Stoneridge Investment Partners LLC Sells 5,285 Shares of Autodesk, Inc. $ADSK

Key Points

• Stoneridge Investment Partners LLC has reduced its stake in Autodesk, Inc. by 45.8%, selling 5,285 shares and holding 6,255 shares at the end of the first quarter.
• Multiple institutional investors are engaging with Autodesk, with Cheviot Value Management LLC and SouthState Corp notably increasing their stakes in the first quarter.
• Wall Street analysts are optimistic about Autodesk's future, with target prices from analysts like Barclays and BMO Capital Markets suggesting significant potential growth for the stock.

Stoneridge Investment Partners LLC lowered its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 45.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,255 shares of the software company's stock after selling 5,285 shares during the quarter. Autodesk makes up approximately 1.4% of Stoneridge Investment Partners LLC's portfolio, making the stock its 25th biggest position. Stoneridge Investment Partners LLC's holdings in Autodesk were worth $1,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cheviot Value Management LLC purchased a new stake in Autodesk in the first quarter worth approximately $27,000. SouthState Corp boosted its stake in Autodesk by 500.0% in the first quarter. SouthState Corp now owns 96 shares of the software company's stock worth $25,000 after buying an additional 80 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in Autodesk in the fourth quarter worth approximately $29,000. Costello Asset Management INC purchased a new stake in Autodesk in the first quarter worth approximately $26,000. Finally, Close Asset Management Ltd purchased a new stake in Autodesk in the first quarter worth approximately $27,000. Hedge funds and other institutional investors own 90.24% of the company's stock.

Autodesk Price Performance

ADSK opened at $289.24 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65. Autodesk, Inc. has a 52-week low of $232.67 and a 52-week high of $326.62. The stock has a market capitalization of $61.90 billion, a PE ratio of 61.94, a price-to-earnings-growth ratio of 2.79 and a beta of 1.46. The stock's 50 day moving average price is $298.64 and its 200-day moving average price is $285.50.

Insider Activity

In other 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 transaction of $1,024,065.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 9,391 shares of company stock worth $2,909,885 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ADSK shares. Barclays upped their target price on Autodesk from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. BMO Capital Markets boosted their price objective on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research report on Friday, May 23rd. Rosenblatt Securities reiterated a "buy" rating and issued a $340.00 price objective on shares of Autodesk in a research report on Tuesday, May 20th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $345.00 price objective (up previously from $313.0345) on shares of Autodesk in a research report on Friday, May 23rd. Finally, Stifel Nicolaus boosted their price objective on Autodesk from $310.00 to $350.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $342.61.

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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