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Autodesk Inc ADSK

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Morningstar’s Analysis

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Autodesk Reports In Line With Our Expectations; Maintain FVE; Shares Overvalued

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Wide-moat Autodesk reported third-quarter financial results largely in line with our expectations. Sales growth, as in the prior quarter, was buoyed by strong year-over-year growth in subscription revenue. We believe that Autodesk continues to benefit from secular industry shifts toward cloud platforms and digital acceleration. At the same time, we think the market has factored in even greener pastures for the wide-moat name. With that in mind, we reiterate our $209 fair value estimate for Autodesk. Despite shares falling 12% after hours to $265 upon less optimistic billings guidance than what was previously given, we view shares as overvalued. Even though there's a gap between our fair value estimate and the market, we continue to consider Autodesk a very high-quality company with significant potential for the top and bottom lines over the long term.

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Company Profile

Business Description

Founded in 1982, Autodesk is an application software company that serves industries in architecture, engineering, and construction; product design and manufacturing; and media and entertainment. Autodesk software enables design, modeling, and rendering needs of these industries. The company has over 4 million paid subscribers across 180 countries.

111 McInnis Parkway
San Rafael, CA, 94903
T +1 415 507-5000
Sector Technology
Industry Software - Application
Most Recent Earnings Oct 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 11,500