Autodesk (NASDAQ:ADSK) Releases Third Quarter 2023 Revenue Forecast


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 stock up 1.6%

ADSK stock opened at $215.16 on Tuesday. The stock has a market capitalization of $46.44 billion, a P/E ratio of 85.04, a P/E/G ratio of 2.61 and a beta of 1.53. The company has a 50-day simple moving average of $204.16 and a 200-day simple moving average of $199.43. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt ratio of 3.08. Autodesk has a 52-week low of $163.20 and a 52-week high of $335.48.

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. The company posted revenue of $1.24 billion for the quarter, compared to analysts’ estimates of $1.22 billion. Autodesk had a net margin of 11.76% and a return on equity of 88.57%. Autodesk’s quarterly revenue increased 16.7% year over year. In the same period a year earlier, the company posted earnings per share of $0.67. Stock analysts expect Autodesk to post earnings per share of 4.13 for the current fiscal year.

Analyst upgrades and downgrades

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A number of equity research analysts commented on the stock. StockNews.com moved Autodesk shares from a hold rating to a buy rating in a Thursday, June 2 research report. Rosenblatt Securities lowered its price target on Autodesk shares from $285.00 to $270.00 and set a buy rating on the stock in a Thursday, August 25 research report. Citigroup raised its target price on Autodesk shares from $258.00 to $277.00 in a Thursday, August 25 research report. Wolfe Research began covering Autodesk shares in a research report on Tuesday, August 16. They issued an outperform rating and a target price of $270.00 on the stock. Finally, Mizuho raised its price target on Autodesk shares from $250.00 to $290.00 and gave the company a Buy rating in a Wednesday, August 17 research report. One financial analyst gave the stock a sell rating, four gave the company a hold rating and sixteen gave the company a buy rating. Based on data from MarketBeat.com, the company currently has a Moderate Buy average rating and a consensus target price of $266.20.

Insider Trading at Autodesk

In related 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 $15,922,370.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other Autodesk CAD news 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 transaction of $58,019.61. As a result 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 an SEC filing, available at this link. Also, CEO Andre Anagnost sold 34,366 shares of Autodesk in a trade that took place on Monday, August 29. The shares were sold at an average price of $206.87, for a total transaction of $7,109,294.42. As a result 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. Insiders hold 0.11% of the company’s shares.

Institutional entries and exits

A number of institutional investors have recently changed their positions in ADSK. Acadian Asset Management LLC increased its position in Autodesk shares by 351.2% during the first quarter. Acadian Asset Management LLC now owns 3,623 shares of the software company worth $775,000 after buying 2,820 additional shares last quarter. Panagora Asset Management Inc. increased its position in Autodesk shares by 71.7% during the first quarter. Panagora Asset Management Inc. now owns 4,479 shares of the software company worth $960,000 after buying 1,871 additional shares in the last quarter. Cetera Investment Advisers increased its stake in Autodesk shares by 3.6% in the first quarter. Cetera Investment Advisers now owns 4,691 shares of the software company worth $1,006,000 after buying 164 additional shares in the last quarter. Moors & Cabot Inc. bought a new equity stake in Autodesk in the first quarter worth $218,000. Finally, Dakota Wealth Management increased its stake in Autodesk shares by 18.0% in the first quarter. Dakota Wealth Management now owns 1,915 shares of the software company worth $411,000 after buying 292 more shares in the last quarter. 86.44% of the shares are held by institutional investors and hedge funds.

Autodesk Company Profile

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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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