Adobe (NASDAQ:ADBE) Announces Quarterly Earnings Results

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

Adobe Stock Performance

NASDAQ ADBE opened at $525.31 on Friday. The company has a market capitalization of $235.34 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 2.48 and a beta of 1.27. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a fifty day simple moving average of $474.63 and a 200 day simple moving average of $541.20. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday. Stifel Nicolaus dropped their target price on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Barclays boosted their price target on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $604.35.

View Our Latest Research Report on Adobe

Adobe announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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

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.

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Earnings History for Adobe (NASDAQ:ADBE)

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