Some software products are critical in the daily jobs of many workers. Take Autodesk (NASDAQ: ADSK), for example. Architects and engineers utilize its software daily to create drawings and design products. Without it, they couldn't do their jobs effectively.

I like to invest in these types of companies as users cannot afford to cut their subscriptions just because times are tough. As another boost for Autodesk, its stock is undervalued in my opinion, and management's latest action affirms this assessment.

Autodesk recently reported results for the third quarter of its fiscal 2023 (ended Oct. 31), and with it came a huge announcement. The board of directors approved a $5 billion share repurchase plan. For context, Autodesk's current market capitalization is $42.6 billion, so this would reduce the outstanding shares by around 12% at today's price. But that's not the complete picture.

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Source Fool.com