Exchange Traded Concepts LLC Reduces Stock Position in Autodesk, Inc. $ADSK

by · The Cerbat Gem

Exchange Traded Concepts LLC cut its stake in Autodesk, Inc. (NASDAQ:ADSK – Free Report) by 18.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 79,631 shares of the software company’s stock after selling 17,631 shares during the period. Exchange Traded Concepts LLC’s holdings in Autodesk were worth $24,651,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Beacon Financial Group increased its holdings in Autodesk by 3.0% in the second quarter. Beacon Financial Group now owns 1,130 shares of the software company’s stock valued at $350,000 after buying an additional 33 shares in the last quarter. Freedom Investment Management Inc. grew its position in shares of Autodesk by 2.4% in the first quarter. Freedom Investment Management Inc. now owns 1,473 shares of the software company’s stock valued at $386,000 after purchasing an additional 34 shares during the last quarter. Financial Network Wealth Advisors LLC grew its position in shares of Autodesk by 34.9% in the first quarter. Financial Network Wealth Advisors LLC now owns 143 shares of the software company’s stock valued at $37,000 after purchasing an additional 37 shares during the last quarter. Oregon Pacific Wealth Management LLC grew its position in shares of Autodesk by 4.0% in the first quarter. Oregon Pacific Wealth Management LLC now owns 999 shares of the software company’s stock valued at $262,000 after purchasing an additional 38 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC grew its position in shares of Autodesk by 30.1% in the first quarter. GPS Wealth Strategies Group LLC now owns 177 shares of the software company’s stock valued at $46,000 after purchasing an additional 41 shares during the last quarter. 90.24% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Steven M. Blum sold 22,420 shares of the business’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $323.75, for a total transaction of $7,258,475.00. Following the sale, the executive vice president owned 13,099 shares in the company, valued at $4,240,801.25. The trade was a 63.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rebecca Pearce sold 6,129 shares of the business’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $323.06, for a total transaction of $1,980,034.74. Following the sale, the executive vice president owned 13,311 shares in the company, valued at $4,300,251.66. This represents a 31.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,374 shares of company stock worth $13,899,261 over the last three months. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on ADSK shares. Macquarie increased their price target on shares of Autodesk from $360.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Mizuho increased their price target on shares of Autodesk from $350.00 to $375.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Royal Bank Of Canada increased their price target on shares of Autodesk from $345.00 to $380.00 and gave the company an “outperform” rating in a research report on Friday, August 29th. Morgan Stanley increased their price target on shares of Autodesk from $370.00 to $385.00 and gave the company an “overweight” rating in a research report on Sunday, August 31st. Finally, Bank of America raised their target price on shares of Autodesk from $330.00 to $360.00 and gave the stock a “neutral” rating in a research report on Friday, August 29th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $356.83.

Read Our Latest Research Report on ADSK

Autodesk Stock Up 0.2%

NASDAQ ADSK opened at $319.28 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.76 and a quick ratio of 0.76. The company’s 50 day simple moving average is $300.81 and its 200 day simple moving average is $287.47. Autodesk, Inc. has a 12 month low of $232.67 and a 12 month high of $329.09. The company has a market capitalization of $68.01 billion, a P/E ratio of 66.10, a PEG ratio of 2.82 and a beta of 1.49.

About Autodesk

(Free Report)

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.

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