Autodesk, Inc. (ADSK) delivered a strong performance in the second quarter, exceeding analysts’ expectations on both earnings and revenue. The company reported earnings per share of $2.15, surpassing the consensus estimate of $2.00. Revenue for the quarter reached $1.50 billion, topping the anticipated $1.48 billion.
Autodesk CEO Andrew Anagnost attributed the success to the company’s ability to capitalize on positive long-term growth trends, particularly in the global reconstruction and infrastructure sectors. He highlighted their strategy of providing valuable and interconnected solutions for their customers, contributing to the resilience of their business.
Looking ahead, Autodesk is optimistic about its future performance. The company anticipates third-quarter revenue to fall between $1.555 billion and $1.57 billion, exceeding the analyst estimate of $1.54 billion. Earnings for the third quarter are projected to range from $2.08 to $2.14 per share, slightly above the consensus estimate of $2.12. For the full year, Autodesk expects revenue to reach between $6.08 billion and $6.13 billion, surpassing the anticipated $6.05 billion. Earnings for the full year are projected to be in the range of $8.18 to $8.31 per share, exceeding the consensus estimate of $8.12.
Following the earnings announcement, several analysts adjusted their price targets for Autodesk stock. Piper Sandler analyst Clarke Jeffries maintained a Neutral rating but raised the price target from $239 to $257. Morgan Stanley analyst Keith Weiss maintained an Overweight rating and increased the price target from $305 to $320. Mizuho analyst Matthew Broome maintained a Neutral rating but raised the price target from $230 to $260. Oppenheimer analyst Ken Wong maintained an Outperform rating and boosted the price target from $275 to $300.
The positive earnings report and raised guidance suggest that Autodesk is well-positioned for continued growth in the coming quarters. The company’s focus on delivering valuable solutions and its strong market position are likely to continue driving its success.
