Fred Alger Management LLC Sells 572 Shares of Autodesk, Inc. (NASDAQ:ADSK)

Fred Alger Management LLC lessened its stake in shares of Autodesk, Inc. (NASDAQ:ADSK) by 18.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 2,612 shares of the software company’s stock after selling 572 shares during the period. Fred Alger Management LLC’s holdings in Autodesk were worth $646,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Autodesk by 263.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,294,746 shares of the software company’s stock valued at $1,639,279,000 after acquiring an additional 4,563,668 shares during the period. Ninety One UK Ltd grew its stake in shares of Autodesk by 28.0% during the 2nd quarter. Ninety One UK Ltd now owns 5,071,950 shares of the software company’s stock valued at $1,255,054,000 after acquiring an additional 1,108,973 shares during the period. Van ECK Associates Corp grew its stake in shares of Autodesk by 100.9% during the 2nd quarter. Van ECK Associates Corp now owns 1,642,973 shares of the software company’s stock valued at $406,554,000 after acquiring an additional 825,165 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Autodesk by 366.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 843,040 shares of the software company’s stock valued at $208,610,000 after acquiring an additional 662,339 shares during the period. Finally, FIL Ltd grew its stake in shares of Autodesk by 19.6% during the 4th quarter. FIL Ltd now owns 2,921,044 shares of the software company’s stock valued at $711,216,000 after acquiring an additional 479,559 shares during the period. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Wall Street Analyst Weigh In

ADSK has been the subject of a number of recent research reports. Mizuho boosted their price objective on Autodesk from $230.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Stifel Nicolaus upped their price target on Autodesk from $290.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Rosenblatt Securities upped their price target on Autodesk from $290.00 to $295.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Royal Bank of Canada upped their price target on Autodesk from $290.00 to $313.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, Morgan Stanley upped their price target on Autodesk from $305.00 to $320.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Autodesk presently has a consensus rating of “Moderate Buy” and a consensus price target of $290.47.

Autodesk Price Performance

ADSK opened at $271.90 on Friday. The business’s 50-day moving average is $251.85 and its two-hundred day moving average is $240.13. Autodesk, Inc. has a 1 year low of $192.01 and a 1 year high of $279.53. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market capitalization of $58.60 billion, a PE ratio of 58.85, a price-to-earnings-growth ratio of 3.41 and a beta of 1.48.

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, beating the consensus estimate of $2.00 by $0.15. Autodesk had a return on equity of 59.41% and a net margin of 18.21%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. Research analysts anticipate that Autodesk, Inc. will post 5.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $265.50, for a total transaction of $146,025.00. Following the completion of the sale, the director now owns 31,349 shares of the company’s stock, valued at $8,323,159.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $265.50, for a total transaction of $146,025.00. Following the completion of the sale, the director now owns 31,349 shares of the company’s stock, valued at $8,323,159.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Steven M. Blum sold 17,344 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were 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 directly owns 17,099 shares of the company’s stock, valued at $4,616,730. The disclosure for this sale can be found here. Insiders sold 38,687 shares of company stock valued at $10,027,986 over the last quarter. 0.14% of the stock is currently owned by company insiders.

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.