Pinnacle Associates Ltd. Has $6.03 Million Position in Autodesk, Inc. (NASDAQ:ADSK)

Pinnacle Associates Ltd. reduced its holdings in shares of Autodesk, Inc. (NASDAQ:ADSK – Get Rating) by 10.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,458 shares of the software company’s stock after selling 2,590 shares during the period. Pinnacle Associates Ltd.’s holdings in Autodesk were worth $6,034,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mount Yale Investment Advisors LLC acquired a new position in Autodesk in the fourth quarter valued at about $589,000. Robbins Farley LLC acquired a new position in Autodesk in the fourth quarter valued at about $1,883,000. Yarbrough Capital LLC acquired a new position in Autodesk in the fourth quarter valued at about $5,576,000. First Bank & Trust boosted its position in Autodesk by 9.7% in the fourth quarter. First Bank & Trust now owns 4,615 shares of the software company’s stock valued at $1,297,000 after buying an additional 407 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS boosted its position in Autodesk by 19.5% in the fourth quarter. Kornitzer Capital Management Inc. KS now owns 77,913 shares of the software company’s stock valued at $21,908,000 after buying an additional 12,713 shares in the last quarter. Institutional investors and hedge funds own 88.07% of the company’s stock.

In other news, CAO Stephen W. Hope sold 197 shares of the company’s stock in a transaction that occurred on Tuesday, January 11th. The shares were sold at an average price of $260.47, for a total value of $51,312.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Deborah Clifford sold 3,953 shares of the company’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $202.71, for a total transaction of $801,312.63. The disclosure for this sale can be found here. Insiders sold 7,655 shares of company stock valued at $1,596,940 in the last ninety days. Insiders own 0.11% of the company’s stock.

ADSK has been the topic of a number of recent analyst reports. Citigroup reduced their price target on shares of Autodesk from $305.00 to $286.00 and set a “buy” rating on the stock in a research report on Friday, February 25th. Rosenblatt Securities dropped their target price on shares of Autodesk from $340.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Stifel Nicolaus dropped their target price on shares of Autodesk from $310.00 to $285.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Royal Bank of Canada dropped their target price on shares of Autodesk from $343.00 to $300.00 and set an “outperform” rating for the company in a research note on Tuesday, February 22nd. Finally, Griffin Securities dropped their target price on shares of Autodesk from $340.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, February 25th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $292.85.

Shares of NASDAQ:ADSK opened at $202.25 on Monday. Autodesk, Inc. has a 52 week low of $186.29 and a 52 week high of $344.39. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.69 and a current ratio of 0.69. The company has a market capitalization of $43.95 billion, a PE ratio of 90.70 and a beta of 1.45. The company has a 50 day moving average price of $217.26 and a two-hundred day moving average price of $259.63.

Autodesk (NASDAQ:ADSK – Get Rating) last issued its earnings results on Thursday, February 24th. The software company reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.07. Autodesk had a net margin of 11.33% and a return on equity of 55.95%. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The business’s quarterly revenue was up 16.6% on a year-over-year basis. On average, sell-side analysts forecast that Autodesk, Inc. will post 4.25 earnings per share for the current year.

Autodesk Profile (Get Rating)

Autodesk, Inc provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; 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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