AE Wealth Management LLC Trims Stock Position in Autodesk, Inc. (NASDAQ:ADSK)

Posted by on Apr 19th, 2023

AE Wealth Management LLC reduced its stake in shares of Autodesk, Inc. (NASDAQ:ADSK – Get Rating) by 13.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,719 shares of the software company’s stock after selling 2,805 shares during the quarter. AE Wealth Management LLC’s holdings in Autodesk were worth $3,311,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Autodesk by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 18,179,584 shares of the software company’s stock valued at $3,395,946,000 after purchasing an additional 208,141 shares during the period. State Street Corp increased its position in Autodesk by 0.6% during the 3rd quarter. State Street Corp now owns 8,476,721 shares of the software company’s stock valued at $1,583,451,000 after purchasing an additional 52,315 shares during the period. Brown Advisory Inc. increased its position in Autodesk by 2.8% during the 3rd quarter. Brown Advisory Inc. now owns 4,952,997 shares of the software company’s stock valued at $925,219,000 after purchasing an additional 133,780 shares during the period. Northern Trust Corp increased its position in Autodesk by 1.7% during the 1st quarter. Northern Trust Corp now owns 2,835,207 shares of the software company’s stock valued at $607,727,000 after purchasing an additional 47,952 shares during the period. Finally, Pictet Asset Management SA increased its position in Autodesk by 1.6% during the 3rd quarter. Pictet Asset Management SA now owns 2,262,629 shares of the software company’s stock valued at $422,518,000 after purchasing an additional 34,826 shares during the period. 87.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Autodesk from $203.00 to $175.00 and set a “neutral” rating on the stock in a research report on Monday, February 27th. TheStreet raised shares of Autodesk from a “c+” rating to a “b” rating in a research report on Thursday, February 23rd. KeyCorp upped their target price on shares of Autodesk from $237.00 to $244.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 15th. Argus reduced their target price on shares of Autodesk from $290.00 to $265.00 and set a “buy” rating on the stock in a research report on Wednesday, March 1st. Finally, Piper Sandler upped their target price on shares of Autodesk from $236.00 to $244.00 and gave the stock an “overweight” rating in a research report on Friday, February 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Autodesk has a consensus rating of “Moderate Buy” and a consensus target price of $232.40.

Insider Transactions at Autodesk

In other news, CAO Stephen W. Hope sold 2,457 shares of the stock in a transaction that occurred on Tuesday, March 28th. The shares were sold at an average price of $196.75, for a total value of $483,414.75. Following the transaction, the chief accounting officer now owns 1,554 shares in the company, valued at approximately $305,749.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Stephen W. Hope sold 2,457 shares of the stock in a transaction that occurred on Tuesday, March 28th. The shares were sold at an average price of $196.75, for a total value of $483,414.75. Following the transaction, the chief accounting officer now owns 1,554 shares in the company, valued at approximately $305,749.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Betsy Rafael sold 309 shares of the stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $199.48, for a total transaction of $61,639.32. Following the completion of the transaction, the director now owns 4,815 shares in the company, valued at approximately $960,496.20. The disclosure for this sale can be found here. Insiders have sold 11,690 shares of company stock worth $2,328,852 in the last quarter. Company insiders own 0.11% of the company’s stock.

Autodesk Price Performance

ADSK opened at $197.45 on Wednesday. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.84 and a current ratio of 0.84. The stock has a market capitalization of $42.41 billion, a P/E ratio of 52.24, a P/E/G ratio of 1.80 and a beta of 1.53. The company’s 50-day simple moving average is $205.08 and its two-hundred day simple moving average is $202.67. Autodesk, Inc. has a 52-week low of $163.20 and a 52-week high of $235.01.

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

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.

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Institutional Ownership by Quarter for Autodesk (NASDAQ:ADSK)

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