NEW YORK — Autodesk (ADSK) shares dropped 1.75 percent to $251.59 in the latest trading session, lagging the S&P 500's 0.32 percent loss, the Dow's 0.34 percent decline and the Nasdaq's 0.6 percent drop.
The session loss comes despite a strong prior month. ADSK has risen 20.66 percent over the past month, outperforming the Computer and Technology sector's 0.32 percent gain and the S&P 500's 2.46 percent gain over the same period.
Investors are focused on the Aug. 27 earnings release. Analysts expect Autodesk to report earnings of $3.12 per share for the quarter, a 19.08 percent year-over-year increase. Revenue is forecast at $2.01 billion, up 13.96 percent from the prior-year quarter.
For the full fiscal year, Zacks Consensus Estimates project earnings of $12.58 per share, a 20.61 percent increase from the previous year. Full-year revenue is estimated at $8.19 billion, up 13.65 percent.
The Zacks Rank system, which tracks analyst estimate revisions, currently assigns Autodesk a No. 3 (Hold) rating.
Autodesk trades at a forward P/E of 20.36, a discount to its industry's average of 21.5. Its PEG ratio of 1.21 sits slightly above the Internet-Software industry average of 1.18. The Internet-Software industry holds a Zacks Industry Rank of 101, placing it in the top 42 percent of more than 250 industries.
The stock has a history of sharp moves tied to company-specific events. On April 9, ADSK fell 8.52 percent following accounting concerns and reduced analyst price targets. A $3.6 billion all-cash acquisition announcement triggered a separate 7 percent premarket drop. The stock also fell 6.3 percent to $231.98 on one occasion and 3.05 percent to $211.15 on another, each time underperforming the broader market.
Investors will watch the Aug. 27 report for guidance updates and any developments on prior accounting or acquisition-related concerns, which have historically driven analyst revisions and short-term price swings.
