Autodesk Inc (NASDAQ:ADSK) stock remains in focus after the software company delivered stronger-than-expected growth and profitability, while investors weighed an improved revenue outlook against a more measured margin forecast.
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BTIG Sees Stronger Organic Growth
BTIG analyst Nick Altmann reiterated a Buy rating on Autodesk with a $300 price forecast, citing stronger-than-expected revenue growth, resilient renewals and improving expansion activity.
Altmann said Autodesk delivered 14% constant-currency revenue growth, ahead of BTIG’s 12% estimate. Reported revenue increased 16%, or 14% in constant currency.
Adjusting for the new transaction model and foreign exchange, revenue grew 12%, above BTIG’s 9% estimate. Billings increased 10%, or 12% in constant currency, topping the 8% consensus estimate.
Autodesk also raised its organic fiscal 2027 revenue-growth outlook by about 100 basis points after adjusting for foreign exchange.
Altmann said go-to-market changes remain within management’s expectations, renewals remain strong and early improvement is emerging in expansion activity ahead of a large enterprise business agreement renewal cohort in the second half.
MaintainX is expected to contribute about $60 million in fiscal 2027 revenue and roughly $70 million in billings.
Margins Remain the Main Concern
Autodesk posted a 41% operating margin, beating BTIG’s 39% estimate and expanding about 200 basis points year-over-year. GAAP operating margin reached 29%, above BTIG’s 26% estimate.
However, Altmann called the margin outlook the main sticking point. Autodesk maintained its fiscal 2027 operating-margin framework at roughly 39% and lowered its GAAP margin outlook by about 100 basis points as MaintainX adds costs.
Management expects modest operating-margin expansion in fiscal 2028, although Altmann noted that consensus estimates already largely reflected that improvement.
BTIG maintains its $300 price forecast, based on roughly 20 times estimated fiscal 2028 free cash flow.
ADSK Price Action: Autodesk shares were down 4.51% at $258.39 at the time of publication on Friday, according to Benzinga Pro data.
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