Truist Financial Corp Decreases Position in Autodesk, Inc. (NASDAQ:ADSK)

Truist Financial Corp decreased its holdings in Autodesk, Inc. (NASDAQ:ADSK) by 23.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,793 shares of the software company’s stock after selling 50,308 shares during the period. Truist Financial Corp’s holdings in Autodesk were worth $41,520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in Autodesk by 1.9% during the 1st 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 grew its position in shares of 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 buying an additional 4,563,668 shares in the last quarter. Ninety One UK Ltd increased its stake in shares of 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 buying an additional 1,108,973 shares during the period. FIL Ltd raised its holdings in Autodesk by 19.6% in the fourth 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 in the last quarter. Finally, Legal & General Group Plc lifted its stake in Autodesk by 4.0% in the second quarter. Legal & General Group Plc now owns 2,117,357 shares of the software company’s stock worth $523,940,000 after acquiring an additional 81,314 shares during the last quarter. Hedge funds and other institutional investors own 90.24% of the company’s stock.

Insider Buying and Selling

In related news, COO Steven M. Blum sold 19,693 shares of Autodesk 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 transaction, the chief operating officer now directly owns 34,443 shares in the company, valued at approximately $8,610,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Steven M. Blum sold 19,693 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $250.00, for a total transaction of $4,923,250.00. Following the transaction, the chief operating officer now directly owns 34,443 shares of the company’s stock, valued at $8,610,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary T. Mcdowell sold 550 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $248.18, for a total value of $136,499.00. Following the completion of the transaction, the director now owns 31,899 shares in the company, valued at approximately $7,916,693.82. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,973 shares of company stock worth $10,106,590. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ADSK shares. Rosenblatt Securities increased their price objective on shares of Autodesk from $290.00 to $295.00 and gave the company a “buy” 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 price target for the company from $225.00 to $295.00 in a research note on Tuesday, September 3rd. Barclays lifted their price target on Autodesk from $275.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Morgan Stanley reiterated an “overweight” rating and issued a $320.00 price objective on shares of Autodesk in a report on Monday. Finally, Piper Sandler boosted their target price on Autodesk from $239.00 to $257.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Eight analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $290.47.

Autodesk Stock Performance

Shares of ADSK stock opened at $270.17 on Thursday. Autodesk, Inc. has a 12-month low of $192.01 and a 12-month 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 $58.22 billion, a price-to-earnings ratio of 58.48, a price-to-earnings-growth ratio of 3.41 and a beta of 1.48. The business has a 50 day simple moving average of $254.08 and a 200 day simple moving average of $240.36.

Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Thursday, August 29th. The software company reported $2.15 EPS for the quarter, topping 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 company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same period in the previous year, the firm earned $1.12 EPS. Autodesk’s revenue was up 11.9% on a year-over-year basis. On average, equities research analysts anticipate that Autodesk, Inc. will post 5.73 EPS 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.