Adobe (NASDAQ:ADBE) Updates Q4 2022 Earnings Guidance

Adobe (NASDAQ:ADBEGet Rating) updated its fourth quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $3.50-$3.50 for the period, compared to the consensus earnings per share estimate of $3.45. The company issued revenue guidance of $4.52 billion-$4.52 billion, compared to the consensus revenue estimate of $4.58 billion.

Adobe Price Performance

ADBE opened at $286.02 on Friday. The company has a fifty day moving average price of $389.95 and a two-hundred day moving average price of $403.64. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.07 and a current ratio of 1.14. Adobe has a 52 week low of $280.06 and a 52 week high of $699.54. The firm has a market capitalization of $133.86 billion, a PE ratio of 28.31, a P/E/G ratio of 1.92 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, September 15th. The software company reported $3.40 EPS for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The firm had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.44 billion. During the same quarter in the previous year, the business earned $2.65 EPS. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, analysts anticipate that Adobe will post 11.1 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Jefferies Financial Group lowered their price objective on shares of Adobe from $550.00 to $500.00 in a research note on Friday, June 17th. Wells Fargo & Company lowered shares of Adobe from an overweight rating to an equal weight rating and decreased their price target for the company from $425.00 to $310.00 in a research note on Monday. Mizuho decreased their price target on shares of Adobe from $440.00 to $360.00 in a research note on Friday, September 16th. Barclays lowered shares of Adobe from an overweight rating to an equal weight rating and decreased their price target for the company from $440.00 to $340.00 in a research note on Friday, September 16th. Finally, Oppenheimer lowered shares of Adobe from an outperform rating to a market perform rating in a research note on Thursday, September 15th. Sixteen research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $427.11.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 3,250 shares of Adobe stock in a transaction dated Thursday, September 22nd. The stock was purchased at an average price of $288.11 per share, for a total transaction of $936,357.50. Following the completion of the purchase, the chief financial officer now directly owns 8,948 shares of the company’s stock, valued at $2,578,008.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $294.54, for a total transaction of $38,879.28. Following the completion of the sale, the chief accounting officer now directly owns 2,596 shares in the company, valued at $764,625.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Daniel Durn acquired 3,250 shares of the stock in a transaction dated Thursday, September 22nd. The stock was acquired at an average price of $288.11 per share, with a total value of $936,357.50. Following the completion of the acquisition, the chief financial officer now owns 8,948 shares in the company, valued at approximately $2,578,008.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 3,769 shares of company stock worth $1,477,562. Insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp raised its holdings in Adobe by 48.3% during the 1st quarter. Mackenzie Financial Corp now owns 369,278 shares of the software company’s stock valued at $168,250,000 after buying an additional 120,268 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in Adobe by 6,670.3% during the 1st quarter. Alyeska Investment Group L.P. now owns 76,572 shares of the software company’s stock valued at $34,888,000 after buying an additional 75,441 shares during the last quarter. Mar Vista Investment Partners LLC raised its holdings in Adobe by 33.5% during the 1st quarter. Mar Vista Investment Partners LLC now owns 297,780 shares of the software company’s stock valued at $135,675,000 after buying an additional 74,680 shares during the last quarter. Finally, Mariner LLC raised its holdings in Adobe by 52.0% during the 1st quarter. Mariner LLC now owns 142,650 shares of the software company’s stock valued at $64,995,000 after buying an additional 48,787 shares during the last quarter. 80.75% of the stock is currently owned by institutional investors.

Adobe Company Profile

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Adobe Inc 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 and Estimates for Adobe (NASDAQ:ADBE)

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