Synovus Financial Corp Has $1.64 Million Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• Synovus Financial Corp has cut its stake in Autodesk, Inc. by 52.2% during the 1st quarter, reducing its holdings to 6,281 shares valued at approximately $1.64 million.
• Despite Synovus's reduction, other investors like Spire Wealth Management and Wealth Enhancement Advisory Services LLC have increased their stakes in Autodesk, indicating mixed investor sentiment.
• Wall Street analysts generally maintain a positive outlook on Autodesk, with a consensus target price of $343.04 and most ratings falling within the "Buy" category.

Synovus Financial Corp lowered its position in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 52.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,281 shares of the software company's stock after selling 6,858 shares during the period. Synovus Financial Corp's holdings in Autodesk were worth $1,644,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ADSK. Cheviot Value Management LLC bought a new stake in Autodesk during the first quarter worth approximately $27,000. SouthState Corp boosted 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 purchasing an additional 80 shares during the period. Investment Management Corp VA ADV bought a new stake in Autodesk during the fourth quarter worth approximately $29,000. Costello Asset Management INC bought a new stake in Autodesk during the first quarter worth approximately $26,000. Finally, Close Asset Management Ltd bought a new stake in Autodesk during the first quarter worth approximately $27,000. Institutional investors and hedge funds own 90.24% of the company's stock.

Autodesk Stock Performance

Shares of NASDAQ ADSK traded up $26.21 during trading hours on Friday, reaching $314.70. The stock had a trading volume of 4,903,855 shares, compared to its average volume of 1,520,188. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.65 and a quick ratio of 0.65. The business's fifty day moving average is $297.65 and its two-hundred day moving average is $284.80. Autodesk, Inc. has a twelve month low of $232.67 and a twelve month high of $326.62. The company has a market cap of $67.35 billion, a price-to-earnings ratio of 65.16, a PEG ratio of 2.78 and a beta of 1.46.

Insider Buying and Selling at Autodesk

In other Autodesk news, EVP Rebecca Pearce sold 6,129 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $323.06, for a total transaction of $1,980,034.74. Following the completion of the transaction, the executive vice president directly owned 13,311 shares in the company, valued at $4,300,251.66. This represents a 31.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ayanna Howard sold 3,159 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $325.00, for a total value of $1,026,675.00. Following the transaction, the director owned 4,393 shares of the company's stock, valued at $1,427,725. This represents a 41.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,679 shares of company stock valued at $5,916,595 over the last quarter. Corporate insiders own 0.15% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. UBS Group upped their target price on Autodesk from $370.00 to $385.00 and gave the stock a "buy" rating in a research report on Friday. Piper Sandler increased their price objective on Autodesk from $361.00 to $373.00 and gave the company an "overweight" rating in a research report on Friday. The Goldman Sachs Group increased their price objective on Autodesk from $270.00 to $300.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. DA Davidson reissued a "buy" rating and issued a $375.00 price objective on shares of Autodesk in a research report on Friday. Finally, Morgan Stanley reissued an "overweight" rating and issued a $370.00 price objective (up from $330.00) on shares of Autodesk in a research report on Friday, May 23rd. Seventeen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Autodesk presently has a consensus rating of "Moderate Buy" and an average price target of $355.22.

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.