Adobe (NASDAQ:ADBE) Issues Earnings Results, Beats Estimates By $0.14 EPS

Adobe (NASDAQ:ADBE) released its quarterly earnings results on Wednesday. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14, Briefing.com reports. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.52 earnings per share.

Adobe Stock Up 0.5 %

Shares of ADBE stock traded up $2.88 during trading on Wednesday, hitting $549.93. 6,266,030 shares of the company were exchanged, compared to its average volume of 3,132,886. The business’s 50-day simple moving average is $505.69 and its 200 day simple moving average is $523.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $242.08 billion, a price-to-earnings ratio of 46.42, a P/E/G ratio of 2.52 and a beta of 1.29.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock valued at $18,069,669 in the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADBE shares. Citigroup cut their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Thursday, December 5th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $600.79.

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.