Berenberg analyst Gal Munda said Autodesk's first quarter came in fairly in-line with expectations, stating that he expects average recurring revenue growth to continue being driven by improvement in ARPS for the rest of the year. While he notes net new additions in the subscriber base were below consensus, Munda said this is in keeping with the company's previously outlined "higher quality sub" strategy. The analyst, who recommends using any post-earnings pullback as a buying opportunity, keeps a Buy rating and $168 price target on Autodesk shares.

Autodesk announced an interoperability agreement with the Nemetschek Group to improve open collaboration and efficiencies for the architecture, engineering, construction and operations, or AECO, and media and entertainment industries. The agreement will enhance existing interoperability between the two companies' industry cloud and desktop products and improve the fluent exchange of information across solutions. Whether constructing buildings or highways or producing media assets, working with cloud-connected tools powers automation and unlocks valuable insights for better decisions at every stage of a project. But too often, people, processes, and data are siloed due to software and file incompatibility, resulting in inefficient workflows. Under the terms of the agreement, Autodesk and the Nemetschek Group will provide mutual access to their APIs and industry clouds, thereby giving developer access to Autodesk solutions including AutoCAD, Revit, 3ds Max and Maya, as well as Autodesk Forma and Autodesk Construction Cloud, similarly to Nemetschek solutions including Allplan, Archicad, Bluebeam, Maxon One, Vectorworks as well as Nemetschek's relevant cloud platforms. This will enable the two companies to improve upon existing data exchanges and open new data-centric workflows that span disciplines and industries.