Autodesk (ADSK, $199.86) Q3 earnings matches expectations
Autodesk posted third-quarter fiscal 2023 non-GAAP earnings of $1.70 per share, in line with the Zacks Consensus Estimate (as reported by Zacks Equity Research). Revenues grew +14% from the year-ago quarter to $1.28 billion, meeting the consensus (according to Zacks Equity Research ). On a constant-currency basis, revenues climbed +15%.
The software company’s subscription revenues (~93% of total revenues) were up +14% year over year (+15% on a constant-currency basis) to $1.19 billion. Maintenance revenues (1% of total revenues) slipped to $16 million from $18 million in the year-ago quarter. Other revenues (6% of total revenues) grew +17% year-over-year to $76 million.
Billings grew +16% year over year in the quarter.
Revenues from the Americas (42% of revenues) increased +17% from the year-ago quarter to $541 million. Revenues from the EMEA (36% of revenues) climbed +10% to $476 million. Revenues from the Asia-Pacific (22% of revenues) were up +14% to $263 million.
For the fourth quarter, Autodesk expects revenues in the range of $1.303 billion to $1.318 billion, and Non-GAAP earnings of $1.77 to $1.83 per share.
For full fiscal year 2023, Autodesk now expects revenues in the range of $4.99 billion to $5.005 billion, compared to prior guidance of $4.985 billion to $5.035 billion. It projects billings to be $5.57 billion to $5.67 billion down from the earlier forecast of $5.705-$5.805 billion.
The company’s Non-GAAP earnings guidance is $6.56 to $6.62 per share, vs. prior outlook of $6.52-$6.71 per share. Free cash flow is now expected to range between $1.9 billion to $1.98 billion, down from the previous guidance of $2.000 billion to $2.080 billion.
Momentum Indicator for ADSK turns positive, indicating new upward trend
ADSK saw its Momentum Indicator move above the 0 level on June 05, 2023. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 95 similar instances where the indicator turned positive. In of the 95 cases, the stock moved higher in the following days. The odds of a move higher are at .
Technical Analysis (Indicators)
Bullish Trend Analysis
ADSK moved above its 50-day moving average on May 31, 2023 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for ADSK crossed bullishly above the 50-day moving average on May 22, 2023. This indicates that the trend has shifted higher and could be considered a buy signal. In of 17 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where ADSK advanced for three days, in of 317 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 291 cases where ADSK Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 3 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where ADSK declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
ADSK broke above its upper Bollinger Band on June 05, 2023. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Fundamental Analysis (Ratings)
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating very strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. ADSK’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 89, placing this stock slightly better than average.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (47.847) is normal, around the industry mean (31.510). P/E Ratio (52.083) is within average values for comparable stocks, (167.536). Projected Growth (PEG Ratio) (1.160) is also within normal values, averaging (4.116). Dividend Yield (0.000) settles around the average of (0.068) among similar stocks. P/S Ratio (8.562) is also within normal values, averaging (77.832).
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
a developer of multimedia software products
Industry PackagedSoftware
ADSK and
Correlation & Price change
A.I.dvisor indicates that over the last year, ADSK has been closely correlated with ANSS. These tickers have moved in lockstep 76% of the time. This A.I.-generated data suggests there is a high statistical probability that if ADSK jumps, then ANSS could also see price increases.
| Ticker / NAME | Correlation To ADSK | 1D Price Change % | ||
|---|---|---|---|---|
| ADSK | 100% | -3.29% | ||
| ANSS - ADSK | 76% Closely correlated | -3.91% | ||
| BSY - ADSK | 76% Closely correlated | -1.87% | ||
| CDAY - ADSK | 76% Closely correlated | -2.96% | ||
| PAYC - ADSK | 73% Closely correlated | -1.46% | ||
| TYL - ADSK | 73% Closely correlated | -1.46% | ||
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