National Bank of Canada FI Trims Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• The National Bank of Canada FI reduced its position in Autodesk, Inc. by 14.7% during the 1st quarter, now holding 171,088 shares valued at approximately $44.8 million.
• Several hedge funds, including Vanguard Group and Ninety One UK, have increased their stakes in Autodesk, with Vanguard owning over 20.7 million shares valued at approximately $5.4 billion.
• Analysts maintain a generally positive outlook for Autodesk, as reflected in recent price target increases from firms like Piper Sandler and BMO Capital Markets, indicating a consensus price target of around $342.61.

National Bank of Canada FI cut its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 14.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 171,088 shares of the software company's stock after selling 29,581 shares during the period. National Bank of Canada FI owned 0.08% of Autodesk worth $44,791,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

ADSK has been the topic of several research reports. Piper Sandler lifted their price target on Autodesk from $357.00 to $361.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. BMO Capital Markets lifted their price target on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Citigroup lifted their price target on Autodesk from $374.00 to $376.00 and gave the company a "buy" rating in a research report on Tuesday, May 27th. Loop Capital initiated coverage on Autodesk in a research note on Monday, July 21st. They set a "hold" rating and a $320.00 price objective for the company. Finally, The Goldman Sachs Group lifted their price objective on Autodesk from $270.00 to $300.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $342.61.

Insider Activity

In other news, EVP Rebecca Pearce sold 3,251 shares of the firm's 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 transaction, the executive vice president directly owned 19,440 shares in the company, valued at $6,123,600. This trade represents a 14.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 9,391 shares of company stock valued at $2,909,885. Company insiders own 0.15% of the company's stock.

Autodesk Stock Performance

ADSK stock opened at $290.68 on Friday. The company has a market cap of $62.21 billion, a P/E ratio of 62.24, a price-to-earnings-growth ratio of 2.80 and a beta of 1.46. Autodesk, Inc. has a 1 year low of $232.67 and a 1 year high of $326.62. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. The stock's fifty day moving average price is $300.24 and its 200-day moving average price is $286.42.

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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