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

Adobe (NASDAQ:ADBE – Get Rating) issued its earnings results on Thursday. The software company reported $3.35 EPS 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 company 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 stock opened at $360.79 on Friday. The business’s fifty day moving average is $407.60 and its 200 day moving average is $473.62. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. The stock has a market cap of $170.47 billion, a price-to-earnings ratio of 35.23, a PEG ratio of 1.89 and a beta of 1.08. Adobe has a twelve month low of $338.00 and a twelve month high of $699.54.

A number of research firms have recently commented on ADBE. BNP Paribas started coverage on shares of Adobe in a research report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target for the company. Wells Fargo & Company cut their price objective on Adobe from $525.00 to $425.00 and set an “overweight” rating for the company in a report on Friday. Evercore ISI lowered their target price on shares of Adobe from $650.00 to $475.00 and set an “outperform” rating on the stock in a research note on Friday. Cowen cut their price target on shares of Adobe from $550.00 to $520.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Cowen dropped their price objective on shares of Adobe from $550.00 to $520.00 in a report on Friday. Seven analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Buy” and a consensus target price of $500.96.

In other Adobe news, CAO Mark S. Garfield sold 463 shares of the business’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total value of $197,140.77. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 5,000 shares of the firm’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total value of $2,021,500.00. Following the transaction, the director now 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 have sold 11,538 shares of company stock valued at $4,793,387 in the last three months. Insiders own 0.23% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ulland Investment Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Monolith Advisors bought a new stake in Adobe during the 4th quarter worth approximately $77,000. Worth Asset Management LLC bought a new position in shares of Adobe in the first quarter worth about $101,000. Raleigh Capital Management Inc. bought a new position in Adobe during the fourth quarter valued at approximately $186,000. Finally, Resurgent Financial Advisors LLC bought a new position in Adobe during the first quarter valued at $202,000. Institutional investors 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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