Polen Capital Management LLC Cuts Stake in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• Polen Capital Management LLC reduced its stake in Autodesk, Inc. by 52.6%, holding 2,455 shares worth approximately $643,000 following the sale of 2,719 shares in the first quarter.
• Several institutional investors have increased their positions in Autodesk, with 90.24% of the company's stock now owned by hedge funds and institutions.
• Analysts have set new target prices for Autodesk shares, with Oppenheimer raising its target to $350.00 and Barclays to $355.00, reflecting strong bullish sentiment in the market.

Polen Capital Management LLC lowered its position in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 52.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,455 shares of the software company's stock after selling 2,719 shares during the period. Polen Capital Management LLC's holdings in Autodesk were worth $643,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Oregon Pacific Wealth Management LLC increased its stake in shares of Autodesk by 4.0% during the first quarter. Oregon Pacific Wealth Management LLC now owns 999 shares of the software company's stock valued at $262,000 after buying an additional 38 shares during the period. GPS Wealth Strategies Group LLC increased its stake in shares of Autodesk by 30.1% during the first quarter. GPS Wealth Strategies Group LLC now owns 177 shares of the software company's stock valued at $46,000 after buying an additional 41 shares during the period. Johnson Financial Group Inc. increased its stake in shares of Autodesk by 30.2% during the fourth quarter. Johnson Financial Group Inc. now owns 181 shares of the software company's stock valued at $56,000 after buying an additional 42 shares during the period. Sky Investment Group LLC grew its stake in Autodesk by 0.5% in the first quarter. Sky Investment Group LLC now owns 8,338 shares of the software company's stock valued at $2,183,000 after purchasing an additional 42 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its stake in Autodesk by 3.9% in the first quarter. Cullen Frost Bankers Inc. now owns 1,123 shares of the software company's stock valued at $294,000 after purchasing an additional 42 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company's stock.

Insider Transactions at Autodesk

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 19,440 shares of the company's stock, valued at approximately $6,123,600. The trade was 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 three months. Insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

ADSK has been the topic of several analyst reports. Oppenheimer reiterated an "outperform" rating and issued a $350.00 target price (up previously from $300.00) on shares of Autodesk in a research note on Friday, May 23rd. Barclays lifted their target price on Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. DA Davidson upgraded Autodesk to a "strong-buy" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reiterated an "outperform" rating and issued a $345.00 target price (up previously from $313.03) on shares of Autodesk in a research note on Friday, May 23rd. Finally, Berenberg Bank upgraded Autodesk from a "hold" rating to a "buy" rating and lifted their target price for the company from $325.00 to $365.00 in a research note on Friday, June 27th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $342.61.

Autodesk Trading Down 0.8%

Autodesk stock opened at $290.68 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76. Autodesk, Inc. has a 52 week low of $232.67 and a 52 week high of $326.62. The company has a market capitalization of $62.21 billion, a price-to-earnings ratio of 62.24, a price-to-earnings-growth ratio of 2.80 and a beta of 1.46. The stock has a 50-day moving average price of $300.24 and a 200 day moving average price of $286.42.

Autodesk Company 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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