Adobe (ADBE) Announces Quarterly Earnings Results

Adobe (NASDAQ:ADBE) announced its quarterly earnings data on Thursday. The software company reported $1.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.88 by ($0.05), RTT News reports. Adobe had a net margin of 28.16% and a return on equity of 29.51%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 20.6% compared to the same quarter last year. Adobe updated its Q1 2019 guidance to $1.60-1.60 EPS and its FY 2019 guidance to $7.75-7.75 EPS.

ADBE opened at $248.08 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. Adobe has a 52-week low of $172.92 and a 52-week high of $277.61. The company has a market cap of $119.86 billion, a PE ratio of 69.10, a price-to-earnings-growth ratio of 2.28 and a beta of 1.14.

In related news, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the sale, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total value of $797,422.74. Following the completion of the sale, the executive vice president now directly owns 58,557 shares in the company, valued at $15,877,144.98. The disclosure for this sale can be found here. Insiders have sold 20,806 shares of company stock worth $5,167,142 over the last three months. Insiders own 0.33% of the company’s stock.

Several brokerages have weighed in on ADBE. Credit Suisse Group boosted their price objective on Adobe from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, September 14th. Jefferies Financial Group boosted their price objective on Adobe to $315.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Citigroup boosted their price objective on Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Griffin Securities boosted their price objective on Adobe from $278.00 to $296.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Finally, Robert W. Baird boosted their price objective on Adobe from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, September 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $273.79.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Earnings History for Adobe (NASDAQ:ADBE)

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