Pitcairn Co. has decreased its investment in Autodesk, Inc. (NASDAQ: ADSK) by 25% during the third quarter of 2024, according to data from Holdings Channel. The firm sold 3,055 shares and now holds a total of 9,173 shares, which are valued at approximately $2.914 million based on its latest filing with the Securities and Exchange Commission (SEC).
This decision reflects a broader trend, as several hedge funds have recently adjusted their positions in Autodesk. Mirae Asset Global Investments Co. Ltd. increased its stake by 12.8% during the same period, acquiring an additional 17,358 shares to reach a total of 153,180 shares valued at $48.661 million. Similarly, BI Asset Management Fondsmaeglerselskab A S boosted its holdings by 18.7%, now owning 130,669 shares worth $41.51 million after purchasing an extra 20,543 shares.
Pacific Heights Asset Management LLC also expanded its investment in Autodesk, increasing its stake by 26.9% with an additional 18,000 shares, bringing its total to 85,000 shares valued at $27.002 million. Moreover, Renaissance Group LLC acquired a new position in Autodesk, estimated at $33.789 million. Currently, institutional investors hold approximately 90.24% of Autodesk’s stock.
Autodesk’s Financial Performance and Analyst Insights
Autodesk reported its earnings results on February 26, 2024, showcasing a strong performance. The company posted earnings per share (EPS) of $2.85, surpassing analysts’ expectations of $2.64 by $0.21. Its revenue for the quarter reached $1.96 billion, outpacing forecasts of $1.91 billion. Autodesk’s net margin stood at 15.60%, with a return on equity of 53.51%. The company experienced a 19.4% increase in quarterly revenue compared to the previous year, with EPS in the same quarter last year reported at $2.29.
Looking ahead, Autodesk has provided its financial guidance for fiscal year 2027, projecting EPS between $12.290 and $12.560 and $2.820 to $2.860 for the first quarter of 2027. Analysts anticipate an average EPS of $5.76 for the current fiscal year.
Leading investment firms have recently commented on Autodesk’s stock performance. Rothschild & Co Redburn set a target price of $375.00 in a research report. Meanwhile, HSBC adjusted its price objective from $388.00 to $379.00, maintaining a “buy” rating. Citigroup raised its target price from $315.00 to $331.00, also issuing a “buy” rating.
In contrast, Wells Fargo & Company reduced its price objective from $365.00 to $350.00, maintaining an “overweight” rating. UBS Group lowered its target price from $400.00 to $290.00, continuing to recommend a “buy” rating. Overall, analysts have awarded Autodesk a consensus rating of “Moderate Buy,” with an average target price of $341.96.
About Autodesk
Founded in 1982 and headquartered in San Rafael, California, Autodesk, Inc. is a leading software company specializing in design and creation tools for various industries, including architecture, engineering, construction (AEC), manufacturing, and media and entertainment. Known for pioneering computer-aided design (CAD) software, Autodesk’s product portfolio includes renowned applications like AutoCAD, Revit, Inventor, Fusion 360, Maya, and 3ds Max, alongside cloud-based platforms such as BIM 360 and Autodesk Construction Cloud.
With a global customer base that encompasses architects, engineers, contractors, and content creators, Autodesk continues to play a pivotal role in shaping the future of design and construction technologies. For further updates and insights, stakeholders can monitor the latest filings and insider trades on platforms like HoldingsChannel.com and subscribe to MarketBeat.com’s daily newsletter for comprehensive news and analyst ratings on Autodesk and related companies.
