Neuberger Berman Group LLC Reduces Stock Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Neuberger Berman Group LLC reduced its position in Autodesk, Inc. by 3.3%, owning 110,005 shares valued at approximately $28.8 million as of the latest SEC filing.
• Autodesk has seen recent analyst upgrades, with KeyCorp and Citigroup both raising price targets significantly, indicating a positive outlook for the stock.
• Insider transactions have occurred, including EVP Rebecca Pearce selling 3,251 shares, reflecting a 14.33% decrease in her ownership of Autodesk stock.

Neuberger Berman Group LLC decreased its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,005 shares of the software company's stock after selling 3,759 shares during the quarter. Neuberger Berman Group LLC owned 0.05% of Autodesk worth $28,799,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADSK. SouthState Corp increased its stake in Autodesk by 500.0% in the first quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after purchasing an additional 80 shares during the last quarter. Costello Asset Management INC purchased a new position in Autodesk in the first quarter valued at approximately $26,000. Close Asset Management Ltd purchased a new position in Autodesk in the first quarter valued at approximately $27,000. Cheviot Value Management LLC purchased a new position in Autodesk in the first quarter valued at approximately $27,000. Finally, Investment Management Corp VA ADV purchased a new position in Autodesk in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 90.24% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADSK. KeyCorp restated an "overweight" rating and set a $350.00 target price (up from $323.00) on shares of Autodesk in a research report on Friday, May 23rd. DA Davidson upgraded shares of Autodesk to a "strong-buy" rating in a research report on Tuesday, July 22nd. The Goldman Sachs Group raised their target price on shares of Autodesk from $270.00 to $300.00 and gave the stock a "neutral" rating in a research report on Friday, May 23rd. Citigroup raised their target price on shares of Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a research report on Tuesday, May 27th. Finally, Oppenheimer restated an "outperform" rating and set a $350.00 target price (up from $300.00) on shares of Autodesk in a research report on Friday, May 23rd. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock 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 Autodesk stock in a transaction on Thursday, July 3rd. The stock was 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. The trade was a 14.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 9,391 shares of company stock worth $2,909,885. Insiders own 0.15% of the company's stock.

Autodesk Price Performance

Shares of NASDAQ:ADSK traded up $2.98 during midday trading on Friday, hitting $286.73. 1,149,378 shares of the stock were exchanged, compared to its average volume of 1,432,251. The stock has a market cap of $61.36 billion, a P/E ratio of 61.40, a PEG ratio of 2.73 and a beta of 1.46. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a twelve month low of $232.67 and a twelve month high of $326.62. The company has a 50 day moving average price of $298.96 and a 200-day moving average price of $285.92.

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.