Adobe (NASDAQ:ADBE) Issues Earnings Results

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

Adobe Stock Up 0.5 %

ADBE traded up $2.88 on Wednesday, hitting $549.93. 6,266,030 shares of the company were exchanged, compared to its average volume of 3,132,886. The firm has a 50-day moving average price of $505.69 and a two-hundred day moving average price of $523.17. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $242.08 billion, a price-to-earnings ratio of 46.42, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

Analyst Upgrades and Downgrades

Several research firms have commented on ADBE. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $600.79.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock valued at $18,069,669 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.