Adobe (NASDAQ:ADBE) Announces Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Adobe (NASDAQ:ADBE – Get Rating) announced its earnings results on Wednesday. The software company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.12, Briefing.com reports. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The business had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.62 billion. During the same quarter last year, the business posted $2.84 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis.

Adobe Trading Down 0.1 %

NASDAQ:ADBE opened at $353.02 on Friday. Adobe has a 12 month low of $274.73 and a 12 month high of $473.49. The firm has a market cap of $161.89 billion, a price-to-earnings ratio of 34.98, a P/E/G ratio of 2.08 and a beta of 1.27. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $352.73 and its 200-day moving average is $334.30.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ADBE shares. Credit Suisse Group raised their target price on Adobe from $325.00 to $350.00 in a research note on Friday. Stifel Nicolaus increased their price target on Adobe from $375.00 to $400.00 in a research report on Friday, December 16th. Citigroup increased their price target on Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research report on Monday, December 19th. DA Davidson began coverage on Adobe in a research report on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 price target for the company. Finally, Evercore ISI increased their price target on Adobe from $350.00 to $425.00 in a research report on Friday, December 16th. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $415.70.

Insider Activity

In other news, CAO Mark S. Garfield sold 209 shares of Adobe stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the transaction, the chief accounting officer now owns 3,479 shares of the company’s stock, valued at $1,236,506.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 209 shares of the firm’s stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total value of $74,282.78. Following the sale, the chief accounting officer now owns 3,479 shares in the company, valued at $1,236,506.18. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,906 shares of Adobe stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total transaction of $1,032,850.52. Following the sale, the executive vice president now owns 26,475 shares in the company, valued at approximately $9,409,744.50. The disclosure for this sale can be found here. Insiders have sold a total of 26,265 shares of company stock valued at $9,067,344 over the last 90 days. 0.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of the business. National Pension Service boosted its stake in Adobe by 2.9% during the fourth quarter. National Pension Service now owns 687,780 shares of the software company’s stock worth $231,459,000 after buying an additional 19,420 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Adobe by 146,787.5% during the fourth quarter. GHP Investment Advisors Inc. now owns 11,751 shares of the software company’s stock valued at $3,955,000 after acquiring an additional 11,743 shares during the period. Moneta Group Investment Advisors LLC lifted its holdings in shares of Adobe by 16.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248 shares of the software company’s stock valued at $1,093,000 after acquiring an additional 450 shares during the period. Personal Capital Advisors Corp lifted its holdings in shares of Adobe by 39.8% during the fourth quarter. Personal Capital Advisors Corp now owns 41,606 shares of the software company’s stock valued at $14,002,000 after acquiring an additional 11,836 shares during the period. Finally, Probity Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at $397,000. Institutional investors and hedge funds own 79.36% of the company’s stock.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.