Autodesk, Inc. (NASDAQ:ADSK) Expected to Announce Quarterly Sales of $786.76 Million

Wall Street analysts forecast that Autodesk, Inc. (NASDAQ:ADSK) will announce sales of $786.76 million for the current quarter, Zacks reports. Nine analysts have issued estimates for Autodesk’s earnings. The highest sales estimate is $790.20 million and the lowest is $783.40 million. Autodesk reported sales of $611.70 million in the same quarter last year, which would suggest a positive year over year growth rate of 28.6%. The business is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, August 27th.

On average, analysts expect that Autodesk will report full-year sales of $3.28 billion for the current fiscal year, with estimates ranging from $3.27 billion to $3.30 billion. For the next year, analysts forecast that the firm will report sales of $4.01 billion, with estimates ranging from $3.91 billion to $4.08 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Autodesk.

Autodesk (NASDAQ:ADSK) last released its quarterly earnings results on Thursday, May 23rd. The software company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). The company had revenue of $735.50 million during the quarter, compared to analysts’ expectations of $740.14 million. Autodesk had a negative return on equity of 26.61% and a negative net margin of 0.82%. The firm’s revenue was up 31.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.06 EPS.

Several research firms have recently commented on ADSK. Stifel Nicolaus set a $185.00 target price on Autodesk and gave the company a “buy” rating in a research note on Wednesday. Zacks Investment Research cut Autodesk from a “hold” rating to a “strong sell” rating and set a $169.00 target price for the company. in a research note on Monday, June 3rd. Citigroup began coverage on Autodesk in a research note on Monday, July 22nd. They set a “buy” rating and a $210.00 target price for the company. Deutsche Bank cut Autodesk from a “buy” rating to a “hold” rating and reduced their target price for the company from $180.00 to $165.00 in a research note on Thursday, August 15th. Finally, BidaskClub cut Autodesk from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $174.35.

In related news, CEO Andrew Anagnost sold 2,434 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $169.47, for a total transaction of $412,489.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 1,300 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $164.54, for a total value of $213,902.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,773 shares of company stock worth $1,109,297. Corporate insiders own 0.12% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. Signaturefd LLC grew its stake in shares of Autodesk by 7.5% in the first quarter. Signaturefd LLC now owns 841 shares of the software company’s stock worth $131,000 after purchasing an additional 59 shares in the last quarter. Harfst & Associates Inc. boosted its stake in Autodesk by 3.5% during the first quarter. Harfst & Associates Inc. now owns 1,769 shares of the software company’s stock valued at $275,000 after buying an additional 60 shares in the last quarter. FIL Ltd boosted its stake in Autodesk by 0.7% during the first quarter. FIL Ltd now owns 8,469 shares of the software company’s stock valued at $1,320,000 after buying an additional 62 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Autodesk by 4.7% during the second quarter. Park Avenue Securities LLC now owns 1,549 shares of the software company’s stock valued at $252,000 after buying an additional 69 shares in the last quarter. Finally, Berkeley Capital Partners LLC boosted its stake in Autodesk by 1.8% during the second quarter. Berkeley Capital Partners LLC now owns 3,817 shares of the software company’s stock valued at $622,000 after buying an additional 69 shares in the last quarter. 95.02% of the stock is currently owned by institutional investors and hedge funds.

Shares of Autodesk stock traded down $1.49 on Tuesday, hitting $143.72. 1,180,923 shares of the company’s stock traded hands, compared to its average volume of 2,111,202. The stock has a market cap of $32.19 billion, a P/E ratio of 1,306.55, a PEG ratio of 2.33 and a beta of 1.79. The firm’s 50-day moving average is $160.10 and its 200 day moving average is $162.79. Autodesk has a 52-week low of $117.72 and a 52-week high of $178.95.

About Autodesk

Autodesk, Inc operates as a design software and services company worldwide. The company offers AutoCAD, a professional design, drafting, detailing, and visualization software; AutoCAD Civil 3D, a surveying, design, analysis, and documentation solution for civil engineering, including land development, transportation, and environmental projects; AutoCAD LT, a professional drafting and detailing software; BIM 360, a construction management cloud-based 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 software products for professionals in architecture, engineering and construction, product design and manufacturing, and media and entertainment industries.

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