Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Adobe (NASDAQ:ADBEGet Free Report) posted its quarterly earnings data on Thursday. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09, RTT News reports. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the prior year, the business earned $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year.

Adobe Stock Down 0.2 %

Shares of NASDAQ:ADBE traded down $1.13 during trading on Thursday, hitting $458.74. 8,408,303 shares of the company’s stock traded hands, compared to its average volume of 3,397,029. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market cap of $205.52 billion, a price-to-earnings ratio of 43.86, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. The company has a 50-day moving average price of $473.83 and a 200-day moving average price of $541.85.

Insider Activity

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock worth $1,424,432 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe declared that its board has authorized a stock buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

ADBE has been the subject of several research reports. KeyCorp initiated coverage on Adobe in a research report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price objective for the company. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Finally, StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $600.97.

Check Out Our Latest Stock Report on ADBE

Adobe Company Profile

(Get Free Report)

Adobe Inc, together with its subsidiaries, 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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Earnings History for Adobe (NASDAQ:ADBE)

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