Adobe (NASDAQ:ADBE) Issues Earnings Results

Adobe (NASDAQ:ADBEGet Rating) announced its quarterly earnings results on Thursday. The software company reported $3.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07, Briefing.com reports. The business had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.44 billion. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The company’s revenue was up 12.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.65 EPS. Adobe updated its Q4 guidance to $3.50 EPS and its Q4 2022 guidance to $3.50-$3.50 EPS.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $299.50 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a fifty day moving average price of $398.63 and a 200 day moving average price of $409.38. Adobe has a fifty-two week low of $292.14 and a fifty-two week high of $699.54. The firm has a market cap of $140.17 billion, a price-to-earnings ratio of 29.25, a P/E/G ratio of 2.05 and a beta of 1.14.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. Piper Sandler dropped their price objective on shares of Adobe from $430.00 to $358.00 and set an “overweight” rating on the stock in a research note on Friday. Royal Bank of Canada dropped their price objective on shares of Adobe from $500.00 to $425.00 and set an “outperform” rating on the stock in a research note on Friday. Cowen decreased their target price on shares of Adobe from $520.00 to $400.00 and set an “outperform” rating for the company in a report on Friday. Jefferies Financial Group decreased their target price on shares of Adobe from $550.00 to $500.00 in a report on Friday, June 17th. Finally, Bank of America cut shares of Adobe from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $450.00 to $350.00 in a report on Friday. Fourteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $434.35.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares in the company, valued at $10,268,108.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares in the company, valued at $10,268,108.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the sale, the chief marketing officer now directly owns 23,988 shares in the company, valued at approximately $9,595,200. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of the business. Somerville Kurt F raised its stake in shares of Adobe by 79.1% in the first quarter. Somerville Kurt F now owns 1,583 shares of the software company’s stock valued at $721,000 after acquiring an additional 699 shares during the period. Founders Financial Securities LLC raised its stake in shares of Adobe by 8.9% in the first quarter. Founders Financial Securities LLC now owns 1,548 shares of the software company’s stock valued at $705,000 after acquiring an additional 127 shares during the period. SS&H Financial Advisors Inc. purchased a new stake in shares of Adobe in the first quarter valued at $653,000. Walleye Capital LLC purchased a new stake in shares of Adobe in the second quarter valued at $639,000. Finally, Red Wave Investments LLC raised its stake in shares of Adobe by 19.8% in the first quarter. Red Wave Investments LLC now owns 1,178 shares of the software company’s stock valued at $537,000 after acquiring an additional 195 shares during the period. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Adobe Company Profile

(Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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Earnings History for Adobe (NASDAQ:ADBE)

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