The shares of Autodesk Inc (NASDAQ:ADSK) they’re tumbling further this afternoon, last seen down 5.4% to $197.73 on the back of the software company’s third-quarter earnings report. While revenues and earnings fell in line with expectations, the company lowered its annual billing outlook and slashed its annual free cash flow forecast. So naturally, that scared investors.
The stock was hit by a deluge of price target cuts following the report, with no less than 10 brokerages lowering their targets. The lowest came from MoffettNathanson at $177, who noted a lack of clarity with cash flow and macro impacts likely put short-term pressure on equity, although he noted long-term strength remains at his place. Meanwhile, Credit Suisse chimed in that ADSK could weather geopolitical and macroeconomic disruptions to see more optimistic long-term revenue growth.
The stock is currently trending on StockTwits and is popular with options players right now. At last check, 8,304 calls and 8,902 puts were traded, seven times the intraday average. The most popular position is the weekly 11/25 200-strike call, followed by the weekly 12/2 190-strike put, with open positions in both.
ADSK has yet to make up for its nearly 30% deficit so far this year. Shares are down $188.01 today, trading at its lowest level since Oct. 14. The stock lost 10% in just the last week of trading and earlier rejected at $235, a similar point of resistance in August.