Autodesk and MongoDB reported top- and bottom-line wins for the second quarter
Autodesk Inc (NASDAQ:ADSK) and MongoDB Inc (NASDAQ:MDB) are enjoying post-earnings tailwinds this morning. Both software companies reported top- and bottom-line wins for the second quarter, and also raised their annual revenue and profit forecasts.
Last seen up 4.4% at $269.69, ADSK attracted no fewer than 13 price-target hikes this morning, with Morgan Stanley and Stifel adjusting their objectives to $320 from $305 and $290, respectively. Shares are trading at their highest level since March, and are on track for their fifth win in the last six sessions as they sport an 11.7% year-to-date lead.
MDB is up 14.7% to trade at $281.88 at last check, blasting through recent overhead pressure a the $260 level and eyeing its best day since June 2023. The equity is also on eyeing its first close above the 80-day moving average since March following at least 14 price-target hikes, but still carries a 29.8% deficit for 2024 after slipping to an Aug. 5, 52-week low of $212.74.
Overall options volume running at seven times the times the intraday average amount for ADSK, and 13 times what's typically seen at this point for MDB. The most active contract for the former is the weekly 9/6 260-strike call, and for the former it is the September 180 put that leads the pack.