Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Adobe (NASDAQ:ADBEGet Rating) issued its earnings results on Thursday. The software company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.33 by $0.07, Briefing.com reports. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The firm had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.44 billion. During the same period in the previous year, the firm posted $2.65 earnings per share. The business’s revenue was up 12.6% compared to the same quarter last year. Adobe updated its Q4 guidance to $3.50 EPS and its Q4 2022 guidance to $3.50-$3.50 EPS.

Adobe Stock Down 12.0 %

Shares of NASDAQ ADBE opened at $326.80 on Thursday. The company has a market capitalization of $152.94 billion, a P/E ratio of 36.28, a P/E/G ratio of 2.03 and a beta of 1.14. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50 day simple moving average of $400.49 and a 200-day simple moving average of $410.76. Adobe has a 1 year low of $338.00 and a 1 year high of $699.54.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,711 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the transaction, the executive vice president now owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,637 shares of company stock worth $1,438,682. Insiders own 0.23% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. Jaffetilchin Investment Partners LLC increased its stake in Adobe by 2.8% during the first quarter. Jaffetilchin Investment Partners LLC now owns 1,271 shares of the software company’s stock worth $494,000 after purchasing an additional 35 shares during the period. Gamco Investors INC. ET AL grew its holdings in shares of Adobe by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 14,517 shares of the software company’s stock valued at $6,614,000 after purchasing an additional 41 shares in the last quarter. Lumature Wealth Partners LLC grew its holdings in shares of Adobe by 2.7% in the first quarter. Lumature Wealth Partners LLC now owns 1,627 shares of the software company’s stock valued at $741,000 after purchasing an additional 43 shares in the last quarter. Plancorp LLC increased its stake in Adobe by 9.4% during the 1st quarter. Plancorp LLC now owns 643 shares of the software company’s stock worth $293,000 after buying an additional 55 shares during the period. Finally, Wimmer Associates 1 LLC lifted its holdings in Adobe by 0.5% during the 1st quarter. Wimmer Associates 1 LLC now owns 12,290 shares of the software company’s stock worth $5,600,000 after buying an additional 57 shares in the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $500.00 in a research note on Friday, June 17th. Cowen dropped their target price on Adobe from $550.00 to $520.00 in a research note on Friday, June 17th. Oppenheimer lowered their price target on Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. Finally, Citigroup boosted their target price on shares of Adobe from $380.00 to $388.00 and gave the company a “neutral” rating in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $486.73.

Adobe Company Profile

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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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