Adobe (NASDAQ:ADBE) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Adobe (NASDAQ:ADBE – Get Rating) issued its quarterly earnings results on Wednesday. The software company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.68 by $0.12, Briefing.com reports. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.62 billion. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.84 earnings per share.

Adobe Price Performance

ADBE stock opened at $353.29 on Friday. The company has a fifty day moving average price of $352.73 and a 200-day moving average price of $334.30. The company has a market capitalization of $162.01 billion, a P/E ratio of 34.98, a PEG ratio of 2.02 and a beta of 1.27. Adobe has a 52-week low of $274.73 and a 52-week high of $473.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 209 shares of the firm’s stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the completion of the sale, the chief accounting officer now directly owns 3,479 shares in the company, valued at $1,236,506.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 209 shares of the firm’s stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the transaction, the chief accounting officer now directly owns 3,479 shares of the company’s stock, valued at $1,236,506.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dana Rao sold 5,018 shares of the firm’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,265 shares of company stock valued at $9,067,344. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently bought and sold shares of the company. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $29,000. Fortis Capital Advisors LLC bought a new position in Adobe during the 4th quarter valued at about $35,000. MayTech Global Investments LLC bought a new position in shares of Adobe in the 4th quarter worth approximately $59,000. Sanctuary Wealth Management L.L.C. bought a new position in shares of Adobe in the 4th quarter worth approximately $69,000. Finally, Worth Asset Management LLC bought a new stake in Adobe during the 1st quarter worth approximately $101,000. Hedge funds and other institutional investors own 79.36% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADBE shares. Mizuho increased their price target on Adobe from $370.00 to $375.00 in a report on Thursday. William Blair assumed coverage on Adobe in a research note on Tuesday, January 17th. They set an “outperform” rating on the stock. DA Davidson assumed coverage on Adobe in a research note on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 target price on the stock. StockNews.com began coverage on Adobe in a research note on Thursday. They issued a “buy” rating on the stock. Finally, Wolfe Research reduced their price target on Adobe from $440.00 to $420.00 in a report on Thursday. Sixteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $414.78.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.