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

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

Adobe Stock Performance

Shares of ADBE opened at $353.29 on Friday. Adobe has a 1 year low of $274.73 and a 1 year high of $473.49. The company has a market cap of $162.01 billion, a price-to-earnings ratio of 34.98, a price-to-earnings-growth ratio of 2.08 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. The firm has a fifty day moving average of $352.73 and a 200-day moving average of $334.30.

Insider Activity

In other news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at $1,105,598. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Dana Rao sold 5,018 shares of Adobe stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the sale, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the sale, the chief accounting officer now owns 3,271 shares in the company, valued at $1,105,598. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,265 shares of company stock valued at $9,067,344. 0.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Freedom LLC bought a new stake in shares of Adobe during the fourth quarter valued at about $29,000. Fortis Capital Advisors LLC bought a new stake in shares of Adobe during the fourth quarter valued at about $35,000. MayTech Global Investments LLC bought a new stake in shares of Adobe during the fourth quarter valued at about $59,000. Sanctuary Wealth Management L.L.C. bought a new stake in shares of Adobe during the fourth quarter valued at about $69,000. Finally, Worth Asset Management LLC bought a new stake in Adobe in the first quarter worth about $101,000. 79.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Royal Bank of Canada reiterated an “outperform” rating and set a $395.00 price objective on shares of Adobe in a research note on Monday. DA Davidson started coverage on shares of Adobe in a research note on Tuesday, January 17th. They set a “neutral” rating and a $350.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Adobe from $365.00 to $380.00 and gave the company a “neutral” rating in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $415.00 price objective on shares of Adobe in a research note on Thursday. Finally, Barclays lifted their price objective on shares of Adobe from $340.00 to $385.00 in a research note on Thursday. Sixteen investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Hold” and an average price target of $415.70.

About Adobe

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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.