Autodesk (NASDAQ:ADSK) Releases Fiscal 2023 Earnings Forecast

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.

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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.

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Revenue history and estimates for Autodesk (NASDAQ:ADSK)

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