Adobe (NASDAQ:ADBE) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Adobe (NASDAQ:ADBEGet Free Report) announced its quarterly earnings results on Thursday. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09, RTT News reports. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 39.98% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $3.04 earnings per share.

Adobe Trading Up 14.5 %

Shares of Adobe stock traded up $66.57 during trading hours on Friday, hitting $525.31. The company’s stock had a trading volume of 14,846,614 shares, compared to its average volume of 3,281,535. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a fifty day moving average of $474.63 and a 200-day moving average of $541.20. The stock has a market cap of $235.34 billion, a price-to-earnings ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Insider Activity

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on ADBE shares. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $570.00 to $580.00 in a research report on Friday. Oppenheimer restated an “outperform” rating and issued a $580.00 price objective on shares of Adobe in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday. Finally, Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $604.35.

Check Out Our Latest Analysis on ADBE

Adobe declared that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Adobe Company Profile

(Get Free Report)

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.

See Also

Earnings History for Adobe (NASDAQ:ADBE)

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