Redmond Asset Management LLC Reduces Stake in Autodesk, Inc. (NASDAQ:ADSK)

Redmond Asset Management LLC lessened its stake in shares of Autodesk, Inc. (NASDAQ:ADSK) by 3.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 9,728 shares of the software company’s stock after selling 339 shares during the quarter. Redmond Asset Management LLC’s holdings in Autodesk were worth $2,875,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADSK. Jag Capital Management LLC bought a new stake in Autodesk during the 3rd quarter worth approximately $13,861,000. LMR Partners LLP bought a new position in shares of Autodesk in the third quarter worth $12,643,000. Starboard Value LP bought a new position in shares of Autodesk in the third quarter worth $510,189,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Autodesk by 196.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,099 shares of the software company’s stock worth $2,394,000 after purchasing an additional 5,365 shares during the period. Finally, Brookstone Capital Management increased its holdings in shares of Autodesk by 1,058.9% in the fourth quarter. Brookstone Capital Management now owns 29,296 shares of the software company’s stock worth $8,659,000 after purchasing an additional 26,768 shares during the period. 90.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. UBS Group initiated coverage on Autodesk in a research note on Monday, December 2nd. They issued a “buy” rating and a $350.00 target price on the stock. Scotiabank initiated coverage on shares of Autodesk in a research report on Monday, November 18th. They issued a “sector outperform” rating and a $360.00 price objective on the stock. Mizuho raised shares of Autodesk from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $280.00 to $400.00 in a report on Tuesday, January 28th. Barclays increased their price target on shares of Autodesk from $310.00 to $355.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup increased their target price on Autodesk from $358.00 to $361.00 and gave the company a “buy” rating in a research note on Friday, November 29th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $334.45.

Autodesk Stock Performance

Autodesk stock opened at $285.00 on Friday. The stock has a market cap of $61.28 billion, a price-to-earnings ratio of 56.55, a PEG ratio of 3.08 and a beta of 1.43. The stock’s 50 day simple moving average is $298.25 and its two-hundred day simple moving average is $285.27. Autodesk, Inc. has a fifty-two week low of $195.32 and a fifty-two week high of $326.62. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.65 and a current ratio of 0.65.

Autodesk (NASDAQ:ADSK) last released its earnings results on Tuesday, November 26th. The software company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.05. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.56 billion. Autodesk had a net margin of 18.30% and a return on equity of 53.87%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.33 EPS. As a group, analysts expect that Autodesk, Inc. will post 5.76 earnings per share for the current fiscal 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.