Autodesk Inc (NASDAQ:ADSK) shares gained almost 6% on Monday after the company signalled it has dropped its pursuit of acquiring PTC Inc (NASDAQ:PTC), a fellow engineering software firm valued at about $23 billion.
In a filing with the Securities and Exchange Commission (SEC), Autodesk said it will be focused on its strategic priorities, indicating there will be no deal with PTC without mentioning the Boston-based firm by name.
“We are confident in our plans to drive long-term shareholder value and remain focused on executing our established strategic priorities in cloud, platform, and AI; optimizing our sales and marketing to drive higher margins; and allocating capital to organic investment, targeted and tuck-in acquisitions, and continuing our share repurchase program as our free cash flow grows,” the company said in the filing.
The company’s stock fell almost 12% last week on the deal speculation.
Shares of Autodesk added 5.9% at about $297 in the early afternoon on Monday. PTC shares, however, fell about 2% to $190.