With the introduction of new generative AI functions across its product line, the design software firm Autodesk (ADSK) has embraced the artificial intelligence trend. However, concerns about the economy are casting a shadow on Autodesk’s prospects ahead of its upcoming fiscal third-quarter earnings release.
At a conference hosted at its headquarters in Las Vegas, the San Francisco-based company unveiled Autodesk AI for its Design and Create Platform. This platform comprises three business clouds – Forma, Fusion, and Flow – along with Platform Services.
Autodesk AI, as per the company, provides relational capabilities and intelligent assistance to aid designers in their projects and streamline workflows.
During a media briefing, Chief Executive Andrew Anagnost stated, “Autodesk AI serves as a companion that reduces the learning curve for designers and engineers, amplifies their performance, and expedites innovation. Autodesk is leading this transformation, with AI representing the future of design and manufacturing.”
Autodesk AI streamlines repetitive tasks to mitigate issues and save time. Additionally, the organization leverages complex task data to offer predictive insights.
Autodesk caters to various industries including media, entertainment, manufacturing, product design, engineering, construction, and architecture.
Noteworthy Development: ADSK Stock
As per IBD MarketSmith charts, ADSK stock broke out of a double-bottom base on Tuesday, reaching the buy point of 215.44. The 5% chase zone, recommended by IBD, extends up to 226.21. However, a stop-loss market zone initiates at 200.36 in case the breakout falters.
In after-hours trading today, ADSK stock was observed at 217.32.
KeyBanc Capital Markets recently adjusted its price target for ADSK stock from 255 to 250 while maintaining an overweight rating. Ahead of the impending earnings announcement, scheduled for late Tuesday, KeyBanc analyst Jason Celino expressed caution regarding Autodesk’s stock.
Celino revised down his forecasts for Autodesk’s upcoming fiscal year citing indications of a softer macro environment.
Industry Positioning for Autodesk
Oppenheimer analyst Ken Wong reiterated his price target of 250 and outperform rating on ADSK stock, standing out on Wall Street.
In a client note, Wong mentioned that the AI-related disclosures made at Autodesk University had left a positive impression. The three-day event concluded on Wednesday.
Autodesk also introduced Autodesk Workshop XR, an immersive design review space linked to the Automated Construction Cloud, at its headquarters. Utilizing virtual reality headsets from Meta Platforms (META), professionals in the architecture, engineering, and construction sectors can review projects in 3D.
As per the IBD Stock Checkup, Autodesk holds the sixth position among 12 companies in the computer software-design category. The IBD Composite Rating for ADSK stock stands at 88 out of 99.
