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May 16, 2014
13:15 EDTADSKAutodesk rises after Q1 EPS, revenue surpass expectations
Shares of design software and services company Autodesk (ADSK) are up after the company reported first quarter earnings per share and revenue last night that exceeded analysts' projections. WHAT'S NEW: Last night, Autodesk reported Q1 earnings per share of 32c on revenue of $592.5M which both topped analysts' projections. The company reported that Q1 total billings increased 10% compared to last year and total subscriptions increased by over 89K compared to the prior quarter. Autodesk said that it sees second quarter EPS of 25c-30c which is in-line with what analyst anticipate. The company sees Q2 revenue to be between $595M-$610M which is above expectations of $576.32M. Autodesk raises its fiscal year 2015 revenue growth view to 4%-6% and its billings growth outlook to 7%-9%. The company now sees FY15 non-GAAP operating margin of 14%-16% and net subscription additions of 150K-200K. WHAT'S NOTABLE: During the company's Q1 earnings conference call, Autodesk said that it is off to a "strong" start in FY15. In Q1, the company said the amount of money it transitioned from licensing revenues to deferred revenue was small and expects to see another small amount transitioned in Q2. Autodesk said that its business model will not be perfectly linear in the future and that the amount of business that it transitions and the number of new subscriptions added will fluctuate from quarter to quarter and year to year. Still, the company says it is expecting the business model transition to progress in FY15, and then ramp up more significantly by FY17 and FY18. ANALYST REACTION: Canaccord said today that Autodesk's Q1 results reinforce its positive perspective and call it a quality growth at a reasonable price name, citing predictable growth in revenues, billings and stable margins. Shares of Autodesk are rated Buy with a $60 price target. Canaccord analyst Richard Davis said that he upped his FY15 and FY16 annual EPS estimates to $1.17 and $1.47, respectively and upped his FY15 and FY16 annual revenue estimates to $2.4B and $2.545M, respectively. PRICE ACTION: In mid-afternoon trading, shares of Autodesk are up $3.52, or 7.36%, to $51.34.
News For ADSK From The Last 14 Days
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February 26, 2015
18:43 EDTADSKOn The Fly: After Hours Movers
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16:07 EDTADSKAutodesk sees FY16 EPS $1.05-$1.20, consensus $1.32
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16:06 EDTADSKAutodesk sees Q1 EPS 25c-30c, consensus 32c
Sees Q1 revenue $625M-$645M, consensus $627.5M.
16:05 EDTADSKAutodesk reports Q4 EPS 25c, consensus 24c
Reports Q4 revenue $664.6M, consensus $650.5M.
15:30 EDTADSKNotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include Monster Beverage (MNST), consensus 59c... Ross Stores (ROST), consensus $1.11... Gap (GPS), consensus 74c... Autodesk (ADSK), consensus 24c... Universal Health Services (UHS), consensus $1.50... Southwestern Energy (SWN), consensus 50c... Ensco (ESV), consensus $1.36... J.C. Penney (JCP), consensus 11c... Nimble Storage (NMBL), consensus (14c)... Herbalife (HLF), consensus $1.22... Allscripts Healthcare (MDRX), consensus 9c... SBA Communications (SBAC), consensus 2c... Aruba Networks (ARUN), consensus 27c... Splunk (SPLK), consensus 4c... Air Lease (AL), consensus 61c... Ingram Micro (IM), consensus 99c... Weight Watchers (WTW), consensus 7c... Northern Oil and Gas (NOG), consensus 19c... Envision Healthcare (EVHC), consensus 36c... Infoblox (BLOX), consensus 5c... Live Nation (LYV), consensus (41c)... OmniVision (OVTI), consensus 29c... Bonanza Creek Energy (BCEI), consensus 27c.
15:22 EDTADSKAutodesk technical comments ahead of results
The shares have been trading in a range largely bound by $55 at the low and $63 at the high for the past three months. That range may therefore be helpful in determining where prices may head following earnings. The $63 level is also the life high for the shares, and a break above the range and that life high would be particularly bullish as a result. A run to the $65 to $75 area would be probable given price dynamics at breaks above life highs in the past. If there is a disappointment in results or outlook, the first significant test of support would come at the 30-day moving average at $58.14. A breakdown below the average would likely see a test of the range low at $55, followed by support at $53.02, a pivot low from early February.
February 24, 2015
14:46 EDTADSKAutodesk March volatility elevated into Q4 and outlook
Autodesk March call option implied volatility is at 38, April is at 30, July is at 29; compared to its 26-week average of 33 according to Track Data, suggesting larger near term price movement into the expected release of Q4 results after market close on February 26.

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