The Manufacturers Life Insurance Company Lowers Stock Holdings in Autodesk, Inc. $ADSK

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Autodesk, Inc. by 4.0%, selling 25,141 shares, thus owning 609,704 shares worth approximately $159.6 million.
• Insiders at Autodesk, including director Ayanna Howard, sold significant amounts of stock recently, with a total of 18,679 shares worth nearly $5.92 million sold in the last ninety days.
• Several hedge funds increased their holdings in Autodesk, contributing to institutional investors owning over 90% of the company's stock as of the latest quarter.

The Manufacturers Life Insurance Company trimmed its holdings in Autodesk, Inc. (NASDAQ:ADSK - Free Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 609,704 shares of the software company's stock after selling 25,141 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.28% of Autodesk worth $159,621,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADSK. SouthState Corp lifted its stake in shares of Autodesk by 500.0% in the 1st quarter. SouthState Corp now owns 96 shares of the software company's stock valued at $25,000 after purchasing an additional 80 shares during the period. Costello Asset Management INC acquired a new position in shares of Autodesk in the 1st quarter valued at about $26,000. Close Asset Management Ltd acquired a new position in shares of Autodesk in the 1st quarter valued at about $27,000. Cheviot Value Management LLC acquired a new position in Autodesk during the 1st quarter worth approximately $27,000. Finally, Investment Management Corp VA ADV acquired a new position in Autodesk during the 4th quarter worth approximately $29,000. 90.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Autodesk news, EVP Rebecca Pearce sold 6,129 shares of the firm's stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 13,311 shares in the company, valued at $4,300,251.66. This trade represents a 31.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Ayanna Howard sold 3,159 shares of Autodesk stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $325.00, for a total transaction of $1,026,675.00. Following the transaction, the director owned 4,393 shares of the company's stock, valued at $1,427,725. The trade was a 41.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,679 shares of company stock valued at $5,916,595 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADSK shares. Bank of America upped their price target on Autodesk from $330.00 to $360.00 and gave the stock a "neutral" rating in a research note on Friday. Oppenheimer boosted their price objective on Autodesk from $350.00 to $375.00 and gave the stock an "outperform" rating in a report on Friday. BMO Capital Markets upped their target price on Autodesk from $324.00 to $333.00 and gave the company a "market perform" rating in a report on Friday, May 23rd. Rosenblatt Securities increased their price objective on Autodesk from $345.00 to $355.00 and gave the company a "buy" rating in a report on Friday. Finally, Wells Fargo & Company increased their price objective on Autodesk from $360.00 to $375.00 and gave the company an "overweight" rating in a report on Friday. Seventeen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Autodesk has a consensus rating of "Moderate Buy" and a consensus price target of $356.83.

Autodesk Trading Up 1.4%

Shares of NASDAQ ADSK traded up $4.46 during trading hours on Tuesday, hitting $319.16. The company's stock had a trading volume of 2,664,386 shares, compared to its average volume of 1,627,203. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.65 and a current ratio of 0.76. The stock has a market cap of $68.30 billion, a price-to-earnings ratio of 66.08, a P/E/G ratio of 3.03 and a beta of 1.49. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $326.62. The business has a 50-day simple moving average of $297.93 and a 200-day simple moving average of $284.66.

Autodesk 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.