First Hawaiian Bank Cuts Stock Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Posted by Defense World Staff on Mar 22nd, 2023

First Hawaiian Bank trimmed its position in shares of Autodesk, Inc. (NASDAQ:ADSK – Get Rating) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,797 shares of the software company’s stock after selling 326 shares during the quarter. First Hawaiian Bank’s holdings in Autodesk were worth $1,830,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. TD Capital Management LLC purchased a new position in shares of Autodesk during the 3rd quarter valued at approximately $30,000. First Manhattan Co. increased its holdings in shares of Autodesk by 342.9% during the 1st quarter. First Manhattan Co. now owns 155 shares of the software company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. Riverview Trust Co increased its holdings in Autodesk by 189.2% in the 3rd quarter. Riverview Trust Co now owns 188 shares of the software company’s stock worth $35,000 after acquiring an additional 123 shares in the last quarter. Worth Asset Management LLC purchased a new stake in Autodesk in the 1st quarter worth $36,000. Finally, SRS Capital Advisors Inc. increased its holdings in Autodesk by 346.9% in the 2nd quarter. SRS Capital Advisors Inc. now owns 219 shares of the software company’s stock worth $38,000 after acquiring an additional 170 shares in the last quarter. 87.89% of the stock is owned by hedge funds and other institutional investors.

Autodesk Trading Up 3.4 %

NASDAQ ADSK opened at $207.15 on Wednesday. The firm’s 50-day moving average is $209.06 and its two-hundred day moving average is $202.42. Autodesk, Inc. has a 12 month low of $163.20 and a 12 month high of $235.01. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.84 and a quick ratio of 0.84. The stock has a market capitalization of $44.49 billion, a P/E ratio of 54.80, a PEG ratio of 1.84 and a beta of 1.51.

Autodesk (NASDAQ:ADSK – Get Rating) last posted its earnings results on Thursday, February 23rd. The software company reported $1.86 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.05. Autodesk had a net margin of 16.44% and a return on equity of 105.43%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. Autodesk’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Autodesk, Inc. will post 4.49 earnings per share for the current year.

Autodesk announced that its Board of Directors has initiated a share buyback program on Tuesday, November 22nd that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 11.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Autodesk

In other Autodesk news, Director Ayanna Howard sold 328 shares of the company’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $230.00, for a total value of $75,440.00. Following the transaction, the director now owns 3,862 shares of the company’s stock, valued at $888,260. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Autodesk news, Director Ayanna Howard sold 328 shares of the business’s stock in a transaction dated Thursday, February 2nd. The shares were sold at an average price of $230.00, for a total transaction of $75,440.00. Following the sale, the director now directly owns 3,862 shares in the company, valued at $888,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Deborah Clifford sold 1,557 shares of the business’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $205.71, for a total transaction of $320,290.47. Following the sale, 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 3,307 shares of company stock valued at $669,107 over the last 90 days. 0.11% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADSK has been the subject of several recent analyst reports. Robert W. Baird cut their price target on shares of Autodesk from $255.00 to $247.00 in a report on Friday, February 24th. KeyCorp boosted their price target on shares of Autodesk from $237.00 to $244.00 and gave the stock an “overweight” rating in a report on Wednesday, February 15th. StockNews.com initiated coverage on shares of Autodesk in a report on Thursday, March 16th. They issued a “buy” rating for the company. Mizuho boosted their price target on shares of Autodesk from $200.00 to $220.00 and gave the stock a “neutral” rating in a report on Wednesday, February 15th. Finally, Royal Bank of Canada upped their target price on shares of Autodesk from $225.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, February 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $232.40.

About Autodesk

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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.