Autodesk Stock Is Moving Lower Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Autodesk Inc (NASDAQ:ADSK) shares fell after reporting Q3 financial results, despite beating revenue and EPS estimates. Analysts lowered price targets post-results. Q3 revenue was $1.41 billion, and EPS was $2.07. Operating margin stood at 24%, with $18 million in operating cash flow and $13 million in free cash flow. CEO Andrew Anagnost highlighted the company's AI and platform services. Q4 revenue is forecasted between $1.422 billion and $1.437 billion, with EPS of $1.91 to $1.97, slightly below estimates. Piper Sandler, Keybanc, and Morgan Stanley analysts adjusted their price targets to $215, $245, and $235, respectively.
November 22, 2023 | 1:31 pm
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Autodesk's stock price declined following Q3 results that exceeded expectations but were accompanied by lowered analyst price targets and a Q4 outlook that was slightly below estimates.
Despite beating Q3 revenue and EPS estimates, Autodesk's stock price fell due to a combination of analysts lowering their price targets and a Q4 earnings outlook that didn't meet expectations. This suggests investors are concerned about future growth and profitability, leading to a negative short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100