Autodesk Stock Is Moving Lower Wednesday: What's Going On?

Autodesk Inc ADSK shares are trading lower Wednesday on the heels of the company's third-quarter financial results. Multiple analysts also lowered price targets following the print.

• Q3 Revenue: $1.41 billion beat estimates of $1.39 billion
• Q3 EPS: $2.07 beat estimates of $1.99

Operating margin was 24% in the quarter. Cash flow from operating activities totaled $18 million and the company generated $13 million in free cash flow.

"Autodesk AI and Platform Services will enable Autodesk, our customers, and partners to build more valuable, data driven, and connected products and services in our industry clouds and on our platform," said Andrew Anagnost, president and CEO of Autodesk.

"Our customers remain committed to transformation, and to Autodesk, evidenced by our largest-ever EBA signed during the quarter, and record contributions from our construction and water verticals to our overall EBA performance."

Outlook: Autodesk sees fourth-quarter revenue in the range of $1.422 billion to $1.437 billion versus estimates of $1.43 billion. Full-year revenue is expected to be between $5.45 billion and $5.465 billion versus estimates of $5.43 billion

Autodesk anticipates fourth-quarter earnings of $1.91 to $1.97 per share versus estimates of $2.01 per share. Full-year earnings are expected to be between $7.43 and $7.49 per share versus estimates of $7.46 per share. 

Following the print, Piper Sandler analyst Clarke Jeffries downgraded Autodesk from Overweight to Neutral and lowered the price target from $240 to $215. Keybanc analyst Jason Celino maintained an Overweight and lowered the price target from $250 to $245. Morgan Stanley analyst Keith Weiss maintained an Equal-Weight rating and lowered the price target from $245 to $235.

See Also: Why Guess? Shares Are Trading Lower By Around 15%; Here Are 20 Stocks Moving Premarket

ADSK Price Action: Autodesk shares were down 7.02% at $202.30 at the time of writing, according to Benzinga Pro.

Photo: courtesy Autodesk.