Autodesk, Inc. (NASDAQ:ADSK) shares fell despite a strong quarterly beat and higher full-year guidance as investors focused on its largest-ever acquisition.
Analysts largely remained positive on the company’s long-term strategy, though the $3.6 billion MaintainX deal raised questions around integration and margin execution.
• Autodesk stock is feeling bearish pressure. What’s behind ADSK decline?
What Happened?
The firm reported first-quarter results after Thursday’s closing bell, beating estimates on the top and bottom lines.
Autodesk raised its fiscal 2027 adjusted EPS guidance to $12.40 to $12.60, versus the $12.51 analyst estimate, and raised its revenue outlook to $8.16 billion to $8.22 billion, versus the $8.15 billion estimate.
Here are the analysts’ takes following the quarterly results:
- RBC Capital Markets analyst Matthew Hedberg reiterated the Outperform rating on the stock, lowering the price target from $335 to $305.
- BTIG analyst Nick Altmann maintained the Buy rating on the stock, with a price target of $300.
RBC Capital Markets
Hedberg said Autodesk delivered a strong quarterly beat and raised its outlook. The analyst noted the MaintainX acquisition could spark investor questions around growth and margins.
Hedberg viewed the move into operations as a logical extension of Autodesk’s Design and Make strategy.
The analyst said management plans to replicate the playbook used in its Construction business.
According to Hedberg, Autodesk believes the operations opportunity could eventually surpass Construction.
The analyst noted that any margin dilution from the acquisition should remain within the existing fiscal 2027 and 2029 targets.
Hedberg added that Autodesk remains well-positioned to help shape the next generation of industrial AI.
BTIG
Altmann highlighted the larger focus from Autodesk’s first-quarter results was its planned acquisition of MaintainX. The analyst estimated the deal values MaintainX at roughly 18 times projected calendar 2027 revenue.
Altmann said Autodesk has a strong track record of integrating acquisitions, including its construction business. However, the analyst noted the deal’s size and recent organizational changes could raise investor concerns.
Altmann added that those concerns may intensify amid an uncertain software spending environment. The analyst noted Autodesk continues expanding beyond its core CAD and BIM software franchises.
The company has built industry-focused cloud platforms, including Forma, Fusion and Flow.
According to Altmann, these offerings connect more stakeholders and improve workflows across design, manufacturing and operations.
The analyst said those efforts have significantly expanded Autodesk’s addressable market opportunity.
Altmann also highlighted ongoing innovation and new monetization opportunities as key long-term growth drivers.
The analyst added that Autodesk continues improving profitability and sees its fiscal 2029 operating margin target as achievable.
ADSK Price Action: Autodesk shares are trading lower by 3.83% to $231.73 at publication on Friday.
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