What's Going On With Autodesk Stock After Earnings?

Autodesk, Inc. ADSK shares are trading lower Tuesday after the company reported its first-quarter financial results. Additionally, a purported stockholder derivative complaint was filed in the U.S. District Court that named the directors and Chief Strategy Officer as defendants and the company as a nominal defendant.

The Details:

Autodesk reported quarterly earnings of $1.87 per share which beat the analyst consensus estimate of $1.77 by 5.65%. 

Quarterly sales came in at $1.42 billion which beat the analyst consensus estimate of $1.39 billion by 1.94% and represents an 11.66% increase over sales from the same period last year, primarily due to an 11% increase in subscription revenue.

According to a company filing, on June 7, a purported stockholder derivative complaint was filed in the United States District Court for the Northern District of California, naming current directors and Autodesk's Chief Strategy Officer as defendants and the company as a nominal defendant. 

Autodesk said the complaint generally alleges violations of Section 14(a) of the Exchange Act and breach of fiduciary duties, aiding and abetting breach of fiduciary duties, unjust enrichment, abuse of control, and waste of corporate assets, based on similar underlying allegations contained in the purported federal securities class action complaint.

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Will ADSK Stock Go Up?

When trying to assess whether or not Autodesk will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $285 on Autodesk. The Street high target is currently at $320 and the Street low target is $230. Of all the analysts covering Autodesk, 7 have positive ratings, 4 have neutral ratings and no one has a negative rating.

In the last month, 7 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Autodesk have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Autodesk is 3.12% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Autodesk, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

ADSK Price Action: According to Benzinga Pro, Autodesk shares are down 3.16% at $211.31 at the time of publication Tuesday.

Image: Courtesy of Autodesk, Inc.