Adobe (NASDAQ:ADBE) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

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

Adobe Trading Up 14.5 %

Shares of ADBE stock opened at $525.31 on Friday. The business’s 50 day moving average is $474.63 and its two-hundred day moving average is $540.63. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market capitalization of $235.34 billion, a P/E ratio of 47.20, a price-to-earnings-growth 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.

Insider Buying and Selling at Adobe

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

Adobe declared that its Board of Directors has authorized a stock repurchase 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 purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ADBE. Robert W. Baird increased their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday. 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. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $570.00 to $580.00 in a research note on Friday. DA Davidson reaffirmed a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Finally, UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $604.35.

Get Our Latest Stock Report on Adobe

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.

Recommended Stories

Earnings History 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.