Autodesk (NASDAQ:ADSK – Get Rating) updated its second quarter 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $1.54-$1.60 for the period, compared to the consensus earnings per share estimate of $1.60. The company issued revenue guidance of $1.22 billion-$1.24 billion, compared to the consensus revenue estimate of $1.22 billion. Autodesk also updated its FY 2023 guidance to $6.43-$6.66 EPS.
Several equities analysts have issued reports on the company. Barclays dropped their price target on Autodesk from $230.00 to $216.00 and set an overweight rating on the stock in a research note on Friday, May 27th. Stifel Nicolaus decreased their price objective on Autodesk from $285.00 to $230.00 and set a buy rating for the company in a report on Monday, May 23rd. TheStreet downgraded Autodesk from a b- rating to a c+ rating in a report on Tuesday, March 8th. Deutsche Bank Aktiengesellschaft downgraded Autodesk from a buy rating to a hold rating and decreased their price objective for the company from $275.00 to $225.00 in a report on Monday, May 23rd. Finally, Mizuho restated a buy rating and set a $250.00 price objective on shares of Autodesk in a report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $263.74.
ADSK stock traded up $12.14 during midday trading on Thursday, hitting $181.29. The company’s stock had a trading volume of 67,379 shares, compared to its average volume of 1,605,952. The stock’s 50-day moving average price is $191.20 and its 200 day moving average price is $221.53. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 3.35. Autodesk has a 1 year low of $163.20 and a 1 year high of $344.39. The stock has a market cap of $39.39 billion, a price-to-earnings ratio of 79.42 and a beta of 1.43.
In related news, CAO Stephen W. Hope sold 1,626 shares of the stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $212.30, for a total transaction of $345,199.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Rebecca Pearce sold 1,608 shares of the company’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $207.86, for a total value of $334,238.88. Following the completion of the transaction, the executive vice president now owns 19,325 shares in the company, valued at $4,016,894.50. The disclosure for this sale can be found here. Insiders have sold a total of 5,113 shares of company stock worth $1,078,554 in the last three months. 0.11% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Walleye Capital LLC bought a new position in Autodesk in the 1st quarter worth about $249,000. Advisory Services Network LLC increased its position in shares of Autodesk by 72.8% during the 1st quarter. Advisory Services Network LLC now owns 4,829 shares of the software company’s stock valued at $1,036,000 after purchasing an additional 2,035 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Autodesk by 39.2% during the 1st quarter. EP Wealth Advisors LLC now owns 1,901 shares of the software company’s stock valued at $407,000 after purchasing an additional 535 shares during the last quarter. Toroso Investments LLC increased its position in shares of Autodesk by 11.6% during the 1st quarter. Toroso Investments LLC now owns 8,843 shares of the software company’s stock valued at $1,895,000 after purchasing an additional 919 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Autodesk during the 1st quarter valued at about $27,284,000. Institutional investors and hedge funds own 89.55% of the company’s stock.
About Autodesk (Get Rating)
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 development, transportation, and environmental projects; BIM 360, a construction management cloud-based software; AutoCAD, a software for professional design, drafting, detailing, and visualization; AutoCAD LT, a drafting and detailing 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 tools for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment collection industries.
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