Autodesk (NASDAQ:ADSK) Releases Earnings Results, Meets Expectations

Autodesk (NASDAQ:ADSK – Get Rating) issued its quarterly earnings data on Thursday. The software company reported $1.55 earnings per share for the quarter, meeting 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 business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the firm posted $0.87 earnings per share. 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 Stock Performance

Shares of Autodesk stock traded up $0.81 on Thursday, hitting $197.56. The stock had a trading volume of 2,437,069 shares, compared to its average volume of 1,359,366. Autodesk has a 52-week low of $163.20 and a 52-week high of $235.01. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.99. The stock has a market cap of $42.43 billion, a price-to-earnings ratio of 52.05, a P/E/G ratio of 1.79 and a beta of 1.53. The company’s 50 day moving average price is $197.32 and its 200 day moving average price is $201.56.

Insider Activity

In other news, Director Betsy Rafael sold 309 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $194.79, for a total value of $60,190.11. Following the completion of the sale, the director now directly owns 4,197 shares of the company’s stock, valued at approximately $817,533.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Deborah Clifford sold 1,557 shares of the business’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $205.71, for a total value of $320,290.47. Following the transaction, the chief financial officer now owns 19,609 shares in the company, valued at approximately $4,033,767.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Betsy Rafael sold 309 shares of the business’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $194.79, for a total value of $60,190.11. Following the completion of the transaction, the director now owns 4,197 shares in the company, valued at approximately $817,533.63. The disclosure for this sale can be found here. In the last three months, insiders sold 11,671 shares of company stock valued at $2,313,602. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Autodesk

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in Autodesk by 2.8% in the 1st quarter. State Street Corp now owns 8,623,556 shares of the software company’s stock valued at $1,795,073,000 after acquiring an additional 235,484 shares during the period. Geode Capital Management LLC increased its position in Autodesk by 1.7% in the 1st quarter. Geode Capital Management LLC now owns 3,993,264 shares of the software company’s stock valued at $829,485,000 after acquiring an additional 66,959 shares during the period. Northern Trust Corp increased its position in Autodesk by 1.7% during the 1st quarter. Northern Trust Corp now owns 2,835,207 shares of the software company’s stock worth $607,727,000 after purchasing an additional 47,952 shares during the period. Norges Bank acquired a new position in Autodesk during the 4th quarter worth approximately $426,374,000. Finally, Wellington Management Group LLP increased its position in Autodesk by 0.4% during the 1st quarter. Wellington Management Group LLP now owns 1,934,110 shares of the software company’s stock worth $414,577,000 after purchasing an additional 7,454 shares during the period. Institutional investors and hedge funds own 87.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $235.00 price objective on shares of Autodesk in a research note on Thursday, April 20th. Mizuho lifted 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. Bank of America lifted their price objective on Autodesk from $225.00 to $240.00 and gave the company a “neutral” rating in a research note on Monday, February 27th. Citigroup decreased their target price on Autodesk from $265.00 to $241.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Argus decreased their target price on Autodesk from $290.00 to $265.00 and set a “buy” rating for the company in a report on Wednesday, March 1st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $230.24.

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.