Autodesk (NASDAQ:ADSK) Updates Fiscal Year 23 Revenue Guidance

Autodesk (NASDAQ:ADSK – Get a rating) updated its fiscal 23 earnings guidance on Wednesday. The company provided earnings per share guidance of $6.52 to $6.71 for the period, compared to the consensus earnings per share estimate. of $6.54. The company released a revenue forecast of $4.985 billion to $5.035 billion, compared to the consensus revenue estimate of $5.01 billion. Autodesk also updated its guidance for the third quarter to EPS $1.66-1.72.

Analyst upgrades and downgrades

Several equity research analysts have recently commented on the company. Piper Sandler lowered its price target on Autodesk from $298.00 to $242.00 and set an overweight rating for the company in a Friday, May 27 research note. Oppenheimer began covering Autodesk in a report on Tuesday, July 26. They set an outperform rating and a price target of $320.00 for the company. Bank of America began covering Autodesk in a research note on Wednesday, August 3. They issued a neutral rating and a target price of $220.00 for the company. Citigroup reduced its target price on Autodesk from $264.00 to $258.00 and set a buy rating for the company in a research note on Friday, May 27. Finally, Mizuho raised its price target on Autodesk from $250.00 to $290.00 and gave the stock a Buy rating in a Wednesday, August 17 research note. One research analyst rated the stock with a sell rating, four issued a hold rating and seventeen gave the company’s stock a buy rating. According to MarketBeat.com, the company currently has a Moderate Buy consensus rating and a consensus target price of $268.52.

Autodesk stock up 0.4%

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Shares of NASDAQ ADSK traded at $0.80 at midday Wednesday, hitting $214.43. 1,725,903 shares of the company were traded, against an average volume of 1,749,619. The company has a market capitalization of $46.59 billion, a price-earnings ratio of 97.47, a PEG ratio of 2, 62 and a beta of 1.53. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt ratio of 3.35. The company has a fifty-day simple moving average of $196.08 and a 200-day simple moving average of $201.64. Autodesk has a 12-month low of $163.20 and a 12-month high of $343.56.

Autodesk (NASDAQ:ADSK – Get a rating) last released its quarterly results on Wednesday, August 24. The software company reported EPS of $1.65 for the quarter, beating analyst consensus estimates of $1.57 by $0.08. The company posted revenue of $1.24 billion for the quarter, compared to analysts’ estimates of $1.22 billion. Autodesk had a return on equity of 68.41% and a net margin of 10.67%. Autodesk’s revenue increased 16.7% compared to the same quarter last year. In the same quarter last year, the company posted earnings per share of $0.67. As a group, stock analysts expect Autodesk to post EPS of 3.99 for the current fiscal year.

Insider Activity at Autodesk

In related news, EVP Rebecca Pearce sold 1,608 shares of Autodesk in a trade that took place on Tuesday, May 31. The stock was sold at an average price of $207.86, for a total value of $334,238.88. Following the sale, the executive vice president now owns 19,325 shares of the company, valued at approximately $4,016,894.50. The sale was disclosed in a legal filing with the SEC, accessible via this link. In related news, EVP Rebecca Pearce sold 1,608 shares of Autodesk in a trade that took place on Tuesday, May 31. The stock was sold at an average price of $207.86, for a total value of $334,238.88. Following the sale, the executive vice president now owns 19,325 shares of the company, valued at approximately $4,016,894.50. The sale was disclosed in a legal filing with the SEC, accessible via this link. Additionally, CAO Stephen W. Hope sold 327 shares of Autodesk in a trade that took place on Tuesday, July 12. The shares were sold at an average price of $177.43, for a total value 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 approximately $742,721.98. Disclosure of this sale can be found here. 0.11% of the shares are held by insiders.

Institutional entries and exits

Hedge funds have recently been buying and selling stocks. First Manhattan Co. increased its stake in Autodesk by 342.9% in the first quarter. First Manhattan Co. now owns 155 shares of the software company valued at $33,000 after buying 120 more shares in the last quarter. Worth Asset Management LLC bought a new position in Autodesk in the first quarter worth about $36,000. Covestor Ltd increased its stake in Autodesk to 71.6% in the first quarter. Covestor Ltd now owns 508 shares in the software company valued at $109,000 after buying 212 more shares last quarter. Parkside Financial Bank & Trust increased its stake in Autodesk by 23.4% in the first quarter. Parkside Financial Bank & Trust now owns 549 shares of the software company valued at $118,000 after buying 104 more shares last quarter. Finally, Zions Bancorporation NA increased its stake in Autodesk by 8.7% in the first quarter. Zions Bancorporation NA now owns 635 shares of the software company valued at $136,000 after buying 51 additional shares in the last quarter. 89.55% of the shares are currently held by 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.

See also

Revenue history and estimates for Autodesk (NASDAQ:ADSK)

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