Adobe (NASDAQ:ADBE – Get 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
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
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.
- Get a free copy of the StockNews.com research report on Adobe (ADBE)
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