Autodesk (ADSK) Shares Gap Down on Disappointing Earnings

Autodesk, Inc. (NASDAQ:ADSK) shares gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $178.40, but opened at $169.54. Autodesk shares last traded at $161.22, with a volume of 6108614 shares.

The software company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The firm had revenue of $735.50 million during the quarter, compared to the consensus estimate of $740.14 million. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.06 EPS.

A number of research firms recently commented on ADSK. Zacks Investment Research downgraded Autodesk from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Wedbush reiterated a “neutral” rating and issued a $166.00 price objective (up previously from $163.00) on shares of Autodesk in a report on Tuesday, May 14th. BidaskClub upgraded Autodesk from a “buy” rating to a “strong-buy” rating in a report on Friday, May 17th. Griffin Securities restated a “buy” rating and issued a $193.00 price target (up from $188.00) on shares of Autodesk in a report on Friday. Finally, KeyCorp assumed coverage on Autodesk in a research report on Wednesday, April 10th. They set an “overweight” rating and a $196.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $173.63.



In related news, Director Crawford W. Beveridge sold 1,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $152.90, for a total transaction of $152,900.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Fronzo Pascal W. Di sold 8,839 shares of the stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $165.00, for a total value of $1,458,435.00. The disclosure for this sale can be found here. Insiders have sold 58,577 shares of company stock valued at $9,509,716 over the last ninety days. 0.12% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Bank & Trust lifted its position in shares of Autodesk by 326.5% in the fourth quarter. First Bank & Trust now owns 4,129 shares of the software company’s stock valued at $531,000 after buying an additional 3,161 shares during the last quarter. Actinver Wealth Management Inc. acquired a new stake in shares of Autodesk in the fourth quarter valued at approximately $645,000. First Foundation Advisors acquired a new stake in shares of Autodesk in the fourth quarter valued at approximately $541,000. Pinnacle Associates Ltd. lifted its position in shares of Autodesk by 12.8% in the fourth quarter. Pinnacle Associates Ltd. now owns 56,650 shares of the software company’s stock valued at $7,286,000 after buying an additional 6,445 shares during the last quarter. Finally, Raymond James Trust N.A. lifted its position in shares of Autodesk by 16.6% in the fourth quarter. Raymond James Trust N.A. now owns 8,588 shares of the software company’s stock valued at $1,104,000 after buying an additional 1,223 shares during the last quarter. 95.55% of the stock is owned by institutional investors.

The stock has a market cap of $38.31 billion, a PE ratio of 1,465.64, a P/E/G ratio of 2.60 and a beta of 1.95.

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About Autodesk (NASDAQ:ADSK)

Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; AutoCAD LT, a professional drafting and detailing software; BIM 360, a construction management cloud-based software; computer-aided manufacturing (CAM) software for computer numeric control machining, inspection, and modelling for manufacturing; Fusion 360, a 3D CAD, CAM, and computer-aided engineering tool; and Industry Collections software products for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment industries.

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