OVERSEA CHINESE BANKING Corp Ltd Reduces Stock Position in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd significantly reduced its stake in Autodesk, Inc. by 38.5%, now holding 1,680 shares valued at approximately $453,000.
• Multiple analysts have upgraded Autodesk, with Royal Bank of Canada raising its price target from $313.03 to $345.00 and DA Davidson giving it a "strong-buy" rating.
• Autodesk's stock is currently priced at around $297.02, with a consensus rating of "Moderate Buy" and an average price target of $342.61 among analysts.

OVERSEA CHINESE BANKING Corp Ltd cut its stake in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 38.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,680 shares of the software company's stock after selling 1,050 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Autodesk were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Ninety One UK Ltd lifted 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 buying an additional 667,763 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings 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 during the last quarter. Northern Trust Corp grew its stake in shares of Autodesk by 20.6% in the fourth quarter. Northern Trust Corp now owns 2,462,810 shares of the software company's stock worth $727,933,000 after acquiring an additional 420,838 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Autodesk by 8.7% during the fourth quarter. Invesco Ltd. now owns 2,383,255 shares of the software company's stock valued at $704,419,000 after acquiring an additional 191,666 shares in the last quarter. Institutional investors own 90.24% of the company's stock.

Analyst Upgrades and Downgrades

ADSK has been the subject of a number of recent analyst reports. Stifel Nicolaus increased their target price on Autodesk from $310.00 to $350.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. decreased their price target on Autodesk from $300.00 to $280.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Citigroup raised their price objective on Autodesk from $374.00 to $376.00 and gave the stock a "buy" rating in a report on Tuesday, May 27th. BMO Capital Markets lifted their price objective on shares of Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Finally, Loop Capital assumed coverage on shares of Autodesk in a research note on Monday, July 21st. They issued a "hold" rating and a $320.00 price target on the stock. Seven 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, Autodesk currently has an average rating of "Moderate Buy" and a consensus target price of $342.61.

Insider Activity

In other news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $315.00, for a total value of $1,024,065.00. Following the sale, the executive vice president owned 19,440 shares of the company's stock, valued at approximately $6,123,600. This represents a 14.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 9,391 shares of company stock valued at $2,909,885 over the last quarter. Insiders own 0.15% of the company's stock.

Autodesk Stock Up 2.0%

ADSK traded up $5.98 on Wednesday, hitting $305.18. The company had a trading volume of 1,132,754 shares, compared to its average volume of 1,743,374. The firm has a market capitalization of $65.31 billion, a P/E ratio of 65.35, a P/E/G ratio of 2.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. Autodesk, Inc. has a 52-week low of $232.36 and a 52-week high of $326.62. The stock has a fifty day simple moving average of $300.30 and a 200-day simple moving average of $286.42.

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.