Adobe (NASDAQ:ADBE) Updates Q2 Earnings Guidance

Adobe (NASDAQ:ADBE – Get Rating) updated its second quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $3.75-3.80 for the period, compared to the consensus earnings per share estimate of $3.76. The company issued revenue guidance of $4.75-4.78 billion, compared to the consensus revenue estimate of $4.76 billion. Adobe also updated its FY 2023 guidance to $15.30-$15.60 EPS.

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. UBS Group increased their price target on shares of Adobe from $350.00 to $400.00 and gave the company a neutral rating in a research note on Wednesday, February 15th. JPMorgan Chase & Co. raised their target price on shares of Adobe from $365.00 to $380.00 and gave the stock a neutral rating in a research note on Thursday. Citigroup raised their target price on shares of Adobe from $337.00 to $355.00 and gave the stock a neutral rating in a research note on Monday, December 19th. William Blair assumed coverage on shares of Adobe in a research note on Tuesday, January 17th. They set an outperform rating for the company. Finally, Credit Suisse Group raised their price target on shares of Adobe from $325.00 to $350.00 and gave the stock a neutral rating in a research report on Friday. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $415.70.

Adobe Stock Up 1.4 %

NASDAQ:ADBE opened at $358.14 on Friday. The firm’s 50 day simple moving average is $353.24 and its 200 day simple moving average is $334.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a one year low of $274.73 and a one year high of $473.49. The company has a market cap of $164.24 billion, a PE ratio of 35.46, a P/E/G ratio of 2.08 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last posted its earnings results on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, topping the consensus estimate of $3.68 by $0.12. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The business had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the company earned $2.84 EPS. The firm’s revenue was up 9.2% compared to the same quarter last year. On average, research analysts anticipate that Adobe will post 12.15 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 2,906 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $1,032,850.52. Following the transaction, the executive vice president now owns 26,475 shares in the company, valued at approximately $9,409,744.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction that occurred on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares in the company, valued at approximately $4,997,345.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,906 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total transaction of $1,032,850.52. Following the completion of the transaction, the executive vice president now owns 26,475 shares in the company, valued at approximately $9,409,744.50. The disclosure for this sale can be found here. Insiders have sold a total of 26,265 shares of company stock worth $9,067,344 in the last ninety days. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Resurgent Financial Advisors LLC acquired a new position in shares of Adobe during the 4th quarter valued at $257,000. Aspen Grove Capital LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $248,000. Chilton Investment Co. Inc. bought a new stake in shares of Adobe during the fourth quarter valued at approximately $232,000. Smith Anglin Financial LLC acquired a new position in shares of Adobe during the fourth quarter worth approximately $211,000. Finally, Xcel Wealth Management LLC bought a new position in shares of Adobe in the 4th quarter worth $211,000. Institutional investors and hedge funds own 79.36% of the company’s stock.

About Adobe

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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.