Autodesk (NASDAQ:ADSK) Releases Q2 Earnings Guidance

Autodesk (NASDAQ:ADSKGet Rating) updated its second quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.54-1.60 for the period, compared to the consensus estimate of $1.60. The company issued revenue guidance of $1.220-1.235 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 research firms have recently commented on ADSK. TheStreet lowered Autodesk from a b- rating to a c+ rating in a research report on Tuesday, March 8th. KeyCorp dropped their price target on Autodesk from $300.00 to $260.00 and set an overweight rating on the stock in a research report on Friday, February 25th. Royal Bank of Canada dropped their target price on Autodesk from $295.00 to $255.00 in a research report on Monday. StockNews.com lowered Autodesk from a buy rating to a hold rating in a research report on Wednesday. Finally, Barclays decreased their price target on Autodesk from $275.00 to $230.00 and set an overweight rating for the company in a research note on Tuesday, May 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $268.75.

Shares of ADSK traded up $5.10 during midday trading on Thursday, hitting $191.63. 2,276,649 shares of the company traded hands, compared to its average volume of 1,899,407. The firm has a 50 day moving average of $198.81 and a 200-day moving average of $235.31. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $41.73 billion, a price-to-earnings ratio of 85.93 and a beta of 1.44. Autodesk has a 52 week low of $173.90 and a 52 week high of $344.39.

Autodesk (NASDAQ:ADSKGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The software company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.15 billion. Autodesk had a net margin of 11.33% and a return on equity of 55.95%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 EPS. Sell-side analysts predict that Autodesk will post 4.25 earnings per share for the current fiscal year.

In other news, CFO Deborah Clifford sold 3,953 shares of the company’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $202.71, for a total value of $801,312.63. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Stephen W. Hope sold 1,626 shares of the company’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $212.30, for a total transaction of $345,199.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,458 shares of company stock worth $1,545,628. 0.11% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of ADSK. EverSource Wealth Advisors LLC acquired a new stake in Autodesk during the 4th quarter worth approximately $28,000. First Manhattan Co. raised its holdings in shares of Autodesk by 342.9% in the 1st quarter. First Manhattan Co. now owns 155 shares of the software company’s stock valued at $33,000 after purchasing an additional 120 shares in the last quarter. Worth Asset Management LLC acquired a new stake in shares of Autodesk in the 1st quarter valued at $36,000. Covestor Ltd raised its holdings in shares of Autodesk by 71.6% in the 1st quarter. Covestor Ltd now owns 508 shares of the software company’s stock valued at $109,000 after purchasing an additional 212 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in shares of Autodesk by 23.4% in the 1st quarter. Parkside Financial Bank & Trust now owns 549 shares of the software company’s stock valued at $118,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 89.55% of the company’s stock.

About Autodesk (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.

Further Reading

Earnings History and Estimates for Autodesk (NASDAQ:ADSK)

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