Envestnet Asset Management Inc. Cuts Holdings in Autodesk, Inc. (NASDAQ:ADSK)

Envestnet Asset Management Inc. reduced its position in shares of Autodesk, Inc. (NASDAQ:ADSK) by 24.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 701,231 shares of the software company’s stock after selling 227,456 shares during the quarter. Envestnet Asset Management Inc. owned 0.33% of Autodesk worth $173,520,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Autodesk by 1.9% during the first quarter. Vanguard Group Inc. now owns 19,402,242 shares of the software company’s stock worth $5,052,732,000 after purchasing an additional 363,565 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Autodesk by 263.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,294,746 shares of the software company’s stock worth $1,639,279,000 after purchasing an additional 4,563,668 shares in the last quarter. Ninety One UK Ltd boosted its position in Autodesk by 28.0% during the second quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock worth $1,255,054,000 after purchasing an additional 1,108,973 shares in the last quarter. FIL Ltd boosted its position in Autodesk by 19.6% during the fourth quarter. FIL Ltd now owns 2,921,044 shares of the software company’s stock worth $711,216,000 after purchasing an additional 479,559 shares in the last quarter. Finally, Norges Bank purchased a new position in Autodesk during the fourth quarter worth approximately $619,404,000. 90.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction on Monday, July 15th. The stock was sold at an average price of $253.33, for a total value of $139,331.50. Following the completion of the sale, the director now directly owns 31,016 shares of the company’s stock, valued at $7,857,283.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction on Monday, July 15th. The stock was sold at an average price of $253.33, for a total value of $139,331.50. Following the completion of the sale, the director now directly owns 31,016 shares of the company’s stock, valued at $7,857,283.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Steven M. Blum sold 19,693 shares of Autodesk stock in a transaction on 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 sale, the chief operating officer now directly owns 34,443 shares of the company’s stock, valued at $8,610,750. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,212 shares of company stock valued at $9,900,277. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADSK. Mizuho increased their price target on Autodesk from $230.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Berenberg Bank increased their price target on Autodesk from $286.00 to $299.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. The Goldman Sachs Group upgraded Autodesk from a “sell” rating to a “neutral” rating and raised their target price for the company from $225.00 to $295.00 in a research report on Tuesday, September 3rd. Hsbc Global Res upgraded Autodesk to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus raised their target price on Autodesk from $290.00 to $320.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Autodesk has a consensus rating of “Moderate Buy” and a consensus target price of $292.17.

Autodesk Price Performance

ADSK stock opened at $263.96 on Monday. The business has a fifty day moving average of $248.36 and a two-hundred day moving average of $239.09. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 0.80. The stock has a market cap of $56.75 billion, a price-to-earnings ratio of 57.13, a price-to-earnings-growth ratio of 3.29 and a beta of 1.48. Autodesk, Inc. has a 52-week low of $192.01 and a 52-week high of $279.53.

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