Autodesk Outlook Strong Despite Market Volatility, Analysts Say [Investor's Business Daily]
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Source: Investors Business Daily
Related news Computer-aided design software firm Autodesk ( ADSK ) cheered investors on Wednesday with its better-than-expected results for the third quarter and guidance. Autodesk stock rose sharply in regular-session trading. Autodesk stock jumped 8.9%, near 134, in morning trading on the stock market today . It returned to its 200-day moving average in a reassuring sign. Autodesk stock has been consolidating for the past 13 weeks with a buy point of 160.04. It hit a record high of 159.94 on Aug. 27. Late Tuesday, the San Rafael, Calif.-based company posted results for its fiscal third quarter ended Oct. 31. Autodesk earned an adjusted 29 cents a share on sales of $660.9 million. Analysts expected Autodesk earnings of 27 cents a share on sales of $641 million, according to Thomson Reuters. It was the company's third quarter in a row of profitability following its transition to a subscription business model from licensed software. The transition to a cloud computing business had depr
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