Procyon Advisors LLC Sells 21,029 Shares of Autodesk, Inc. $ADSK

Key Points

• Procyon Advisors LLC significantly reduced its stake in Autodesk by 84.3%, selling 21,029 shares and retaining just 3,925 shares worth approximately $1.2 million.
• Shares of Autodesk opened at $319.28, and analysts have set price targets ranging from $300 to $385, with an average rating of "Moderate Buy."
• Insider trading activity included EVP Rebecca Pearce selling 6,129 shares and Director Ayanna Howard selling 3,159 shares, indicating notable movement within the company's management.

Procyon Advisors LLC lessened its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 84.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,925 shares of the software company's stock after selling 21,029 shares during the period. Procyon Advisors LLC's holdings in Autodesk were worth $1,215,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ADSK. Vanguard Group Inc. increased its stake in Autodesk by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 20,782,919 shares of the software company's stock worth $5,440,968,000 after purchasing an additional 397,458 shares in the last quarter. Ninety One UK Ltd increased its stake 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 increased its stake in Autodesk by 13.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,454,264 shares of the software company's stock worth $904,326,000 after purchasing an additional 400,514 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Autodesk by 44.1% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,318,319 shares of the software company's stock worth $868,736,000 after purchasing an additional 1,016,187 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Autodesk by 4.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,000,268 shares of the software company's stock worth $785,470,000 after purchasing an additional 124,948 shares in the last quarter. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADSK has been the subject of a number of research reports. DA Davidson reissued a "buy" rating and set a $375.00 target price on shares of Autodesk in a research note on Friday, August 29th. UBS Group upped their price target on Autodesk from $370.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday, August 29th. Robert W. Baird upped their price target on Autodesk from $345.00 to $363.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Mizuho upped their price target on Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a research report on Friday, August 29th. Finally, Loop Capital started coverage on Autodesk in a research report on Monday, July 21st. They set a "hold" rating and a $320.00 price target for the company. Seventeen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $356.83.

Insider Activity at Autodesk

In other news, EVP Rebecca Pearce sold 6,129 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $323.06, for a total value of $1,980,034.74. Following the sale, the executive vice president directly owned 13,311 shares in the company, valued at approximately $4,300,251.66. This trade represents a 31.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Steven M. Blum sold 22,420 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $323.75, for a total transaction of $7,258,475.00. Following the completion of the transaction, the executive vice president owned 13,099 shares of the company's stock, valued at approximately $4,240,801.25. This trade represents a 63.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,374 shares of company stock valued at $13,899,261. 0.15% of the stock is currently owned by company insiders.

Autodesk Price Performance

Shares of ADSK traded down $0.37 during mid-day trading on Friday, reaching $322.67. The company had a trading volume of 3,364,367 shares, compared to its average volume of 1,756,348. The company's 50 day simple moving average is $302.39 and its 200 day simple moving average is $288.35. Autodesk, Inc. has a 1-year low of $232.67 and a 1-year high of $329.09. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market capitalization of $68.73 billion, a price-to-earnings ratio of 66.81, a P/E/G ratio of 2.86 and a beta of 1.49.

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.