TD Asset Management Inc Cuts Stock Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Key Points

• TD Asset Management Inc sold 233,424 shares of Autodesk, Inc., reducing its stake by 67.6%, and now holds approximately 0.05% of the company valued at $29.26 million.
• Several other institutional investors, including Ninety One UK Ltd and UBS AM, have increased their holdings in Autodesk, indicating strong interest in the software company's stock.
• Analysts have varying price targets for Autodesk, with a consensus rating of "Moderate Buy" and an average target price of $342.61, reflecting positive outlooks on its performance.

TD Asset Management Inc trimmed its stake in shares of Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 67.6% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 111,758 shares of the software company's stock after selling 233,424 shares during the quarter. TD Asset Management Inc owned about 0.05% of Autodesk worth $29,258,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in shares of Autodesk by 14.5% during the 4th quarter. Brighton Jones LLC now owns 1,162 shares of the software company's stock worth $343,000 after buying an additional 147 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in shares of Autodesk in the fourth quarter valued at about $69,000. Level Four Advisory Services LLC acquired a new stake in shares of Autodesk in the fourth quarter valued at about $240,000. Schroder Investment Management Group increased its stake in shares of Autodesk by 20.7% in the fourth quarter. Schroder Investment Management Group now owns 116,046 shares of the software company's stock valued at $34,300,000 after buying an additional 19,892 shares during the period. Finally, RWA Wealth Partners LLC bought a new stake in shares of Autodesk during the 4th quarter valued at about $211,000. 90.24% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Rebecca Pearce sold 3,251 shares of the firm'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 sale, the executive vice president directly owned 19,440 shares of the company's stock, valued at $6,123,600. This trade represents a 14.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 9,391 shares of company stock worth $2,909,885 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADSK has been the subject of a number of research reports. Barclays raised their price objective on Autodesk from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Berenberg Bank upgraded Autodesk from a "hold" rating to a "buy" rating and boosted their target price for the company from $325.00 to $365.00 in a research note on Friday, June 27th. BMO Capital Markets boosted their target price on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a research note on Friday, May 23rd. Bank of America lifted their price target on Autodesk from $290.00 to $330.00 and gave the company a "neutral" rating in a research report on Friday, May 23rd. Finally, Macquarie restated an "outperform" rating and set a $360.00 target price on shares of Autodesk in a research report on Friday, July 11th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Autodesk has an average rating of "Moderate Buy" and a consensus target price of $342.61.

Autodesk Price Performance

Autodesk stock traded down $7.25 during midday trading on Friday, reaching $295.86. 639,802 shares of the stock traded hands, compared to its average volume of 1,605,137. The stock's fifty day moving average is $300.14 and its 200-day moving average is $286.25. Autodesk, Inc. has a 12 month low of $223.03 and a 12 month high of $326.62. The stock has a market cap of $63.31 billion, a P/E ratio of 63.39, a PEG ratio of 2.96 and a beta of 1.44. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 0.76.

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.