Autodesk, Inc. $ADSK Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC reduced its holdings in Autodesk, Inc. by 9.1%, selling 1,105 shares and maintaining an ownership of 11,065 shares valued at approximately $2.9 million.
• Various institutional investors have increased their stakes in Autodesk, including SouthState Corp, which raised its stake by 500%, now owning 96 shares worth $25,000.
• Autodesk's stock has seen price target increases from leading analysts, with Wells Fargo and Barclays both setting a new price target of $375 and $385, respectively, reflecting a growing optimism about the company's performance.

NewEdge Advisors LLC lessened its stake in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 9.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,065 shares of the software company's stock after selling 1,105 shares during the period. NewEdge Advisors LLC's holdings in Autodesk were worth $2,897,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cheviot Value Management LLC purchased a new stake in Autodesk in the 1st quarter worth approximately $27,000. SouthState Corp lifted its position in shares of 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 buying an additional 80 shares in the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Autodesk during the 4th quarter valued at approximately $29,000. Costello Asset Management INC purchased a new position in shares of Autodesk during the 1st quarter valued at approximately $26,000. Finally, Close Asset Management Ltd purchased a new position in shares of Autodesk during the 1st quarter valued at approximately $27,000. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insider Buying and Selling

In other Autodesk news, EVP Steven M. Blum sold 22,420 shares of the firm's stock in a transaction on Friday, September 5th. The stock was sold at an average price of $323.75, for a total value of $7,258,475.00. Following the completion of the sale, the executive vice president directly owned 13,099 shares of the company's stock, valued at $4,240,801.25. This trade represents a 63.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Rebecca Pearce sold 6,129 shares of the firm's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $323.06, for a total value of $1,980,034.74. Following the completion of the sale, the executive vice president directly owned 13,311 shares of the company's stock, valued at $4,300,251.66. This trade represents a 31.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,860 shares of company stock valued at $14,045,061 over the last 90 days. Insiders own 0.15% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wells Fargo & Company increased their target price on Autodesk from $360.00 to $375.00 and gave the company an "overweight" rating in a research report on Friday, August 29th. Rosenblatt Securities increased their target price on Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a research report on Friday, August 29th. BMO Capital Markets increased their target price on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Oppenheimer increased their target price on Autodesk from $350.00 to $375.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, Loop Capital initiated coverage on Autodesk in a research report on Monday, July 21st. They set a "hold" rating and a $320.00 target price on the stock. Seventeen equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Autodesk currently has a consensus rating of "Moderate Buy" and an average price target of $356.83.

Autodesk Price Performance

ADSK traded down $5.47 on Friday, reaching $319.05. 1,077,474 shares of the company's stock were exchanged, compared to its average volume of 1,685,043. The stock has a market cap of $67.96 billion, a PE ratio of 66.06, a P/E/G ratio of 2.88 and a beta of 1.49. Autodesk, Inc. has a twelve month low of $232.67 and a twelve month high of $329.09. The stock's fifty day moving average price is $300.38 and its 200-day moving average price is $286.67. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76.

About Autodesk

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.