Adobe (NASDAQ:ADBE) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Adobe (NASDAQ:ADBEGet Rating) issued its quarterly earnings data on Thursday. The software company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.07, Briefing.com reports. The firm had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.44 billion. Adobe had a net margin of 28.00% and a return on equity of 36.61%. Adobe’s revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.65 EPS. Adobe updated its Q4 guidance to $3.50 EPS and its Q4 2022 guidance to $3.50-$3.50 EPS.

Adobe Price Performance

Adobe stock opened at $299.50 on Friday. Adobe has a 12 month low of $292.14 and a 12 month high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $396.83 and a 200-day simple moving average of $408.22. The stock has a market capitalization of $140.17 billion, a PE ratio of 29.54, a price-to-earnings-growth ratio of 1.70 and a beta of 1.14.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADBE. BMO Capital Markets cut their price target on shares of Adobe from $435.00 to $345.00 in a research note on Friday. Oppenheimer lowered shares of Adobe from an “outperform” rating to a “market perform” rating in a research note on Thursday. Mizuho cut their price target on shares of Adobe from $440.00 to $360.00 in a research note on Friday. Credit Suisse Group cut their price target on shares of Adobe from $425.00 to $350.00 and set a “neutral” rating on the stock in a research note on Friday. Finally, Wells Fargo & Company cut their price target on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a research note on Friday, June 17th. Fourteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $434.35.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at $10,268,108.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,711 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. Insiders sold 3,637 shares of company stock worth $1,438,682 over the last 90 days. 0.23% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Worth Asset Management LLC purchased a new position in Adobe in the first quarter worth $101,000. Resurgent Financial Advisors LLC purchased a new position in shares of Adobe in the first quarter valued at $202,000. Delphia USA Inc. increased its position in shares of Adobe by 34.4% in the first quarter. Delphia USA Inc. now owns 586 shares of the software company’s stock valued at $267,000 after buying an additional 150 shares in the last quarter. Plancorp LLC increased its position in shares of Adobe by 9.4% in the first quarter. Plancorp LLC now owns 643 shares of the software company’s stock valued at $293,000 after buying an additional 55 shares in the last quarter. Finally, Interchange Capital Partners LLC increased its position in shares of Adobe by 44.1% in the first quarter. Interchange Capital Partners LLC now owns 817 shares of the software company’s stock valued at $372,000 after buying an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 80.75% 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.

See Also

Earnings History for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.