Adobe (NASDAQ:ADBE – Get Free Report) issued its earnings results on Thursday. The software company reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11, MarketWatch Earnings reports. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.63 EPS. Adobe updated its Q4 guidance to $4.10-4.15 EPS and its Q4 2023 guidance to $4.10-$4.15 EPS.
Adobe Stock Down 4.2 %
ADBE stock opened at $528.89 on Friday. The firm has a market cap of $241.07 billion, a PE ratio of 50.47, a P/E/G ratio of 3.32 and a beta of 1.33. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The firm’s fifty day moving average is $529.21 and its 200 day moving average is $440.68. Adobe has a one year low of $274.73 and a one year high of $570.24.
Insider Activity at Adobe
In related news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, EVP Dana Rao sold 2,600 shares of the stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at $192,814,356.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is owned by company insiders.
Hedge Funds Weigh In On Adobe
Analyst Ratings Changes
A number of equities analysts have commented on ADBE shares. UBS Group upped their target price on shares of Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 6th. Jefferies Financial Group upped their target price on shares of Adobe from $600.00 to $660.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. Citigroup upped their target price on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday. Piper Sandler upped their target price on shares of Adobe from $572.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $615.00 price target on shares of Adobe in a research report on Friday. Nine research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $573.07.
Adobe Company Profile
Adobe Inc, together with its subsidiaries, 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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