc.'s holdings in Autodesk were worth $414,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Autodesk by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 20,782,919 shares of the software company's stock worth $5,440,968,000 after purchasing an additional 397,458 shares during the period. Ninety One UK Ltd increased its holdings in Autodesk by 1.6% during the 1st quarter. Ninety One UK Ltd now owns 5,146,677 shares of the software company's stock worth $1,347,400,000 after purchasing an additional 79,900 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Autodesk by 28.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,053,750 shares of the software company's stock valued at $902,597,000 after acquiring an additional 667,763 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Autodesk by 4.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,000,268 shares of the software company's stock valued at $785,470,000 after acquiring an additional 124,948 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Autodesk by 20.6% during the 4th quarter. Northern Trust Corp now owns 2,462,810 shares of the software company's stock valued at $727,933,000 after acquiring an additional 420,838 shares in the last quarter. 90.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. The Goldman Sachs Group increased their target price on Autodesk from $270.00 to $300.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Berenberg Bank raised Autodesk from a "hold" rating to a "buy" rating and increased their target price for the company from $325.00 to $365.00 in a research report on Friday, June 27th. Citigroup increased their target price on Autodesk from $374.00 to $376.00 and gave the company a "buy" rating in a research report on Tuesday, May 27th. DA Davidson raised Autodesk to a "strong-buy" rating in a research report on Tuesday, July 22nd. Finally, Robert W. Baird raised their price objective on Autodesk from $303.00 to $335.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $342.61.

Autodesk Stock Performance

Shares of ADSK opened at $286.73 on Monday. The stock has a 50-day moving average of $298.96 and a two-hundred day moving average of $285.62. Autodesk, Inc. has a one year low of $232.67 and a one year high of $326.62. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market cap of $61.36 billion, a P/E ratio of 61.40, a P/E/G ratio of 2.76 and a beta of 1.46.

Insider Activity

In related news, EVP Rebecca Pearce sold 3,251 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the completion of the transaction, the executive vice president owned 19,440 shares of the company's stock, valued at $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 9,391 shares of company stock worth $2,909,885 over the last three months. Company insiders own 0.15% of the company's stock.

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.

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