Autodesk (NASDAQ:ADSK – Get a rating) released an update to its fiscal 2023 earnings guidance Thursday morning. The company provided earnings per share (EPS) guidance of $6.43 to $6.66 for the period, compared to the consensus estimate of $6.69. The company released a revenue forecast of $4.96 billion to $5.06 billion, compared to the consensus revenue estimate of $5.04 billion. Autodesk also updated its guidance for the second quarter of 2023 to EPS of $1.54-1.60.
NASDAQ:ADSK shares opened at $207.38 on Thursday. Autodesk has a 12 month minimum of $173.90 and a 12 month maximum of $344.39. The stock has a market capitalization of $45.16 billion, a PE ratio of 94.26 and a beta of 1.43. The company has a 50-day moving average of $198.57 and a 200-day moving average of $232.25. The company has a quick ratio of 0.69, a current ratio of 0.62 and a debt ratio of 3.35.
Autodesk (NASDAQ:ADSK – Get a rating) last released its quarterly earnings data on Thursday, May 26. The software company reported earnings per share (EPS) of $1.43 for the quarter, beating analyst consensus estimates of $1.34 by $0.09. Autodesk had a return on equity of 68.41% and a net margin of 10.67%. The company posted revenue of $1.17 billion in the quarter, versus $1.15 billion expected by analysts. In the same quarter a year earlier, the company posted earnings per share of $1.03. The company’s revenue increased 18.3% year over year. Equity research analysts expect Autodesk to post earnings per share of 4.17 for the current year.
Several brokerages have commented on ADSK. Credit Suisse Group lowered its price target on Autodesk shares from $440.00 to $335.00 and set an na rating for the company in a Tuesday, May 17 research report. Royal Bank of Canada lowered its price target on Autodesk shares from $295.00 to $255.00 in a Monday, May 23 research report. Stifel Nicolaus lowered his price target on Autodesk shares from $285.00 to $230.00 and set a buy rating for the company in a research report on Monday, May 23. TheStreet downgraded Autodesk shares from a b- to a c+ rating in a Tuesday, March 8 research report. Finally, OTR Global raised Autodesk shares to a positive rating in a Thursday, May 5 research report. Two research analysts gave the stock a sell rating, three issued a hold rating and sixteen issued a buy rating to the company’s stock. According to data from MarketBeat.com, Autodesk currently has an average buy rating and consensus price target of $261.35.
In other Autodesk news, CFO Deborah Clifford sold 1,820 shares of the company in a transaction on Monday, March 28. The shares were sold at an average price of $212.30, for a total transaction of $386,386.00. The sale was disclosed in a legal filing with the SEC, available at the SEC website. Additionally, CAO Stephen W. Hope sold 1,626 shares in a trade dated Monday, March 28. The stock was sold at an average price of $212.30, for a total transaction of $345,199.80. Disclosure of this sale can be found here. Insiders sold 7,458 shares of the company worth $1,545,628 in the past ninety days. Insiders hold 0.11% of the company’s shares.
Several hedge funds have recently increased or reduced their holdings in ADSK. Lazard Asset Management LLC increased its position in Autodesk shares by 64.4% during the first quarter. Lazard Asset Management LLC now owns 579,794 shares of the software company worth $124,277,000 after purchasing an additional 227,098 shares last quarter. Invesco Ltd. increased its position in Autodesk by 18.9% in the 1st quarter. Invesco Ltd. now owns 1,005,551 shares of the software company valued at $215,538,000 after acquiring 159,898 additional shares last quarter. Worldquant Millennium Advisors LLC bought a new position in Autodesk in Q1 worth approximately $27,284,000. Arrowstreet Capital Limited Partnership bought a new position in Autodesk in Q1 worth approximately $22,396,000. Finally, Prudential Financial Inc. increased its position in Autodesk by 29.1% in the 1st quarter. Prudential Financial Inc. now owns 302,189 shares of the software company valued at $64,775,000 after acquiring an additional 68,068 shares last quarter. 89.55% of the shares are currently held by institutional investors.
About Autodesk (Get a 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, transportation, and environmental projects; BIM 360, a cloud-based construction management software; AutoCAD, professional design, drafting, detailing, and visualization software; AutoCAD LT, drafting and detailing software; computer aided manufacturing (CAM) software for computer numerical control machining, inspection and modeling for manufacturing; Fusion 360, a 3D CAD, CAM and computer-aided engineering tool; and industry collections tools for professionals in the architecture, engineering and construction, product design and manufacturing, and media and entertainment collections industries.
This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]
Should you invest $1,000 in Autodesk right now?
Before you consider Autodesk, you’ll want to hear this.
MarketBeat tracks Wall Street’s top-rated, top-performing research analysts daily and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market ripples…and Autodesk wasn’t on the list.
While Autodesk currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
See the 5 actions here