Adobe (NASDAQ:ADBE) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Adobe (NASDAQ:ADBE – Get Rating) posted its quarterly earnings results on Thursday. The software company reported $3.35 earnings per share for the quarter, topping the consensus estimate of $3.31 by $0.04, RTT News reports. Adobe had a return on equity of 36.48% and a net margin of 29.29%. During the same period in the prior year, the business posted $2.56 earnings per share. Adobe updated its FY 2022 guidance to $13.50-$13.50 EPS and its Q3 2022 guidance to $3.33-$3.33 EPS.

Shares of ADBE opened at $360.79 on Friday. The firm has a fifty day moving average price of $407.60 and a 200-day moving average price of $473.62. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $170.47 billion, a P/E ratio of 35.23, a P/E/G ratio of 1.89 and a beta of 1.08. Adobe has a 12-month low of $338.00 and a 12-month high of $699.54.

A number of brokerages have issued reports on ADBE. The Goldman Sachs Group reduced their price target on shares of Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, March 24th. Cowen reduced their target price on Adobe from $550.00 to $520.00 and set an “outperform” rating on the stock in a report on Friday. Oppenheimer dropped their price target on Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a research note on Friday. Robert W. Baird reduced their price objective on Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Seven investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $500.96.

In other news, EVP Scott Belsky sold 2,710 shares of the firm’s stock in a transaction on Monday, April 25th. The stock was sold at an average price of $410.18, for a total transaction of $1,111,587.80. Following the transaction, the executive vice president now owns 27,917 shares in the company, valued at $11,450,995.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the sale, the director now directly owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock worth $4,793,387 in the last ninety days. 0.23% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the company. Ulland Investment Advisors LLC bought a new position in shares of Adobe in the 4th quarter worth $28,000. Monolith Advisors purchased a new stake in shares of Adobe during the fourth quarter valued at about $77,000. Worth Asset Management LLC bought a new stake in shares of Adobe in the 1st quarter valued at about $101,000. Raleigh Capital Management Inc. purchased a new position in shares of Adobe in the 4th quarter worth approximately $186,000. Finally, Resurgent Financial Advisors LLC bought a new position in shares of Adobe during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 82.54% 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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