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Autodesk Q3 Results Top Estimates; Street Says Buy

Software company Autodesk, Inc. (ADSK) has posted stronger-than-expected results for the third quarter ended October 31, 2021. The strong growth witnessed in total revenues contributed to the overall upbeat results.

However, following the earnings, shares of the company declined 14.6% to close at $259.51 in Tuesday’s extended trading session.

Revenue & Earnings

Autodesk reported quarterly revenues of $1.13 billion, which denotes a year-over-year rise of 18%. The figure also surpassed the consensus estimate of $1.12 billion. Subscription plan revenues (up 21%) and Design revenues (up 17%) drove the overall growth in total revenues.

The company reported quarterly earnings per share (EPS) of $1.33, up 27.9% year-over-year. Moreover, the figure surpassed the consensus estimate of $1.26 per share.

In other operating metrics, the company witnessed a year-over-year rise of 16% in total billings to $1.2 billion. Meanwhile, the company’s net revenue retention rate hovered between 100% to 110%.


In the fourth quarter of Fiscal Year 2022, the company forecasts EPS to be in the range of $1.41 to $1.47 against the consensus estimate of $1.46. The company expects to report revenue in the range of $1.185 billion to 1.2 billion. The consensus estimate for the same is pegged at $1.2 billion.

Management Commentary

The CEO of Autodesk, Andrew Anagnost, said, “Our customers continue to embrace and prioritize digital transformation to drive growth, efficiency and sustainability, generating strong demand for Autodesk’s platform. We are rapidly innovating and optimizing our business to enable more customers to experience our ecosystem, and realize the opportunities ahead.”

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Price Target

Recently, RBC Capital analyst Matthew Hedberg reiterated a Buy rating on the stock with a price target of $363, which implies an upside potential of 19.4% from current levels.

Consensus among analysts is a Strong Buy based on 11 Buys and 2 Holds. The average Autodesk price target of $361.25 implies upside potential of 18.3% from current levels. Shares have gained 17.4% over the past year.

TipRanks Website Traffic

TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Autodesk’s performance this quarter.

According to the tool, the Autodesk website recorded a 17.76% monthly fall in global visits in October.

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