Adobe (NASDAQ:ADBE) Posts Earnings Results, Beats Expectations By $0.09 EPS

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

Adobe Stock Up 14.5 %

Shares of NASDAQ:ADBE opened at $525.31 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $235.34 billion, a price-to-earnings ratio of 47.20, a price-to-earnings-growth ratio of 2.48 and a beta of 1.27. The firm’s 50 day moving average price is $474.63 and its 200 day moving average price is $540.63.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were 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 $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ADBE. Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 price target on shares of Adobe in a report on Friday. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Piper Sandler reissued an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research note on Friday. Mizuho restated a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Citigroup dropped their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $604.35.

Get Our Latest Research Report on Adobe

Adobe announced that its board has initiated a share 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 buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Adobe Company Profile

(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.

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Earnings History for Adobe (NASDAQ:ADBE)

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