Cornerstone Advisors LLC Sells 2,700 Shares of Autodesk, Inc. (NASDAQ:ADSK)

Cornerstone Advisors LLC reduced its holdings in Autodesk, Inc. (NASDAQ:ADSK) by 26.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,700 shares of the software company’s stock after selling 2,700 shares during the quarter. Cornerstone Advisors LLC’s holdings in Autodesk were worth $1,905,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADSK. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Autodesk during the fourth quarter valued at approximately $25,000. Concord Wealth Partners bought a new stake in Autodesk during the first quarter worth $25,000. New Covenant Trust Company N.A. bought a new stake in Autodesk during the first quarter worth $25,000. LRI Investments LLC bought a new stake in Autodesk during the first quarter worth $26,000. Finally, Olistico Wealth LLC purchased a new position in Autodesk in the second quarter worth $26,000. 90.24% of the stock is currently owned by institutional investors.

Autodesk Stock Up 1.4 %

ADSK stock opened at $267.73 on Tuesday. Autodesk, Inc. has a twelve month low of $192.01 and a twelve month high of $279.53. 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 firm has a market cap of $57.70 billion, a PE ratio of 57.95, a price-to-earnings-growth ratio of 3.29 and a beta of 1.48. The business has a 50 day moving average of $248.76 and a 200 day moving average of $239.16.

Autodesk (NASDAQ:ADSK) last posted its quarterly earnings data on Thursday, August 29th. The software company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the company earned $1.12 EPS. The firm’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, research analysts forecast that Autodesk, Inc. will post 5.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction on Monday, September 16th. The stock was sold at an average price of $265.50, for a total value of $146,025.00. Following the completion of the sale, the director now owns 31,349 shares of the company’s stock, valued at approximately $8,323,159.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Autodesk news, Director Mary T. Mcdowell sold 550 shares of Autodesk stock in a transaction on Monday, September 16th. The stock was sold at an average price of $265.50, for a total value of $146,025.00. Following the completion of the sale, the director now owns 31,349 shares of the company’s stock, valued at approximately $8,323,159.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Steven M. Blum sold 17,344 shares of Autodesk stock in a transaction on Friday, August 30th. The stock was sold at an average price of $270.00, for a total value of $4,682,880.00. Following the completion of the sale, the chief operating officer now directly owns 17,099 shares of the company’s stock, valued at approximately $4,616,730. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,762 shares of company stock valued at $10,046,302. Corporate insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADSK shares. Stifel Nicolaus increased their price objective on Autodesk from $290.00 to $320.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America increased their price objective on Autodesk from $260.00 to $285.00 and gave the company a “neutral” rating in a research report on Friday, August 30th. Morgan Stanley increased their price objective on Autodesk from $305.00 to $320.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Royal Bank of Canada increased their target price on Autodesk from $290.00 to $313.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group upgraded Autodesk from a “sell” rating to a “neutral” rating and increased their target price for the company from $225.00 to $295.00 in a report on Tuesday, September 3rd. 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.com, Autodesk currently has an average rating of “Moderate Buy” and an average price target of $292.17.

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.