Adobe (NASDAQ:ADBE) posted its quarterly earnings results on Tuesday. The software company reported $2.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.41 by $0.16, RTT News reports. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.05 earnings per share. Adobe updated its Q4 2020
After-Hours guidance to 2.64-2.64 EPS and its Q4 guidance to $2.64 EPS.
ADBE stock traded up $11.76 during trading hours on Tuesday, hitting $497.67. The company’s stock had a trading volume of 5,647,088 shares, compared to its average volume of 3,245,469. The stock has a 50 day moving average price of $470.05 and a two-hundred day moving average price of $395.83. Adobe has a 12 month low of $255.13 and a 12 month high of $536.88. The company has a market capitalization of $238.71 billion, a PE ratio of 65.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.94. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38.
ADBE has been the topic of a number of recent analyst reports. Wells Fargo & Company reaffirmed a “hold” rating and set a $375.00 target price (up from $290.00) on shares of Adobe in a research report on Friday, June 12th. Cowen upgraded Adobe from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $400.00 to $555.00 in a report on Friday. Goldman Sachs Group raised their target price on shares of Adobe from $350.00 to $460.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. Bank of America lifted their target price on shares of Adobe from $330.00 to $440.00 and gave the stock a “buy” rating in a research report on Friday, June 12th. Finally, Credit Suisse Group upped their price target on shares of Adobe from $415.00 to $425.00 and gave the company an “outperform” rating in a research report on Friday, June 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $433.86.
In other Adobe news, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $436.08, for a total value of $2,180,400.00. Following the completion of the sale, the chief marketing officer now owns 44,874 shares of the company’s stock, valued at $19,568,653.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Gloria Chen sold 497 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $453.76, for a total value of $225,518.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,383 shares of company stock worth $39,265,514. 0.31% of the stock is currently owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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