Pitcairn Co. has decreased its investment in Autodesk, Inc. (NASDAQ: ADSK) by 25% during the third quarter of 2023. According to filings with the Securities and Exchange Commission (SEC), the firm now holds 9,173 shares of the software company after selling 3,055 shares during the quarter. This reduction reflects a strategic shift as the value of Pitcairn’s stake in Autodesk stood at approximately $2.91 million.
Several other institutional investors have also adjusted their positions in Autodesk recently. Notably, Mirae Asset Global Investments Co. Ltd. increased its stake by 12.8%, acquiring an additional 17,358 shares to hold a total of 153,180 shares valued at around $48.66 million. Similarly, BI Asset Management Fondsmaeglerselskab A S expanded its holdings by 18.7%, now owning 130,669 shares worth $41.51 million after purchasing 20,543 shares.
Moreover, Pacific Heights Asset Management LLC raised its ownership by 26.9%, bringing its total to 85,000 shares valued at approximately $27 million, while Freemont Management S.A. entered the market with a new stake worth around $4.77 million. Additionally, Renaissance Group LLC established a new position valued at $33.79 million. Currently, institutional investors collectively own 90.24% of Autodesk’s stock.
Autodesk’s Financial Performance and Analyst Ratings
Autodesk recently reported its earnings for the fourth quarter on February 26, 2024. The company achieved earnings of $2.85 per share, exceeding analysts’ expectations of $2.64 by $0.21. Revenue for the quarter reached $1.96 billion, surpassing predictions of $1.91 billion. Autodesk’s net margin stood at 15.60%, with a return on equity of 53.51%. The company experienced a year-over-year revenue increase of 19.4% compared to the same quarter in the previous year when it reported earnings of $2.29 per share.
Looking ahead, Autodesk has set its fiscal year 2027 guidance at an earnings per share range of $12.290 to $12.560 and its first quarter guidance at $2.820 to $2.860. Analysts anticipate that Autodesk will report an average earnings per share of $5.76 for the current fiscal year.
Brokerage firms have been active in reassessing their target prices for Autodesk. Rothschild & Co Redburn set a target price of $375.00 in a report issued on January 9, 2024. Meanwhile, HSBC lowered its target from $388.00 to $379.00, maintaining a “buy” rating. Citigroup raised its target from $315.00 to $331.00, also assigning a “buy” rating. Conversely, Wells Fargo & Company adjusted its price objective down from $365.00 to $350.00, while UBS Group revised its target from $400.00 to $290.00.
The consensus among analysts includes one “Strong Buy” rating, twenty-three “Buy” ratings, and five “Hold” ratings. According to data from MarketBeat, Autodesk currently enjoys a consensus rating of “Moderate Buy” with an average target price set at $341.96.
About Autodesk
Founded in 1982 and headquartered in San Rafael, California, Autodesk, Inc. is a prominent software company that develops tools for design and creation across multiple industries, including architecture, engineering, construction, manufacturing, and media and entertainment. The company is well-known for its pioneering work in computer-aided design (CAD) software.
Autodesk’s product range includes industry-standard applications like AutoCAD, Revit, Inventor, Fusion 360, Maya, and 3ds Max, alongside cloud-based collaboration and project management platforms such as BIM 360 and Autodesk Construction Cloud. With a diverse global customer base, Autodesk continues to play a significant role in shaping the future of design and engineering.
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