Adobe (NASDAQ:ADBE) Posts Earnings Results, Beats Expectations By $0.04 EPS

Adobe (NASDAQ:ADBEGet Rating) issued its quarterly earnings results on Thursday. The software company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.04, RTT News reports. Adobe had a return on equity of 36.47% and a net margin of 29.90%. During the same period in the previous year, the firm posted $2.56 EPS. Adobe updated its FY 2022 guidance to $13.50-$13.50 EPS and its Q3 2022 guidance to $3.33-$3.33 EPS.

Shares of Adobe stock opened at $365.08 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. Adobe has a 1 year low of $360.90 and a 1 year high of $699.54. The company has a market capitalization of $172.50 billion, a P/E ratio of 36.25, a P/E/G ratio of 1.95 and a beta of 1.08. The business has a 50 day moving average price of $409.29 and a 200 day moving average price of $475.76.

Several equities analysts recently issued reports on the company. UBS Group dropped their price target on Adobe from $460.00 to $450.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 7th. Robert W. Baird reduced their target price on shares of Adobe from $550.00 to $450.00 in a research note on Friday. Citigroup reduced their target price on shares of Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Finally, Evercore ISI initiated coverage on shares of Adobe in a research note on Wednesday, March 23rd. They issued a “buy” rating and a $650.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $521.33.

In other Adobe news, CAO Mark S. Garfield sold 463 shares of the business’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total value of $197,140.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Warnock sold 615 shares of the firm’s stock in a transaction on Thursday, April 14th. The stock was sold at an average price of $432.03, for a total value of $265,698.45. Following the sale, the director now owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Insiders have sold a total of 11,538 shares of company stock valued at $4,793,387 over the last 90 days. Insiders own 0.23% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Morgan Stanley boosted its position in shares of Adobe by 4.0% in the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock worth $4,115,275,000 after acquiring an additional 267,038 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Adobe by 0.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,397,107 shares of the software company’s stock worth $1,092,170,000 after purchasing an additional 10,009 shares during the period. Akre Capital Management LLC boosted its holdings in shares of Adobe by 2.4% in the 1st quarter. Akre Capital Management LLC now owns 1,567,090 shares of the software company’s stock valued at $713,998,000 after purchasing an additional 37,000 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Adobe by 4.1% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 853,466 shares of the software company’s stock valued at $388,856,000 after buying an additional 33,500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after buying an additional 91,328 shares during the last quarter. 82.54% of the stock is owned by institutional investors.

Adobe Company Profile (Get Rating)

Adobe Inc 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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