Adobe (NASDAQ:ADBE) Issues Q3 2022 Earnings Guidance

Adobe (NASDAQ:ADBE – Get Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $3.33-$3.33 for the period, compared to the consensus EPS estimate of $3.40. The company issued revenue guidance of $4.43 billion-$4.43 billion, compared to the consensus revenue estimate of $4.51 billion. Adobe also updated its FY 2022 guidance to $13.50-$13.50 EPS.

A number of research firms have issued reports on ADBE. Evercore ISI lowered their target price on Adobe from $650.00 to $475.00 and set an outperform rating for the company in a report on Friday, June 17th. UBS Group lowered their target price on Adobe from $450.00 to $415.00 and set a neutral rating for the company in a report on Friday, June 17th. Cowen lowered their target price on Adobe from $550.00 to $520.00 and set an outperform rating for the company in a report on Friday, June 17th. BMO Capital Markets began coverage on Adobe in a report on Friday, June 17th. They set a buy rating and a $420.00 target price for the company. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $645.00 to $540.00 in a report on Wednesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of Moderate Buy and a consensus target price of $489.31.

ADBE stock traded up $9.44 during mid-day trading on Thursday, hitting $374.77. 83,057 shares of the company were exchanged, compared to its average volume of 3,497,868. The business has a 50 day simple moving average of $403.52 and a 200-day simple moving average of $467.67. The stock has a market capitalization of $177.08 billion, a PE ratio of 35.68, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. Adobe has a 1-year low of $338.00 and a 1-year high of $699.54. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same quarter last year, the firm earned $2.56 EPS. Equities research analysts expect that Adobe will post 10.98 earnings per share for the current year.

In related news, Director John E. Warnock sold 615 shares of the business’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total value of $265,698.45. Following the transaction, the director now owns 410,165 shares in the company, valued at $177,203,584.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction on Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,075 shares of company stock worth $4,596,246. 0.23% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Worth Asset Management LLC bought a new stake in Adobe in the first quarter valued at $101,000. Resurgent Financial Advisors LLC bought a new stake in shares of Adobe during the first quarter worth about $202,000. Delphia USA Inc. increased its position in shares of Adobe by 34.4% during the first quarter. Delphia USA Inc. now owns 586 shares of the software company’s stock worth $267,000 after acquiring an additional 150 shares in the last quarter. Plancorp LLC increased its position in shares of Adobe by 9.4% during the first quarter. Plancorp LLC now owns 643 shares of the software company’s stock worth $293,000 after acquiring an additional 55 shares in the last quarter. Finally, Interchange Capital Partners LLC increased its position in shares of Adobe by 44.1% during the first quarter. Interchange Capital Partners LLC now owns 817 shares of the software company’s stock worth $372,000 after acquiring an additional 250 shares in the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

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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