Autodesk (NASDAQ:ADSK – Get Rating) issued an update on its second quarter 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $1.54-$1.60 for the period, compared to the consensus EPS estimate of $1.60. The company issued revenue guidance of $1.22 billion-$1.24 billion, compared to the consensus revenue estimate of $1.22 billion.Autodesk also updated its FY 2023 guidance to $6.43-$6.66 EPS.
A number of analysts have recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Autodesk from $285.00 to $230.00 and set a buy rating for the company in a report on Monday. Barclays dropped their price objective on shares of Autodesk from $275.00 to $230.00 and set an overweight rating for the company in a research note on Tuesday, May 17th. Credit Suisse Group dropped their price objective on shares of Autodesk from $440.00 to $335.00 and set a na rating for the company in a research note on Tuesday, May 17th. Stifel Europe dropped their price objective on shares of Autodesk from $310.00 to $285.00 and set a buy rating for the company in a research note on Monday, February 28th. Finally, OTR Global raised shares of Autodesk to a positive rating in a research note on Thursday, May 5th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Autodesk presently has a consensus rating of Buy and an average price target of $268.75.
NASDAQ:ADSK traded up $5.10 during trading hours on Thursday, reaching $191.63. The company had a trading volume of 2,271,019 shares, compared to its average volume of 1,899,327. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 2.68. The firm has a market cap of $41.73 billion, a price-to-earnings ratio of 84.84 and a beta of 1.44. The business’s 50-day simple moving average is $199.24 and its two-hundred day simple moving average is $236.27. Autodesk has a twelve month low of $173.90 and a twelve month high of $344.39.
In other news, CAO Stephen W. Hope sold 1,626 shares of Autodesk stock in a transaction dated Monday, March 28th. The shares were sold at an average price of $212.30, for a total transaction of $345,199.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Deborah Clifford sold 1,820 shares of Autodesk stock in a transaction dated Monday, March 28th. The shares were sold at an average price of $212.30, for a total transaction of $386,386.00. The disclosure for this sale can be found here. Insiders have sold 7,458 shares of company stock valued at $1,545,628 over the last quarter. Corporate insiders own 0.11% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADSK. Lazard Asset Management LLC lifted its position in shares of Autodesk by 64.4% during the first quarter. Lazard Asset Management LLC now owns 579,794 shares of the software company’s stock valued at $124,277,000 after purchasing an additional 227,098 shares in the last quarter. Invesco Ltd. raised its position in Autodesk by 18.9% in the first quarter. Invesco Ltd. now owns 1,005,551 shares of the software company’s stock worth $215,538,000 after acquiring an additional 159,898 shares during the period. Worldquant Millennium Advisors LLC bought a new stake in Autodesk in the first quarter worth about $27,284,000. Arrowstreet Capital Limited Partnership bought a new stake in Autodesk in the first quarter worth about $22,396,000. Finally, Prudential Financial Inc. raised its position in Autodesk by 29.1% in the first quarter. Prudential Financial Inc. now owns 302,189 shares of the software company’s stock worth $64,775,000 after acquiring an additional 68,068 shares during the period. 89.55% of the stock is currently owned by institutional investors.
Autodesk Company Profile (Get Rating)
Autodesk, Inc provides 3D design, engineering, and entertainment software and services worldwide. The company offers AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.
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