Cornerstone Advisors LLC Sells 2,700 Shares of Autodesk, Inc. (NASDAQ:ADSK)

Cornerstone Advisors LLC trimmed its position in shares of Autodesk, Inc. (NASDAQ:ADSK) by 26.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,700 shares of the software company’s stock after selling 2,700 shares during the period. Cornerstone Advisors LLC’s holdings in Autodesk were worth $1,905,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. TD Asset Management Inc grew its position in shares of Autodesk by 153.0% during the fourth quarter. TD Asset Management Inc now owns 384,380 shares of the software company’s stock worth $93,589,000 after purchasing an additional 232,441 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Autodesk by 58.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,650 shares of the software company’s stock valued at $4,297,000 after acquiring an additional 6,481 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Autodesk by 12.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 73,893 shares of the software company’s stock valued at $17,991,000 after acquiring an additional 8,456 shares during the last quarter. Meyer Handelman Co. bought a new position in shares of Autodesk during the 1st quarter valued at about $903,000. Finally, Caxton Associates LP grew its position in shares of Autodesk by 1,353.8% during the fourth quarter. Caxton Associates LP now owns 97,026 shares of the software company’s stock valued at $23,624,000 after purchasing an additional 90,352 shares in the last quarter. Institutional investors own 90.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ADSK. HSBC upgraded Autodesk from a “hold” rating to a “buy” rating and raised their price objective for the company from $242.00 to $299.00 in a research report on Tuesday, September 3rd. KeyCorp restated an “overweight” rating and set a $305.00 price objective on shares of Autodesk in a research report on Monday, August 26th. Piper Sandler lifted their price target on Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Bank of America lifted their price target on Autodesk from $260.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Finally, Oppenheimer lifted their price target on Autodesk from $275.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Autodesk has a consensus rating of “Moderate Buy” and an average target price of $292.17.

Autodesk Trading Up 1.4 %

Shares of NASDAQ:ADSK opened at $267.73 on Tuesday. Autodesk, Inc. has a 12-month low of $192.01 and a 12-month high of $279.53. The business’s fifty day simple moving average is $248.76 and its 200-day simple moving average is $239.16. The company has a market capitalization of $57.70 billion, a PE ratio of 57.95, a P/E/G ratio of 3.29 and a beta of 1.48. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.80.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings results on Thursday, August 29th. The software company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.15. Autodesk had a return on equity of 59.41% and a net margin of 18.21%. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period last year, the business posted $1.12 EPS. The business’s revenue was up 11.9% compared to the same quarter last year. As a group, equities research analysts predict that Autodesk, Inc. will post 5.73 earnings per share for the current fiscal year.

Insider Transactions at Autodesk

In other news, COO Steven M. Blum sold 19,693 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $250.00, for a total value of $4,923,250.00. Following the completion of the sale, the chief operating officer now owns 34,443 shares of the company’s stock, valued at approximately $8,610,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Steven M. Blum sold 17,344 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $270.00, for a total value of $4,682,880.00. Following the completion of the transaction, the chief operating officer now owns 17,099 shares of the company’s stock, valued at approximately $4,616,730. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Steven M. Blum sold 19,693 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $250.00, for a total value of $4,923,250.00. Following the completion of the transaction, the chief operating officer now directly owns 34,443 shares of the company’s stock, valued at approximately $8,610,750. The disclosure for this sale can be found here. Insiders sold 38,762 shares of company stock valued at $10,046,302 in the last quarter. 0.14% of the stock is currently owned by corporate insiders.

Autodesk Company 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.