Autodesk (NASDAQ:ADSK) Updates First Quarter 2023 Revenue Guidance

Autodesk (NASDAQ:ADSK – Get a rating) released an update to its earnings guidance for the first quarter of 2023 on Thursday morning. Thomson Reuters earnings per share of $1,450. The company released a revenue forecast of $1.15 billion to $1.16 billion, compared to the consensus revenue estimate of $1.16 billion.

Shares of ADSK traded down $0.76 in Thursday’s midday session, hitting $206.58. The stock recorded a trading volume of 17,951 shares, compared to an average volume of 1,927,176 shares. Autodesk has a 1-year minimum of $186.29 and a 1-year maximum of $344.39. The company has a market capitalization of $44.89 billion, a PE ratio of 92.75 and a beta of 1.46. The company has a debt ratio of 2.68, a current ratio of 0.69 and a quick ratio of 0.81. The stock’s 50-day moving average is $225.12 and its 200-day moving average is $266.13.

Autodesk (NASDAQ:ADSK – Get a rating) last released its quarterly results on Thursday, February 24. The software company reported EPS of $0.98 for the quarter, beating the Zacks consensus estimate of $0.91 by $0.07. Autodesk had a net margin of 11.33% and a return on equity of 55.95%. The company posted revenue of $1.21 billion for the quarter, versus $1.20 billion expected by analysts. In the same period a year earlier, the company posted earnings per share of $0.80. The company’s revenue for the quarter increased 16.6% year over year. As a group, equity research analysts expect Autodesk to post earnings per share of 4.28 for the current fiscal year.

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Growing demand for lithium is fueled by global demand for electric vehicles (EVs). Lithium is ideal for electric cars. It is light, stores a lot of energy and is rechargeable. Sales of electric vehicles are expected to increase tenfold by 2030 and it is estimated that one in two cars sold will be electric by 2040.

ADSK has been the subject of several recent research reports. JPMorgan Chase & Co. lowered its price target on Autodesk shares from $355.00 to $275.00 and set an overweight rating on the stock in a Friday, Feb. 25 report. Zacks Investment Research cut Autodesk shares from a hold rating to a strong sell rating and set a target price of $216.00 for the stock. in a report on Monday, November 29. KeyCorp lowered its price target on Autodesk shares from $300.00 to $260.00 and set an overweight rating on the stock in a Friday, Feb. 25 report. Stifel Nicolaus lowered his price target on Autodesk shares from $310.00 to $285.00 and set a buy rating on the stock in a Friday, February 25 report. Finally, Barclays cut its price target on Autodesk shares from $289.00 to $275.00 in a Friday, February 25 research report. Two investment analysts have assigned a sell rating to the stock, two have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus buy rating and a consensus target price of $292.85.

In other news, CFO Deborah Clifford sold 3,953 shares of the company in a trade that took place on Wednesday, March 9. The shares were sold at an average price of $202.71, for a total transaction of $801,312.63. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, CAO Stephen W. Hope sold 197 shares of the company in a trade that took place on Tuesday, January 11. The stock was sold at an average price of $260.47, for a total transaction of $51,312.59. Disclosure of this sale can be found here. Insiders of the company hold 0.11% of the shares of the company.

Several hedge funds and other institutional investors have recently changed their ADSK holdings. Thrivent Financial for Lutherans increased its stake in Autodesk by 306.0% in Q4. Thrivent Financial for Lutherans now owns 44,018 shares of the software company valued at $12,377,000 after acquiring 33,177 additional shares during the period. Glenmede Trust Co. NA increased its stake in Autodesk by 2.9% in the fourth quarter. Glenmede Trust Co. NA now owns 41,125 shares of the software company valued at $11,563,000 after acquiring 1,178 additional shares during the period. Toroso Investments LLC increased its stake in Autodesk by 35.3% during the 4th quarter. Toroso Investments LLC now owns 7,924 shares of the software company worth $2,228,000 after buying 2,067 additional shares in the last quarter. NewEdge Advisors LLC increased its stake in Autodesk by 104.4% in the 4th quarter. NewEdge Advisors LLC now owns 3,888 shares of the software company worth $1,093,000 after buying 1,986 additional shares in the last quarter. Finally, Silvercrest Asset Management Group LLC increased its stake in Autodesk by 6.9% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 2,626 shares of the software company worth $738,000 after buying an additional 170 shares in the last quarter. 88.07% of the shares are currently held by institutional investors and hedge funds.

Autodesk Company Profile (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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