SAN FRANCISCO - Autodesk, Inc. (NASDAQ: NASDAQ:ADSK), a leader in design and make technology, has appointed Janesh Moorjani as its new Chief Financial Officer, effective December 16, 2024. Moorjani, who previously held the CFO and COO roles at Elastic NV (NYSE: NYSE:ESTC), is expected to leverage his over two decades of experience in the tech industry to drive growth and efficiency for Autodesk.
Moorjani will take over from interim CFO Elizabeth "Betsy" Rafael. Rafael will transition into an advisory role through the end of fiscal 2025 and will resume her position as an independent director on the company's board after the transition period.
Andrew Anagnost, Autodesk's CEO, expressed confidence in Moorjani's abilities, highlighting his extensive finance and software experience as key to supporting the company's growth trajectory and profitability. Anagnost also praised Rafael for her contributions during her interim tenure and her ongoing role on the board.
In his statement, Moorjani expressed enthusiasm about joining Autodesk and working with the management team and board to capitalize on growth opportunities. He emphasized Autodesk's leadership in technology innovation and its potential for continued financial performance and shareholder value.
Moorjani's background includes executive and leadership roles at notable companies such as Infoblox, VMware (NYSE:VMW), Cisco (NASDAQ:CSCO), PTC (NASDAQ:PTC), and Goldman Sachs. He is also a board member of Cohesity, a company specializing in AI-powered data security and management.
Autodesk is renowned for its software solutions that enable professionals across various industries to design and create diverse products and infrastructure. The company's offerings include a Design and Make Platform that harnesses data to accelerate insights and automate processes.
This announcement is based on a press release statement from Autodesk, Inc. The company has not disclosed any further details regarding the strategic implications of Moorjani's appointment or the specific initiatives he will undertake upon assuming his role as CFO.
In other recent news, Elastic NV has reported strong second quarter results, with an 18% year-over-year increase in total revenue, reaching $365 million. This growth has been largely driven by the generative AI segment and a 25% year-over-year increase in cloud revenue. The company's fiscal year 2025 revenue guidance has been raised to between $1,451 million and $1,457 million.
Several analyst firms, including Citi, Wedbush, Piper Sandler, RBC Capital Markets, Rosenblatt Securities, and DA Davidson have all revised their price targets for Elastic NV. Citi maintained a Buy rating, while Wedbush upgraded its stock rating from Neutral to Outperform, citing Elastic's strategic positioning to benefit from the increasing demand for AI.
Changes in the executive team were also announced with CFO Janesh Moorjani set to depart and Group VP of Finance, Eric Prengel, stepping in as interim CFO. These are among the recent developments at Elastic NV.
InvestingPro Insights
As Janesh Moorjani transitions from Elastic NV (NYSE: ESTC) to Autodesk, it's worth examining Elastic's financial position to understand the environment he's leaving behind. According to InvestingPro data, Elastic has a market capitalization of $11.54 billion and has shown strong revenue growth of 18.71% over the last twelve months. This growth trajectory aligns with Moorjani's experience in driving financial performance, which could be valuable in his new role at Autodesk.
InvestingPro Tips reveal that Elastic "holds more cash than debt on its balance sheet" and that "liquid assets exceed short term obligations." These indicators suggest that Moorjani is leaving Elastic in a solid financial position, which may have been part of his strategy as CFO and COO.
Additionally, an InvestingPro Tip notes that "23 analysts have revised their earnings upwards for the upcoming period" for Elastic, indicating positive market sentiment. This optimism is further reflected in the company's stock performance, with a significant 40.49% price return over the last month.
It's important to note that Elastic is trading at a high P/E ratio of 187.49, which Moorjani will need to consider in his transition to Autodesk's financial leadership. His experience managing a high-growth, high-valuation company could be particularly relevant in his new role.
For investors interested in a deeper analysis, InvestingPro offers 13 additional tips for Elastic, providing a comprehensive view of the company Moorjani is departing.
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