Adobe (NASDAQ:ADBE) Releases FY 2024 Earnings Guidance

Adobe (NASDAQ:ADBEGet Free Report) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 18.000-18.200 for the period, compared to the consensus estimate of 16.780. The company issued revenue guidance of $21.4 billion-$21.5 billion, compared to the consensus revenue estimate of $20.0 billion. Adobe also updated its FY24 guidance to $18.00-18.20 EPS.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. Melius Research reiterated a hold rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Barclays increased their price target on Adobe from $630.00 to $650.00 and gave the company an overweight rating in a report on Friday. Bank of America lowered their price objective on shares of Adobe from $700.00 to $640.00 and set a buy rating on the stock in a research note on Friday, March 15th. Royal Bank of Canada restated an outperform rating and issued a $600.00 price objective on shares of Adobe in a research note on Friday. Finally, Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a neutral rating on the stock in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of Moderate Buy and an average target price of $604.35.

Get Our Latest Research Report on ADBE

Adobe Stock Up 14.5 %

Shares of NASDAQ ADBE opened at $525.31 on Friday. The stock has a market cap of $235.34 billion, a PE ratio of 47.20, a PEG ratio of 2.48 and a beta of 1.27. The business has a fifty day moving average of $474.63 and a two-hundred day moving average of $540.63. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

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

Adobe declared that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was 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 $1,940,160. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is owned by insiders.

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.

Further Reading

Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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