Prudential PLC Decreases Stake in Autodesk, Inc. (NASDAQ:ADSK)

Prudential PLC cut its stake in shares of Autodesk, Inc. (NASDAQ:ADSK) by 6.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,727 shares of the software company’s stock after selling 3,345 shares during the quarter. Prudential PLC’s holdings in Autodesk were worth $13,047,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Ables Iannone Moore & Associates Inc. acquired a new stake in Autodesk during the 4th quarter valued at approximately $25,000. Concord Wealth Partners purchased a new position in shares of Autodesk during the 1st quarter valued at about $25,000. New Covenant Trust Company N.A. acquired a new position in shares of Autodesk in the 1st quarter valued at about $25,000. LRI Investments LLC acquired a new stake in Autodesk during the first quarter worth about $26,000. Finally, Olistico Wealth LLC purchased a new position in Autodesk during the second quarter valued at approximately $26,000. 90.24% of the stock is owned by institutional investors and hedge funds.

Autodesk Stock Performance

Shares of Autodesk stock opened at $255.67 on Tuesday. Autodesk, Inc. has a one year low of $192.01 and a one year high of $279.53. The company has a market cap of $54.97 billion, a price-to-earnings ratio of 55.34, a PEG ratio of 3.18 and a beta of 1.48. The business’s 50 day moving average price is $247.33 and its 200 day moving average price is $239.00. 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 quarterly earnings data 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 net margin of 18.21% and a return on equity of 59.41%. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the prior year, the firm posted $1.12 earnings per share. Autodesk’s quarterly revenue was up 11.9% on a year-over-year basis. On average, research analysts predict that Autodesk, Inc. will post 5.73 EPS for the current year.

Insider Activity

In other news, COO Steven M. Blum sold 17,413 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $226.40, for a total value of $3,942,303.20. Following the transaction, the chief operating officer now owns 54,136 shares of the company’s stock, valued at approximately $12,256,390.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Steven M. Blum sold 17,413 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $226.40, for a total value of $3,942,303.20. Following the sale, the chief operating officer now directly owns 54,136 shares in the company, valued at approximately $12,256,390.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary T. Mcdowell sold 1,100 shares of Autodesk stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $226.21, for a total transaction of $248,831.00. Following the sale, the director now owns 32,116 shares of the company’s stock, valued at $7,264,960.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,275 shares of company stock valued at $14,220,661. 0.14% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADSK. Citigroup raised their price objective on shares of Autodesk from $316.00 to $325.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. HSBC raised shares of Autodesk from a “hold” rating to a “buy” rating and lifted their price objective for the company from $242.00 to $299.00 in a report on Tuesday, September 3rd. Royal Bank of Canada raised their target price on Autodesk from $290.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Piper Sandler upped their price target on Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a report on Friday, August 30th. Finally, Morgan Stanley raised their price objective on Autodesk from $305.00 to $320.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Seven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $292.17.

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.