Adobe (NASDAQ:ADBE) Issues Q3 Earnings Guidance

Adobe (NASDAQ:ADBEGet Free Report) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.50-4.55 for the period, compared to the consensus estimate of $4.47. The company issued revenue guidance of $5.33-5.38 billion, compared to the consensus revenue estimate of $5.40 billion. Adobe also updated its FY 2024 guidance to 18.000-18.200 EPS.

Adobe Trading Up 14.5 %

Shares of NASDAQ:ADBE opened at $525.31 on Friday. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s 50 day moving average is $474.63 and its two-hundred day moving average is $540.63. The company has a market cap of $235.34 billion, a PE ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 39.98% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. Equities analysts predict that Adobe will post 14.55 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Melius cut shares of Adobe from a buy rating to a hold rating and set a $510.00 target price for the company. in a report on Monday, June 10th. Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an overweight rating on the stock in a report on Friday, March 15th. Mizuho reissued a buy rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a research note on Friday. Finally, TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a buy rating for the company in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of Moderate Buy and a consensus target price of $604.35.

Get Our Latest Report on Adobe

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.

About Adobe

(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.

Further Reading

Earnings History and Estimates for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.