Meritage Portfolio Management Lowers Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Meritage Portfolio Management reduced its position in shares of Autodesk, Inc. (NASDAQ:ADSK) by 0.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,179 shares of the software company’s stock after selling 327 shares during the period. Meritage Portfolio Management’s holdings in Autodesk were worth $9,416,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADSK. TD Asset Management Inc increased its stake in Autodesk by 13.0% in the 1st quarter. TD Asset Management Inc now owns 434,407 shares of the software company’s stock worth $113,128,000 after acquiring an additional 50,027 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Autodesk by 163.4% during the 1st quarter. Cetera Investment Advisers now owns 61,574 shares of the software company’s stock valued at $16,035,000 after buying an additional 38,196 shares in the last quarter. Forsta AP Fonden grew its position in Autodesk by 7.9% in the third quarter. Forsta AP Fonden now owns 51,600 shares of the software company’s stock worth $14,215,000 after acquiring an additional 3,800 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Autodesk by 32.0% in the 3rd quarter. QRG Capital Management Inc. now owns 13,437 shares of the software company’s stock worth $3,702,000 after purchasing an additional 3,259 shares in the last quarter. Finally, Primecap Management Co. CA raised its holdings in shares of Autodesk by 8.2% during the 2nd quarter. Primecap Management Co. CA now owns 655,900 shares of the software company’s stock valued at $162,302,000 after buying an additional 49,500 shares in the last quarter. Institutional investors own 90.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Piper Sandler lifted their target price on shares of Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. BMO Capital Markets lifted their price objective on Autodesk from $254.00 to $287.00 and gave the stock a “market perform” rating in a report on Friday, August 30th. Mizuho set a $260.00 target price on Autodesk in a report on Friday, October 18th. DA Davidson initiated coverage on Autodesk in a research report on Friday, September 27th. They set a “neutral” rating and a $260.00 price target on the stock. Finally, Rosenblatt Securities boosted their price objective on Autodesk from $290.00 to $295.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Eight analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $292.95.

Insider Buying and Selling

In other news, COO Steven M. Blum sold 17,344 shares of Autodesk stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the completion of the transaction, the chief operating officer now directly owns 17,099 shares in the company, valued at approximately $4,616,730. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Steven M. Blum sold 17,344 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $270.00, for a total transaction of $4,682,880.00. Following the sale, the chief operating officer now directly owns 17,099 shares of the company’s stock, valued at approximately $4,616,730. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mary T. Mcdowell sold 550 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $248.18, for a total transaction of $136,499.00. Following the sale, the director now owns 31,899 shares of the company’s stock, valued at approximately $7,916,693.82. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,280 shares of company stock valued at $5,200,929 over the last quarter. Corporate insiders own 0.14% of the company’s stock.

Autodesk Stock Up 0.0 %

Shares of ADSK traded up $0.05 on Friday, reaching $305.56. The stock had a trading volume of 968,605 shares, compared to its average volume of 1,238,804. The firm has a market capitalization of $65.70 billion, a price-to-earnings ratio of 62.49, a price-to-earnings-growth ratio of 3.84 and a beta of 1.47. The company has a 50-day simple moving average of $275.95 and a 200-day simple moving average of $248.05. Autodesk, Inc. has a 12-month low of $195.32 and a 12-month high of $307.17. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.64 and a current ratio of 0.64.

Autodesk (NASDAQ:ADSK) last announced its earnings results on Thursday, August 29th. The software company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.15. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Autodesk had a net margin of 18.21% and a return on equity of 59.41%. The company’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.12 EPS. Sell-side analysts predict that Autodesk, Inc. will post 5.73 EPS for the current year.

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.