Analysts Revise Autodesk Price Targets After Strong Earnings
Autodesk Inc. Exceeds Earnings Expectations
Autodesk Inc. (NASDAQ: ADSK) has recently reported financial results that surpassed market expectations, marking a significant achievement for the company. The successful quarter has garnered positive attention from analysts and investors alike.
Second Quarter Revenue Insights
In the second quarter, Autodesk achieved an impressive revenue growth of 17% year-over-year, amounting to $1.76 billion. This figure exceeded analyst predictions, which had placed revenue estimates at approximately $1.72 billion. Furthermore, the company's adjusted earnings reached $2.62 per share, surpassing the estimated $2.45 per share.
Revised Full-Year Guidance
Following the strong performance, Autodesk has updated its full-year guidance. The company now projects annual revenue within the range of $7.03 billion to $7.08 billion, a positive shift from the previous estimates of $6.92 billion to $7 billion. Additionally, Autodesk has revised its adjusted earnings forecast to between $9.80 and $9.98 per share, up from an earlier expectation of $9.50 to $9.73 per share.
Leadership's Positive Outlook
Andrew Anagnost, president and CEO of Autodesk, expressed enthusiasm about the company's future. He noted, "We're excited about the road ahead — not only because of the industry-leading AI tools and foundation models we are creating, but also due to the go-to-market, industry cloud, and platform ecosystem we've built over the last decade to scale AI successfully.”
Analyst Adjustments Following Earnings
In response to Autodesk's stellar earnings report, various analysts have adjusted their price targets for ADSK:
- Piper Sandler analyst Clarke Jeffries maintained an Overweight rating and increased the price target from $361 to $373.
- Baird analyst Joe Vruwink also rated Autodesk as Outperform, raising the price target from $345 to $363.
- Rosenblatt's Blair Abernethy reaffirmed a Buy rating, raising the target from $345 to $355.
- Stifel analyst Adam Borg maintained a Buy rating with a price target increase from $350 to $375.
- Barclays analyst Saket Kalia raised the price target from $355 to $385, maintaining an Overweight rating.
- Keybanc analyst Jason Celino also kept an Overweight rating, adjusting the price target from $350 to $365.
Current Stock Performance
Following the announcement of these results and revisions, Autodesk shares experienced a slight increase, closing at $288.49, reflecting a 0.9% gain.
Analysts' Recommendations
For those considering an investment in Autodesk (ADSK), analysts are optimistic about the company’s prospects, citing its innovative approaches and market leadership. The consensus indicates a generally favorable outlook as the company continues to expand its portfolio and embrace advancements in AI technology.
Frequently Asked Questions
What were Autodesk's reported earnings per share for Q2?
Autodesk reported adjusted earnings of $2.62 per share for the second quarter.
How much did Autodesk's revenue grow year-over-year?
The company's revenue increased by 17% year-over-year to $1.76 billion.
What is Autodesk's revised full-year revenue guidance?
Autodesk's revised guidance ranges from $7.03 billion to $7.08 billion for the full year.
What is the new price target from Piper Sandler for Autodesk?
Piper Sandler raised its price target for Autodesk from $361 to $373.
Who is the CEO of Autodesk and what did they say about future prospects?
Andrew Anagnost is the CEO of Autodesk, and he expressed enthusiasm about the company's direction and innovations in AI technology.
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