Moloney Securities Asset Management LLC has reduced its stake in Autodesk, Inc. by 34.1% in the second quarter of 2023. According to the firm’s recent Form 13F filing with the Securities and Exchange Commission, the institutional investor now holds 968 shares of the software company, having sold 500 shares during this period. This reduction places the value of Moloney’s holdings at approximately $300,000.
Investor activity surrounding Autodesk, listed on the NASDAQ under the ticker ADSK, has seen notable shifts. Following Moloney’s move, several other significant investors have adjusted their positions in the company. For instance, Asset Management One Co. Ltd. increased its stake by 2.6%, acquiring an additional 2,340 shares, bringing its total to 93,128 shares valued at approximately $28.83 million.
Similarly, FSM Wealth Advisors LLC made a substantial increase of 43.2%, now owning 1,627 shares worth around $513,000 after purchasing an additional 491 shares. New investments were also made by KPP Advisory Services LLC and Paralel Advisors LLC, with the latter acquiring a position valued at around $3.16 million. Notably, Ethic Inc. raised its holdings by 10.9% for a total of 27,780 shares, valued at approximately $8.48 million. Overall, hedge funds and institutional investors now control 90.24% of Autodesk’s stock.
Insider Transactions and Company Performance
In related news, insider trading activity at Autodesk has also been noteworthy. On September 29, Director Ayanna Howard sold 917 shares at an average price of $325.00, totaling nearly $298,025. Following this transaction, her direct ownership decreased to 3,476 shares, valued at approximately $1.13 million.
Furthermore, Executive Vice President Rebecca Pearce sold 6,129 shares on August 29 for around $1.98 million. This sale dropped her ownership to 13,311 shares, valued at about $4.30 million. In total, company insiders sold 35,386 shares valued at $11.43 million over the last three months, with insiders currently holding just 0.15% of the company’s stock.
Autodesk’s recent quarterly earnings report, released on August 28, revealed $1.46 earnings per share (EPS), falling short of the analysts’ consensus estimate of $2.45 by $0.99. The company reported revenues of $1.76 billion, exceeding expectations of $1.72 billion. Compared to the same quarter last year, Autodesk’s revenue increased by 17.1%, although EPS decreased from $2.15 from the prior year.
Looking ahead, Autodesk has projected its fiscal year 2026 guidance at $9.80-$9.98 EPS, with third-quarter guidance set at $2.48-$2.51 EPS. Analysts anticipate that Autodesk will report an EPS of $5.76 for the current fiscal year.
Analysts’ Outlook and Target Price Adjustments
Several financial institutions have updated their target prices for Autodesk following the earnings report. KeyCorp raised its target from $350.00 to $365.00 while maintaining an “overweight” rating. Berenberg Bank set a target price of $370.00, and Mizuho increased its target from $350.00 to $375.00, both recommending an “outperform” rating.
UBS Group has also lifted its price target from $370.00 to $385.00, assigning a “buy” rating. Morgan Stanley echoed this sentiment, increasing its target to $385.00 with an “overweight” rating. Currently, one analyst has issued a “Strong Buy” rating, while eighteen have recommended a “Buy” and six have suggested a “Hold.” According to MarketBeat.com, Autodesk holds a consensus rating of “Moderate Buy” with an average target price of $359.13.
Autodesk, Inc. specializes in 3D design, engineering, and entertainment technology solutions globally. Its product offerings include AutoCAD Civil 3D for civil engineering and Fusion 360 for CAD and CAM applications, catering to a variety of industries including architecture, engineering, and entertainment.
This latest activity in Autodesk’s stock reflects a dynamic environment for institutional investors and underscores the ongoing investment interest in the company’s future growth potential.
