Adobe (ADBE) Posts Earnings Results, Misses Estimates By $0.25 EPS

Adobe (NASDAQ:ADBE) issued its quarterly earnings data on Thursday. The software company reported $1.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25), Morningstar.com reports. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.55 EPS.

Adobe stock traded down $11.04 during mid-day trading on Friday, reaching $256.66. 6,728,797 shares of the company’s stock were exchanged, compared to its average volume of 2,972,077. The firm has a market cap of $129.31 billion, a PE ratio of 46.24, a price-to-earnings-growth ratio of 2.59 and a beta of 1.10. Adobe has a twelve month low of $204.95 and a twelve month high of $277.61. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.44.

In other Adobe news, EVP Bradley Rencher sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $246.46, for a total transaction of $7,393,800.00. Following the sale, the executive vice president now directly owns 42,340 shares in the company, valued at approximately $10,435,116.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $258.13, for a total transaction of $774,390.00. Following the sale, the executive vice president now owns 72,368 shares in the company, valued at $18,680,351.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 282,344 shares of company stock worth $69,007,648. 0.32% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Barnett & Company Inc. bought a new position in shares of Adobe during the fourth quarter worth about $32,000. Ruggie Capital Group purchased a new stake in shares of Adobe in the fourth quarter worth approximately $33,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $34,000. Intercontinental Wealth Advisors LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $41,000. Finally, Clarfeld Financial Advisors LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $42,000. Institutional investors own 85.88% of the company’s stock.

Several research firms recently commented on ADBE. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, January 11th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. BMO Capital Markets lifted their price target on shares of Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, December 14th. ValuEngine raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Finally, Credit Suisse Group reaffirmed a “buy” rating and set a $300.00 price target on shares of Adobe in a research note on Friday, January 25th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have issued a buy rating to the stock. Adobe currently has a consensus rating of “Buy” and a consensus price target of $285.56.

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Adobe Company Profile

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 customer to download and access the latest versions of its creative products.

Further Reading: Capital Gains

Earnings History for Adobe (NASDAQ:ADBE)

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