Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Adobe (NASDAQ:ADBE – Get Rating) issued its quarterly earnings results on Wednesday. The software company reported $3.80 EPS for the quarter, beating analysts’ consensus estimates of $3.68 by $0.12, Briefing.com reports. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The firm had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter in the prior year, the business posted $2.84 earnings per share. Adobe’s revenue for the quarter was up 9.2% on a year-over-year basis.

Adobe Trading Up 5.9 %

NASDAQ:ADBE opened at $353.29 on Friday. The stock has a market cap of $162.01 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 2.02 and a beta of 1.27. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a 1 year low of $274.73 and a 1 year high of $473.49. The business has a fifty day moving average of $352.73 and a 200-day moving average of $334.30.

Insider Activity

In related news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the sale, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at $1,105,598. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,906 shares of Adobe stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total transaction of $1,032,850.52. Following the transaction, the executive vice president now directly owns 26,475 shares in the company, valued at approximately $9,409,744.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the sale, the chief accounting officer now directly owns 3,271 shares in the company, valued at approximately $1,105,598. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,265 shares of company stock valued at $9,067,344. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ADBE. Resurgent Financial Advisors LLC bought a new position in shares of Adobe during the 4th quarter valued at about $257,000. Aspen Grove Capital LLC bought a new position in shares of Adobe in the fourth quarter valued at $248,000. Chilton Investment Co. Inc. bought a new position in shares of Adobe in the fourth quarter valued at $232,000. Smith Anglin Financial LLC acquired a new stake in shares of Adobe during the 4th quarter valued at $211,000. Finally, Xcel Wealth Management LLC bought a new stake in shares of Adobe during the 4th quarter worth $211,000. 79.36% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. BMO Capital Markets increased their target price on Adobe from $395.00 to $400.00 and gave the company a “market perform” rating in a research note on Thursday. Evercore ISI increased their price objective on shares of Adobe from $350.00 to $425.00 in a research note on Friday, December 16th. William Blair started coverage on shares of Adobe in a research report on Tuesday, January 17th. They issued an “outperform” rating for the company. Mizuho increased their price target on shares of Adobe from $370.00 to $375.00 in a research report on Thursday. Finally, UBS Group lifted their price target on Adobe from $350.00 to $400.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 15th. Sixteen equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $414.78.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.