Exchange Capital Management Inc. Buys New Position in Autodesk, Inc. (NASDAQ:ADSK)

Exchange Capital Management Inc. bought a new stake in shares of Autodesk, Inc. (NASDAQ:ADSK) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,846 shares of the software company’s stock, valued at approximately $481,000.

Other hedge funds also recently modified their holdings of the company. Manchester Capital Management LLC boosted its position in shares of Autodesk by 12.2% during the fourth quarter. Manchester Capital Management LLC now owns 1,551 shares of the software company’s stock valued at $378,000 after buying an additional 169 shares during the last quarter. TD Asset Management Inc boosted 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 valued at $93,589,000 after buying an additional 232,441 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of 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 buying an additional 6,481 shares during the last quarter. abrdn plc boosted its position in shares of Autodesk by 26.2% during the fourth quarter. abrdn plc now owns 460,759 shares of the software company’s stock valued at $112,186,000 after buying an additional 95,723 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in Autodesk by 12.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 73,893 shares of the software company’s stock worth $17,991,000 after purchasing an additional 8,456 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Insider Activity

In other news, COO Steven M. Blum sold 17,413 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $226.40, for a total transaction of $3,942,303.20. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mary T. Mcdowell sold 1,100 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $226.21, for a total transaction of $248,831.00. Following the completion of the sale, the director now directly owns 32,116 shares in the company, valued at approximately $7,264,960.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Steven M. Blum sold 17,413 shares of the 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 owns 54,136 shares of the company’s stock, valued at $12,256,390.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,138 shares of company stock worth $4,338,701. 0.14% of the stock is currently owned by insiders.

Autodesk Price Performance

Shares of NASDAQ ADSK opened at $247.86 on Wednesday. The firm has a market capitalization of $53.42 billion, a P/E ratio of 53.83, a P/E/G ratio of 3.31 and a beta of 1.48. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 1.06. The stock’s 50-day simple moving average is $221.70 and its two-hundred day simple moving average is $239.15. Autodesk, Inc. has a twelve month low of $192.01 and a twelve month high of $279.53.

Autodesk (NASDAQ:ADSK) last announced its quarterly earnings data on Tuesday, June 11th. The software company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.77 by $0.10. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.39 billion. Autodesk had a return on equity of 65.46% and a net margin of 17.66%. The company’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.55 EPS. As a group, equities analysts anticipate that Autodesk, Inc. will post 5.55 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on ADSK shares. Bank of America cut their price objective on Autodesk from $300.00 to $260.00 and set a “neutral” rating on the stock in a research report on Monday, June 3rd. Robert W. Baird cut their price objective on Autodesk from $296.00 to $289.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 29th. StockNews.com cut Autodesk from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $260.00 price objective on shares of Autodesk in a research report on Tuesday, June 18th. Finally, Barclays cut their price objective on Autodesk from $310.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $262.42.

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.