Autodesk (NASDAQ:ADSK) Issues Quarterly Earnings Results, Hits Expectations

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

Autodesk Stock Up 0.4 %

Shares of ADSK opened at $197.56 on Friday. The company has a market cap of $42.43 billion, a PE ratio of 52.26, a P/E/G ratio of 1.79 and a beta of 1.53. The business has a fifty day moving average of $197.26 and a 200 day moving average of $201.53. Autodesk has a 52-week low of $163.20 and a 52-week high of $235.01. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.99.

Insider Buying and Selling

In related news, CEO Andrew Anagnost sold 2,847 shares of the firm’s stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $196.75, for a total value of $560,147.25. Following the completion of the sale, the chief executive officer now directly owns 85,452 shares in the company, valued at $16,812,681. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Andrew Anagnost sold 2,847 shares of Autodesk stock in a transaction on Tuesday, March 28th. The stock was sold at an average price of $196.75, for a total transaction of $560,147.25. Following the completion of the sale, the chief executive officer now directly owns 85,452 shares in the company, valued at $16,812,681. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Betsy Rafael sold 309 shares of Autodesk stock in a transaction on Monday, May 1st. The stock was sold at an average price of $194.79, for a total value of $60,190.11. Following the sale, the director now owns 4,197 shares of the company’s stock, valued at $817,533.63. The disclosure for this sale can be found here. Insiders sold a total of 11,671 shares of company stock worth $2,313,602 over the last three months. 0.14% of the stock is owned by insiders.

Institutional Trading of Autodesk

Several institutional investors and hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC increased its stake in shares of Autodesk by 8.7% during the fourth quarter. Penserra Capital Management LLC now owns 1,135 shares of the software company’s stock valued at $211,000 after buying an additional 91 shares during the period. Hancock Whitney Corp purchased a new position in shares of Autodesk during the first quarter valued at $205,000. Brookfield Corp ON purchased a new position in shares of Autodesk during the first quarter valued at $204,000. State of Wyoming increased its stake in shares of Autodesk by 22,600.0% during the fourth quarter. State of Wyoming now owns 908 shares of the software company’s stock valued at $170,000 after buying an additional 904 shares during the period. Finally, Zions Bancorporation N.A. increased its stake in shares of Autodesk by 8.7% during the first quarter. Zions Bancorporation N.A. now owns 635 shares of the software company’s stock valued at $136,000 after buying an additional 51 shares during the period. 87.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their target price on shares of Autodesk from $203.00 to $175.00 and set a “neutral” rating for the company in a report on Monday, February 27th. OTR Global lowered shares of Autodesk to a “positive” rating in a report on Monday, May 8th. Citigroup cut their price objective on shares of Autodesk from $265.00 to $241.00 and set a “buy” rating for the company in a report on Tuesday. Royal Bank of Canada increased their price objective on shares of Autodesk from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, February 17th. Finally, Credit Suisse Group cut their price objective on shares of Autodesk from $325.00 to $250.00 and set an “outperform” rating for the company in a report on Monday, February 27th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Autodesk presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.24.

Autodesk Company Profile

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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.