Key Takeaways
- Autodesk shares rose Monday following a report the company is no longer looking to purchase rival design software maker PTC.
- Autodesk said in a regulatory filing that it would remain focused on “targeted and tuck-in acquisitions,” and didn’t name PTC.
- A report last week indicated Autodesk was in discussions with advisers about possibly buying PTC.
Autodesk (ADSK) shares surged Monday following a report the company is no longer looking to purchase rival design software maker PTC (PTC).
The stock was up close to 6% in recent trading, while PTC shares fell 2%.
Bloomberg reported that it was likely Autodesk backed down because of the price, financial constraints, and opposition from activist investor Starboard Value, which it noted took a stake in the company earlier this year and pushed for changes.
Autodesk wrote in a regulatory filing that it would remain focused on its strategy, including “targeted and tuck-in acquisitions.” It did not directly mention PTC.
Last Thursday, Autodesk shares slumped and PTC shares jumped on a report Autodesk was talking with advisers to evaluate a possible cash-and-stock purchase of PTC.
Autodesk shares are roughly flat for 2025 so far, while PTC shares are close to 3% higher.
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