Adobe (NASDAQ:ADBE) Posts Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Adobe (NASDAQ:ADBE) issued its quarterly earnings data on Tuesday. The software company reported $2.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.41 by $0.16, MarketWatch Earnings reports. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The firm’s revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.05 EPS. Adobe updated its Q4 2020
After-Hours guidance to 2.64-2.64 EPS and its Q4 guidance to $2.64 EPS.

NASDAQ:ADBE opened at $497.67 on Wednesday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $233.07 billion, a price-to-earnings ratio of 63.27, a PEG ratio of 3.77 and a beta of 0.94. The firm has a fifty day simple moving average of $470.05 and a two-hundred day simple moving average of $395.83. Adobe has a 12 month low of $255.13 and a 12 month high of $536.88.

Several brokerages recently commented on ADBE. Oppenheimer began coverage on shares of Adobe in a research note on Wednesday, August 12th. They issued a “buy” rating and a $430.00 price objective for the company. Cowen raised shares of Adobe from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $400.00 to $555.00 in a research note on Friday, September 11th. Stifel Nicolaus increased their price objective on shares of Adobe from $325.00 to $426.00 in a research note on Friday, June 12th. Griffin Securities increased their price objective on shares of Adobe from $334.00 to $427.00 and gave the company a “buy” rating in a research note on Friday, June 12th. Finally, Wells Fargo & Company reissued a “hold” rating and issued a $375.00 price objective (up previously from $290.00) on shares of Adobe in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have issued a buy rating to the stock. Adobe has an average rating of “Buy” and a consensus price target of $442.96.

In other news, CEO Shantanu Narayen sold 10,000 shares of Adobe stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $432.68, for a total transaction of $4,326,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the transaction, the chief marketing officer now owns 35,257 shares of the company’s stock, valued at $18,324,473.18. The disclosure for this sale can be found here. Insiders sold 87,383 shares of company stock valued at $39,265,514 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

About Adobe

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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Earnings History for Adobe (NASDAQ:ADBE)

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