Autodesk Inc. (NASDAQ:ADSK) posted better-than-expected second-quarter financial results on Thursday.
Autodesk said second-quarter revenue increased 17% year-over-year to $1.76 billion, beating analyst estimates of $1.72 billion, according to Benzinga Pro. The company reported second-quarter adjusted earnings of $2.62 per share, beating estimates of $2.45 per share.
Autodesk raised its full-year guidance from a range of $6.92 billion to $7 billion to a new range of $7.03 billion to $7.08 billion, versus estimates of $6.97 billion. The company also raised its adjusted earnings forecast from a range of $9.50 to $9.73 per share to a new range of $9.80 to $9.98 per share, versus estimates of $9.66 per share.
"We're excited about the road ahead — not only because of the industry-leading AI tools and foundation models we are creating, but also because of the go-to-market, industry cloud, and platform ecosystem we've built over the last decade to scale AI successfully," said Andrew Anagnost, president and CEO of Autodesk.
Autodesk shares rose 0.9% to close at $288.49 on Thursday.
These analysts made changes to their price targets on Autodesk following earnings announcement.
- Piper Sandler analyst Clarke Jeffries maintained Autodesk with an Overweight rating and raised the price target from $361 to $373.
- Baird analyst Joe Vruwink maintained Autodesk with an Outperform rating and raised the price target from $345 to $363.
- Rosenblatt analyst Blair Abernethy maintained the stock with a Buy and raised the price target from $345 to $355.
- Stifel analyst Adam Borg maintained Autodesk with a Buy and raised the price target from $350 to $375.
- Barclays analyst Saket Kalia maintained the stock with an Overweight rating and boosted the price target from $355 to $385.
- Keybanc analyst Jason Celino maintained Autodesk with an Overweight rating and raised the price target from $350 to $365.
Considering buying ADSK stock? Here’s what analysts think:
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