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%
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.
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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