Autodesk Inc. (NASDAQ:): EVP & COO Steven M. Blum Sells $4.6M Worth of Shares in Insider Transaction
In a recent transaction, Steven M. Blum, EVP and Chief Operating Officer of Autodesk, Inc. (NASDAQ:), sold 17,344 shares of the company's common stock at $270.0 per share, totaling $4,682,880. The sale was part of a Rule 10b5-1 plan adopted by Blum on December 19, 2023, allowing predetermined trading arrangements for insiders to sell stocks at specified times.
Following the sale, Blum's holdings in Autodesk have changed, with a disclaimer of beneficial ownership for the shares sold. This significant transaction by a key executive reflects a sizable change in the officer's stake in the company, signed off by Melissa Hoge, Attorney-in-Fact for Steven Blum.
Investors and followers of Autodesk are keen on insider transactions for valuable insights. Recent analyst updates following strong second-quarter results include Citi maintaining its Buy rating with a price target of $325.00. HSBC upgraded Autodesk from Hold to Buy, while Goldman Sachs and Oppenheimer made adjustments to their ratings and price targets.
Autodesk's market capitalization of $55.55 billion and gross profit margin of 91.92% showcase its strong position. With a high P/E ratio and profitable performance, investors are confident in Autodesk's growth prospects. The company's stock market performance has also been remarkable, with a return of 22.3% over the past three months.
For those interested in further insights, InvestingPro Tips offer a comprehensive analysis of Autodesk's financial health and market performance, providing valuable guidance for potential investors.
Analysis:
- EVP & COO of Autodesk sells $4.6M worth of shares in insider transaction
- Rule 10b5-1 plan allows predetermined trading arrangements for insiders
- Analyst updates reflect positive outlook on Autodesk's performance
- Strong market capitalization and gross profit margin indicate company's strength
- High P/E ratio and profitable performance show investor confidence
- InvestingPro Tips offer comprehensive analysis for potential investors to make informed decisions.