State of New Jersey Common Pension Fund D Cuts Stock Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Autodesk, Inc. (ADSK) by 6.8%, now owning 71,875 shares valued at approximately $18.8 million.
• Analysts from firms such as Robert W. Baird and Barclays have increased their price targets for Autodesk, with the consensus target now at $342.61 and a majority of ratings indicating a buy or outperform.
• Insider transactions indicate that Autodesk executives, including EVP Rebecca Pearce, have sold significant shares recently, representing a 14.33% decrease in ownership for Pearce after selling over 3,200 shares.

State of New Jersey Common Pension Fund D reduced its stake in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 6.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,875 shares of the software company's stock after selling 5,271 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Autodesk were worth $18,817,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cheviot Value Management LLC acquired a new position in Autodesk during the first quarter worth about $27,000. SouthState Corp grew its position in Autodesk by 500.0% during the first quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after buying an additional 80 shares during the period. Investment Management Corp VA ADV acquired a new position in Autodesk during the fourth quarter worth about $29,000. Costello Asset Management INC acquired a new position in Autodesk during the first quarter worth about $26,000. Finally, Close Asset Management Ltd acquired a new position in Autodesk during the first quarter worth about $27,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Autodesk Stock Performance

NASDAQ:ADSK opened at $286.73 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. The company has a market cap of $61.36 billion, a P/E ratio of 61.40, a P/E/G ratio of 2.73 and a beta of 1.46. Autodesk, Inc. has a fifty-two week low of $232.67 and a fifty-two week high of $326.62. The firm's 50 day moving average is $298.96 and its two-hundred day moving average is $285.92.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on ADSK shares. Robert W. Baird upped their target price on shares of Autodesk from $303.00 to $335.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. BMO Capital Markets increased their price target 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. Barclays increased their price target on shares of Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and issued a $340.00 price target on shares of Autodesk in a research report on Tuesday, May 20th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $370.00 price target (up from $330.00) on shares of Autodesk in a research report on Friday, May 23rd. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $342.61.

Insiders Place Their Bets

In other Autodesk news, EVP Rebecca Pearce sold 3,251 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $315.00, for a total transaction of $1,024,065.00. Following the transaction, the executive vice president owned 19,440 shares of the company's stock, valued at $6,123,600. This trade represents a 14.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 9,391 shares of company stock worth $2,909,885 over the last quarter. Company insiders own 0.15% of the company's stock.

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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