Foundations Investment Advisors LLC Lowers Position in Autodesk, Inc. (NASDAQ:ADSK)

Posted by Defense World Staff on Mar 21st, 2023

Foundations Investment Advisors LLC cut its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK – Get Rating) by 44.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,528 shares of the software company’s stock after selling 1,219 shares during the quarter. Foundations Investment Advisors LLC’s holdings in Autodesk were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ADSK. Acadian Asset Management LLC grew its holdings in shares of Autodesk by 351.2% during the 1st quarter. Acadian Asset Management LLC now owns 3,623 shares of the software company’s stock worth $775,000 after purchasing an additional 2,820 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of Autodesk by 71.7% during the 1st quarter. Panagora Asset Management Inc. now owns 4,479 shares of the software company’s stock worth $960,000 after purchasing an additional 1,871 shares during the period. Cetera Investment Advisers grew its holdings in shares of Autodesk by 3.6% during the 1st quarter. Cetera Investment Advisers now owns 4,691 shares of the software company’s stock worth $1,006,000 after purchasing an additional 164 shares during the period. Moors & Cabot Inc. purchased a new position in Autodesk during the 1st quarter valued at about $218,000. Finally, Dakota Wealth Management boosted its holdings in Autodesk by 18.0% during the 1st quarter. Dakota Wealth Management now owns 1,915 shares of the software company’s stock valued at $411,000 after acquiring an additional 292 shares during the period. 87.89% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Autodesk news, CFO Deborah Clifford sold 1,557 shares of Autodesk stock in a transaction that occurred on Thursday, March 9th. The stock was sold at an average price of $205.71, for a total transaction of $320,290.47. Following the transaction, the chief financial officer now owns 19,609 shares of the company’s stock, valued at $4,033,767.39. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Autodesk news, Director Ayanna Howard sold 410 shares of Autodesk stock in a transaction that occurred on Wednesday, December 28th. The stock was sold at an average price of $184.49, for a total value of $75,640.90. Following the transaction, the director now directly owns 4,600 shares in the company, valued at approximately $848,654. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Deborah Clifford sold 1,557 shares of Autodesk stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $205.71, for a total value of $320,290.47. Following the completion of the transaction, the chief financial officer now owns 19,609 shares in the company, valued at $4,033,767.39. The disclosure for this sale can be found here. Insiders have sold a total of 3,717 shares of company stock valued at $746,462 over the last quarter. Company insiders own 0.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ADSK shares. JPMorgan Chase & Co. lowered their target price on Autodesk from $203.00 to $175.00 and set a “neutral” rating for the company in a report on Monday, February 27th. StockNews.com started coverage on Autodesk in a report on Thursday, March 16th. They set a “buy” rating for the company. Argus lowered their target price on Autodesk from $290.00 to $265.00 and set a “buy” rating for the company in a report on Wednesday, March 1st. Mizuho raised their target price on Autodesk from $200.00 to $220.00 and gave the company a “neutral” rating in a report on Wednesday, February 15th. Finally, Oppenheimer lowered their target price on Autodesk from $255.00 to $220.00 and set an “outperform” rating for the company in a report on Wednesday, November 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Autodesk has a consensus rating of “Moderate Buy” and an average price target of $232.40.

Autodesk Price Performance

Shares of NASDAQ ADSK opened at $200.42 on Tuesday. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.73 and a current ratio of 0.84. Autodesk, Inc. has a fifty-two week low of $163.20 and a fifty-two week high of $235.01. The firm has a market capitalization of $43.05 billion, a PE ratio of 53.02, a price-to-earnings-growth ratio of 1.84 and a beta of 1.51. The stock’s 50-day simple moving average is $208.79 and its 200-day simple moving average is $202.36.

Autodesk (NASDAQ:ADSK – Get Rating) last issued its earnings results on Thursday, February 23rd. The software company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.05. Autodesk had a return on equity of 105.43% and a net margin of 16.44%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the company earned $0.98 EPS. The business’s quarterly revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts forecast that Autodesk, Inc. will post 4.49 EPS for the current fiscal year.

Autodesk declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 22nd that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 11.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Autodesk Profile

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Autodesk, Inc engages in the design of software and services. Its products include AutoCAD, BIM 360, Civil 3D, Fusion 360, InfraWorks, Inventor, Maya, PlanGrid, Revit, Shotgun, and 3ds Max. The firm also offers product development and manufacturing software, which provides manufacturers in the automotive, transportation, industrial machinery, consumer products, and building product industries with comprehensive digital design, engineering, and production solutions.