AutoDesk (ADSK) Time to change classrooms ?I would let this roll over first and break marked support.
Do your own due diligence and respect overall market direction and sentiment
S.
ADSK trade ideas
Trade Idea: Buy Autodesk Inc (ADSK)At current levels or better we consider ADSK a buy/long.
Out of it’s last 10 quarterly earnings reports, 9 has exceeded analyst’s consensus expectations.
Profile: A multinational software corporation that makes software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries.
As per the company’s Q1 presentation:
First Quarter Fiscal 2022 Financial Highlights
Total revenue increased 12 percent to $989 million;
GAAP operating margin was 14 percent, down 1 percentage point;
Non-GAAP operating margin remained flat at28 percent;
GAAP diluted EPS was $0.70; Non-GAAP diluted EPS was $1.03;
Cash flow from operating activities was $336 million; free cash flow was $316 million.
“An acceleration in new business, solid execution, and a resilient subscription business model delivered a strong start to the new fiscal year,” said Andrew Anagnost, Autodesk president and CEO. “As the world rebuilds after the pandemic, Autodesk’s purpose – a better world designed and made for all – has never been more important, and underpins our confidence this year and well into the future.”
“Momentum in our end markets and customer adoption of cloud services is building,” said Debbie Clifford, Autodesk CFO. “We are raising our FY22 revenue guidance to reflect a partial year contribution from acquisitions and remain on track to achieve our FY23 financial goals.”
According to 3Dprintingindustry.com: “On Autodesk’s earnings call, its CEO Andrew Anagnost explained how the firm has benefited from “waning uncertainty” and “growing confidence in its end markets.” “An acceleration in new business, solid execution, and a resilient subscription business model delivered a strong start to the new fiscal year,” said Anagnost.”
Technical Review: Year-to-date, the share has traded in a consolidation range, peaking at $320.94 before testing a low of $252.60 on 08 March. Over the last two trading sessions, the price has cleared it’s downward trend line extending back to the YTD peak, with strong candle structure and a regaining of it’s pivot. Also note, the 14-day RSI is breaking to the upside of it’s multi-month base.
Preferred Trading Levels
Buy ADSK at current levels ($297.74) or better (buy range: $294.00/297.00)
Stop-loss: $285.40
Target Range: $315.00-$321.00
Pre-Market Price: $296.46
$ADSK with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $ADSK after a Positive over reaction following its earnings release placing the stock in drift B
If you would like to see the Drift for another stock please message us. Also click on the Like Button if this was useful and follow us or join us.
Long term uptrend untouched, set to new ATH this year.Please note this is just an idea, invest at your own risk.
Autodesk is clearly in an uptrend long-term, however has been trading in a range for the past half year.
It recently touched the 200MA, which has been a stable support historically for the stock.
Avoid buying if it breaks 275 level of support.
I think the current 293 can be a good entry, although an alternative entry around 305 can be a safer play.
If it moves up strongly over 305, I expect it to test ATH at 322.
Happy to get feedback on my idea.
