Phraction Management LLC Reduces Stock Position in Autodesk, Inc. $ADSK

Key Points

• Phraction Management LLC has reduced its stake in Autodesk, Inc. by 30.5%, now holding 11,890 shares valued at approximately $3.68 million.
• Several institutional investors have adjusted their positions in Autodesk, with some increasing holdings, although the overall weight of institutional ownership stands at 90.24%.
• Recent insider trading includes significant sales by a director and EVP of Autodesk, indicating a decrease in insider ownership by over 60% for some executives.

Phraction Management LLC decreased its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 30.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,890 shares of the software company's stock after selling 5,218 shares during the quarter. Autodesk accounts for about 1.2% of Phraction Management LLC's holdings, making the stock its 26th biggest position. Phraction Management LLC's holdings in Autodesk were worth $3,681,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Beacon Financial Group grew its holdings in Autodesk by 3.0% in the second quarter. Beacon Financial Group now owns 1,130 shares of the software company's stock valued at $350,000 after purchasing an additional 33 shares during the last quarter. Freedom Investment Management Inc. boosted its position in shares of Autodesk by 2.4% in the 1st quarter. Freedom Investment Management Inc. now owns 1,473 shares of the software company's stock worth $386,000 after buying an additional 34 shares in the last quarter. Financial Network Wealth Advisors LLC grew its stake in Autodesk by 34.9% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 143 shares of the software company's stock valued at $37,000 after acquiring an additional 37 shares during the last quarter. Oregon Pacific Wealth Management LLC grew its stake in Autodesk by 4.0% in the 1st quarter. Oregon Pacific Wealth Management LLC now owns 999 shares of the software company's stock valued at $262,000 after acquiring an additional 38 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC increased its holdings in Autodesk by 30.1% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 177 shares of the software company's stock valued at $46,000 after acquiring an additional 41 shares in the last quarter. Institutional investors and hedge funds own 90.24% of the company's stock.

Insider Buying and Selling at Autodesk

In related news, Director Ayanna Howard sold 917 shares of the company's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $325.00, for a total transaction of $298,025.00. Following the completion of the sale, the director directly owned 3,476 shares of the company's stock, valued at approximately $1,129,700. This represents a 20.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Steven M. Blum sold 22,420 shares of the stock in a transaction on Friday, September 5th. The shares were 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 owned 13,099 shares of the company's stock, valued at approximately $4,240,801.25. This represents a 63.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,386 shares of company stock valued at $11,433,201 in the last ninety days. Corporate insiders own 0.15% of the company's stock.

Autodesk Stock Performance

Autodesk stock opened at $320.91 on Friday. The company has a market cap of $68.35 billion, a price-to-earnings ratio of 66.44, a price-to-earnings-growth ratio of 2.80 and a beta of 1.49. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $329.09. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76. The stock's 50-day moving average is $307.06 and its 200-day moving average is $292.28.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on ADSK shares. Mizuho raised their price objective on shares of Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Bank of America increased their target price on Autodesk from $330.00 to $360.00 and gave the company a "neutral" rating in a report on Friday, August 29th. Barclays raised their price target on Autodesk from $355.00 to $385.00 and gave the stock an "overweight" rating in a research report on Friday, August 29th. HSBC set a $343.00 price target on Autodesk and gave the stock a "buy" rating in a report on Wednesday. Finally, Berenberg Bank set a $370.00 price objective on Autodesk in a research report on Monday, September 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $359.13.

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.

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