Autodesk, Inc. (NASDAQ:ADSK) posted better-than-expected second-quarter EPS and revenues on Thursday.
Autodesk reported quarterly earnings of $2.15 per share which beat the analyst consensus estimate of $2.00 per share. The company reported quarterly sales of $1.50 billion which beat the analyst consensus estimate of $1.48 billion.
"Autodesk continues to generate strong and sustained momentum both in absolute terms and relative to peers," said Andrew Anagnost, president and CEO of Autodesk. "Our success is fueled by our ability to capitalize on the attractive long-term-growth trends we're seeing, including increases in global reconstruction and infrastructure. This is supported by our focused strategy to deliver more valuable and connected solutions for our customers, and by the proven durability of our business."
Autodesk expects third-quarter revenue of $1.555 billion to $1.57 billion versus estimates of $1.54 billion, according to Benzinga Pro. The company sees third-quarter earnings in the range of $2.08 to $2.14 per share versus estimates of $2.12 per share.
Autodesk anticipates full-year revenue of $6.08 billion to $6.13 billion versus estimates of $6.05 billion. The company sees full-year earnings of $8.18 to $8.31 per share versus estimates of $8.12 per share.
Autodesk shares gained 1.4% to close at $258.23 on Thursday.
These analysts made changes to their price targets on Autodesk following earnings announcement.
- Piper Sandler analyst Clarke Jeffries maintained Autodesk with a Neutral and raised the price target from $239 to $257.
- Morgan Stanley analyst Keith Weiss maintained the stock with an Overweight and increased the price target from $305 to $320.
- Mizuho analyst Matthew Broome maintained Autodesk with a Neutral and raised the price target from $230 to $260.
- Oppenheimer analyst Ken Wong maintained the stock with an Outperform and boosted the price target from $275 to $300.
Considering buying ADSK stock? Here's what analysts think: