Autodesk (NASDAQ:ADSK) Releases Third Quarter 2023 Earnings Guidance

Autodesk (NASDAQ:ADSK – Get a rating) issued an update to its earnings guidance for the third quarter of 2023 on Tuesday morning. The company provided EPS guidance of $1.66 to $1.72 for the period, compared to the consensus EPS of $1.67. The company released a revenue forecast of $1.27 billion to $1.29 billion, versus a consensus revenue estimate of $1.27 billion. Autodesk also updated its guidance for fiscal year 2023 to $6.52-$6.71 EPS.

Autodesk Price Performance

ADSK shares opened at $198.69 on Tuesday. The company has a market capitalization of $42.89 billion, a price-to-earnings ratio of 78.53, a growth price-to-earnings ratio of 2.44 and a beta of 1.53. Autodesk has a 12-month low of $163.20 and a 12-month high of $335.48. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt ratio of 3.08. The company has a 50-day moving average of $200.88 and a two-hundred-day moving average of $200.61.

Autodesk (NASDAQ:ADSK – Get a rating) last announced its results on Wednesday, August 24. The software company reported earnings per share of $1.65 for the quarter, beating the consensus estimate of $1.57 by $0.08. The company posted revenue of $1.24 billion in the quarter, versus a consensus estimate of $1.22 billion. Autodesk had a net margin of 11.76% and a return on equity of 88.57%. Autodesk’s revenue increased 16.7% compared to the same quarter last year. During the same period last year, the company earned earnings per share of $0.67. As a group, analysts predict Autodesk will post earnings per share of 4.14 for the current fiscal year.

Changes to analyst ratings

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Several brokerages have recently published reports on ADSK. Deutsche Bank Aktiengesellschaft raised its price target on Autodesk shares from $225.00 to $255.00 in a Thursday, August 25 report. Piper Sandler cut her price target on Autodesk shares from $298.00 to $242.00 and set an overweight rating for the company in a Friday, May 27 report. Stifel Nicolaus raised his price target on Autodesk shares from $230.00 to $270.00 in a Friday, August 19 report. Oppenheimer raised his price target on Autodesk shares from $230.00 to $255.00 and gave the company an outperform rating in a Thursday, Aug. 25 report. Finally, Credit Suisse Group cut 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 report. One analyst has assigned the stock a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average moderate buy rating and a consensus price target of $266.20.

Insider Buying and Selling at Autodesk

In other Autodesk news, CEO Andre Anagnost sold 34,366 shares of the company in a transaction dated Monday, August 29. The shares were sold at an average price of $206.87, for a total value of $7,109,294.42. As a result of the transaction, the CEO now directly owns 76,968 shares of the company, valued at approximately $15,922,370.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. In other news, CEO Andre Anagnost sold 34,366 shares of the company in a transaction that took place on Monday, August 29. The shares were sold at an average price of $206.87, for a total value of $7,109,294.42. As a result of the sale, the CEO now directly owns 76,968 shares of the company, valued at approximately $15,922,370.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, CAO Stephen W. Hope sold 327 shares of the company in a trade that took place on Tuesday, July 12. The shares were sold at an average price of $177.43, for a total transaction of $58,019.61. Following the completion of the sale, the chief accounting officer now directly owns 4,186 shares of the company, valued at $742,721.98. Disclosure of this sale can be found here. 0.11% of the shares are currently held by insiders of the company.

Institutional investors weigh in on Autodesk

Several large investors have recently increased or reduced their stake in ADSK. First Manhattan Co. increased its stake in Autodesk by 342.9% in Q1. First Manhattan Co. now owns 155 shares of the software company worth $33,000 after buying an additional 120 shares during the period. Worth Asset Management LLC acquired a new stake in Autodesk during Q1 worth approximately $36,000. Covestor Ltd increased its stake in Autodesk by 71.6% during the 1st quarter. Covestor Ltd now owns 508 shares in the software company worth $109,000 after buying an additional 212 shares during the period. Parkside Financial Bank & Trust increased its stake in Autodesk by 23.4% in Q1. Parkside Financial Bank & Trust now owns 549 shares of the software company worth $118,000 after buying 104 more shares during the period. Finally, Zions Bancorporation NA increased its stake in Autodesk by 8.7% during the 1st quarter. Zions Bancorporation NA now owns 635 shares of the software company worth $136,000 after buying 51 additional shares during the period. 86.44% of the shares are held by hedge funds and other institutional investors.

About Autodesk

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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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