More About Autodesk Inc. Finally, Wedbush lifted their target price on shares of Autodesk from $55.00 to $57.00 and gave the stock a “neutral” rating in a report on Friday, May 20th. The stock had a trading volume of 3,055,481 shares. The software company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.18.
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Other Hedge Funds, Including, Apg Asset Management N.v. boosted its stake in ADSK in the latest quarter, The investment management firm added 41,900 additional shares and now holds a total of 363,232 shares of Autodesk which is valued at $22,458,635.
Total annualized recurring revenue (ARR) was $1.47 billion, an increase of 10 percent compared to the second quarter previous year as reported, and 14 percent on a constant currency basis. During the same period past year, the company posted $0.19 EPS.
Deferred revenue increased 23 percent to $1.52 billion, compared to $1.24 billion in the second quarter a year ago.
The company said revenue for the quarter fell 9.6% to $550.7 million.
As a reminder, during the business model transition, revenue has been and will be negatively impacted as more revenue is recognized ratably rather than up front and as new product offerings generally have a lower initial purchase price. Analysts predict that Autodesk Inc. will post ($0.82) EPS for the current fiscal year. Autodesk also recorded a restructuring related charge of $16 million in the quarter. That compares to consensus for $469 million and a 29-cent loss.
GAAP diluted net loss per share was $(0.44). Excluding stock-based compensation and other items, Autodesk reported a profit of 5 cents a share, down from 19 cents a share a year earlier.
The Company has 224.40 million shares outstanding and 223.88 million shares were floated in market.
Total subscriptions were 2.82 million, a net increase of 109,000 from the first quarter of fiscal 2017.
CEO Carl Bass called the results “terrific”, pointing to so-called new model subscriptions, and “the end of perpetual license sales”. The increase in new model subscriptions was led by product subscriptions. Maintenance ARR was $1.10 billion and decreased 3 percent compared to the second quarter a year ago as reported, and increased 1 percent on a constant currency basis.
Autodesk also noted that it expects revenue for the third quarter of fiscal 2017 to be in the range of $470 million to $485 million.
For the full year, the company now sees revenue of $2 billion to $2.05 billion, up from the prior $1.95 billion to $2.05 billion, and above consensus for $1.99 billion.
Segment wise, revenues from the Architecture, Engineering and Construction (AEC) business segment increased 8% from the year-ago quarter to $253 million. Revenue in APAC was $100 million, a decrease of 32 percent compared to the second quarter previous year as reported, and 30 percent on a constant currency basis.
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Sachem Head Capital Management Lp holds 30.9% of its portfolio in Autodesk, Inc. for 12.89 million shares. During the last trade, stock’s minimum price has been reached out at $63.00 while the maximum trading price moved at $63.92. Current stock price is in the upbeat territory taking into account of 20 days moving average with 4.33% and continued bullish run for 50 days moving average with 9.52%.
