AUTODESK Set to Report Second-Quarter Results, Investment Firm Says Software Demand Has Accelerated

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Autodesk($NASDAQ:ADSK) is scheduled to report second-quarter results on August 24 and investment firm Baird said software demand for the project management and lifestyle sector has accelerated compared to two years ago. Analyst Joe Vruwink noted that software demand is up 12% year-over-year, which is consistent with the most recent quarter, but an acceleration over two years ago. This is good news for Autodesk, as it indicates that their software is in high demand and that this demand is increasing. This is likely to have a positive impact on their market share and earnings in the long term.

Market Reaction

Autodesk, Inc. (Nasdaq: ADSK) is set to report second-quarter results on Thursday, August 20, 2020, according to an investment firm. The firm said that software demand has accelerated, driven by work-from-home requirements and the need for businesses to digitize operations. Autodesk stock opened at $232.40 on Monday and closed at $234.00, up 0.40% from its last closing price of $233.00.

VI Analysis

Company’s fundamentals reflect its long term potential, below analysis on AUTODESK are made simple by VI app. According to VI Star Chart AUTODESK is strong in asset, growth, profitability, and weak in dividend. AUTODESK has an intermediate health score of 6/10 considering its cashflows and debt, is likely to sustain future operations in times of crisis. AUTODESK is classified as ‘gorilla’, a type of company that achieved stable and high revenue or earning growth due to its strong competitive advantage. High growth companies are deemed more risky as they attempt to grow faster.

Summary

The firm expects the company to report revenue and EPS above the Street’s consensus estimates. Wedbush has an Outperform rating and $180 price target on the stock. On August 27, 2020, Autodesk shares closed at $174.88, up 0.4% from the previous day’s close of $174.02.