Autodesk Beats Q2 Estimates, Multiple Investment Banks Adjust Price Targets

Autodesk Inc reported strong second-quarter financial results on Thursday and issued third-quarter earnings per share guidance below expectations.

Autodesk reported quarterly earnings per share of $3.30, beating the analyst consensus estimate of $3.12 by 5.77%. Quarterly revenue came in at $2.05 billion, surpassing Wall Street expectations of $2.01 billion.

Autodesk Chief Financial Officer Janesh Moorjani said: "We delivered strong second-quarter results through consistent execution and momentum. Our sales reorganization is progressing as planned."

Autodesk expects third-quarter adjusted earnings per share between $3.04 and $3.09, versus the analyst estimate of $3.14; it expects revenue between $2.13 billion and $2.14 billion, versus the analyst estimate of $2.08 billion.

Autodesk shares fell 4% on Friday to $259.74.

Following the earnings release, the following analysts adjusted their price targets for Autodesk.

Piper Sandler analyst Clarke Jeffries maintained an Overweight rating on the stock and lowered the price target from $369 to $338.

BMO Capital analyst Daniel Jester maintained a Market Perform rating on the stock and raised the price target from $262 to $283.

Guggenheim analyst Tamjid Chowdhury maintained a Buy rating on the stock and raised the price target from $277 to $283.

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