Autodesk (NASDAQ:ADSK) Posts Earnings Results, Meets Estimates

Autodesk (NASDAQ:ADSK – Get Rating) posted its quarterly earnings data on Thursday. The software company reported $1.55 EPS for the quarter, hitting analysts’ consensus estimates of $1.55, Yahoo Finance reports. Autodesk had a return on equity of 105.43% and a net margin of 16.44%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the company earned $0.87 EPS. The company’s revenue was up 8.5% on a year-over-year basis. Autodesk updated its Q2 guidance to $1.70-1.74 EPS and its FY24 guidance to $7.07-7.41 EPS.

Autodesk Trading Up 0.4 %

Shares of Autodesk stock traded up $0.81 on Thursday, reaching $197.56. 2,413,463 shares of the company’s stock were exchanged, compared to its average volume of 1,353,795. The company has a market capitalization of $42.43 billion, a P/E ratio of 52.05, a price-to-earnings-growth ratio of 1.79 and a beta of 1.53. Autodesk has a 52 week low of $163.20 and a 52 week high of $235.01. The firm’s 50-day moving average is $197.32 and its two-hundred day moving average is $201.56. The company has a debt-to-equity ratio of 1.99, a quick ratio of 0.84 and a current ratio of 0.84.

Analyst Upgrades and Downgrades

A number of research firms have commented on ADSK. Piper Sandler raised their price objective on Autodesk from $236.00 to $244.00 and gave the stock an “overweight” rating in a research note on Friday, February 24th. TheStreet upgraded Autodesk from a “c+” rating to a “b” rating in a research note on Thursday, February 23rd. Argus reduced their price objective on Autodesk from $290.00 to $265.00 and set a “buy” rating on the stock in a research report on Wednesday, March 1st. Citigroup reduced their price target on Autodesk from $265.00 to $241.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Mizuho upped their price objective on Autodesk from $200.00 to $220.00 and gave the company a “neutral” rating in a research note on Wednesday, February 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $230.24.

Insiders Place Their Bets

In other Autodesk news, Director Betsy Rafael sold 309 shares of the stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $194.79, for a total transaction of $60,190.11. Following the transaction, the director now directly owns 4,197 shares in the company, valued at approximately $817,533.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Betsy Rafael sold 309 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $194.79, for a total transaction of $60,190.11. Following the transaction, the director now directly owns 4,197 shares of the company’s stock, valued at $817,533.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen W. Hope sold 2,457 shares of the company’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $196.75, for a total value of $483,414.75. Following the transaction, the chief accounting officer now directly owns 1,554 shares in the company, valued at $305,749.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,671 shares of company stock worth $2,313,602. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Autodesk

A number of institutional investors have recently modified their holdings of ADSK. Acadian Asset Management LLC raised its position in Autodesk by 351.2% in the 1st quarter. Acadian Asset Management LLC now owns 3,623 shares of the software company’s stock valued at $775,000 after buying an additional 2,820 shares during the last quarter. Panagora Asset Management Inc. raised its position in Autodesk by 71.7% in the 1st quarter. Panagora Asset Management Inc. now owns 4,479 shares of the software company’s stock valued at $960,000 after buying an additional 1,871 shares during the last quarter. Cetera Investment Advisers raised its position in Autodesk by 3.6% in the 1st quarter. Cetera Investment Advisers now owns 4,691 shares of the software company’s stock valued at $1,006,000 after buying an additional 164 shares during the last quarter. Moors & Cabot Inc. purchased a new stake in Autodesk in the 1st quarter valued at $218,000. Finally, Dakota Wealth Management raised its position in Autodesk by 18.0% in the 1st quarter. Dakota Wealth Management now owns 1,915 shares of the software company’s stock valued at $411,000 after buying an additional 292 shares during the last quarter. 87.89% of the stock is owned by institutional investors and hedge funds.

About Autodesk

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Autodesk, Inc engages in the design of software and services. Its products include AutoCAD, BIM 360, Civil 3D, Fusion 360, InfraWorks, Inventor, Maya, PlanGrid, Revit, Shotgun, and 3ds Max. The firm also offers product development and manufacturing software, which provides manufacturers in the automotive, transportation, industrial machinery, consumer products, and building product industries with comprehensive digital design, engineering, and production solutions.