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

Autodesk (NASDAQ:ADSK – Get a rating) released an update to its earnings guidance for the third quarter of 2023 on Tuesday morning. The company provided earnings guidance of $1.66 to $1.72 per share for the period, compared to the estimate consensus earnings per share 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 stock up to 1.0%

ADSK stock opened at $196.89 on Tuesday. The stock’s 50-day simple moving average is $207.33 and its 200-day simple moving average is $198.99. Autodesk has a fifty-two week low of $163.20 and a fifty-two week high of $335.48. The company has a debt ratio of 3.08, a quick ratio of 0.64 and a current ratio of 0.64. The company has a market capitalization of $42.50 billion, a P/E ratio of 77.82, a price-to-earnings growth ratio of 2.40 and a beta of 1.53.

Autodesk (NASDAQ:ADSK – Get a rating) last released its quarterly results on Wednesday, August 24. The software company reported earnings per share of $1.65 for the quarter, beating analysts’ consensus estimate of $1.57 by $0.08. Autodesk achieved a return on equity of 88.57% and a net margin of 11.76%. The company posted revenue of $1.24 billion for the quarter, versus a consensus estimate of $1.22 billion. During the same period of the previous year, the company achieved EPS of $0.67. The company’s revenue for the quarter increased 16.7% on an annual basis. On average, research analysts expect Autodesk to post earnings per share of 4.13 for the current fiscal year.

Analysts set new price targets

ADSK has been the subject of several analyst reports. Morgan Stanley lowered its price target on Autodesk from $258.00 to $245.00 and set an equal weight rating for the company in a Friday, May 27 research note. Stifel Nicolaus raised his price target on Autodesk from $230.00 to $270.00 in a Friday, August 19 research note. 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 raised his price target on Autodesk from $230.00 to $255.00 and gave the stock an outperform rating in a Thursday, Aug. 25 research note. Finally, JPMorgan Chase & Co. threw a blanket on Autodesk in a research note on Friday. They issued a neutral rating and a price target of $203.00 for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have assigned the company a buy rating. According to MarketBeat.com, the stock has an average moderate buy rating and an average price target of $262.60.

Insider Buying and Selling at Autodesk

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

Institutional investors weigh in on Autodesk

Institutional investors and hedge funds have recently changed their positions in the company. NewEdge Advisors LLC bought a new equity stake in Autodesk in the second quarter worth $319,000. SVB Wealth LLC increased its position in Autodesk shares by 16.1% in the second quarter. SVB Wealth LLC now owns 1,788 shares of the software company worth $308,000 after buying 248 additional shares in the last quarter. Mather Group LLC. increased its position in Autodesk shares by 34.8% in the first quarter. Mather Group LLC. now owns 1,364 shares of the software company worth $292,000 after buying 352 more shares last quarter. Walleye Capital LLC bought a new equity stake in Autodesk in the first quarter worth $249,000. Finally, Penserra Capital Management LLC increased its position in Autodesk shares by 8.6% in the first quarter. Penserra Capital Management LLC now owns 1,154 shares of the software company worth $246,000 after buying 91 additional shares in the last quarter. Hedge funds and other institutional investors hold 86.44% of the company’s shares.

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.

See also

Revenue history and estimates for Autodesk (NASDAQ:ADSK)

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