Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Adobe (NASDAQ:ADBE – Get Rating) posted its quarterly earnings data on Wednesday. The software company reported $3.80 earnings per share for the quarter, topping the consensus estimate of $3.68 by $0.12, Briefing.com reports. The company had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.62 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. Adobe’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.84 earnings per share.

Adobe Price Performance

Shares of ADBE stock opened at $333.61 on Thursday. Adobe has a twelve month low of $274.73 and a twelve month high of $473.49. The stock has a market capitalization of $152.99 billion, a price-to-earnings ratio of 33.03, a P/E/G ratio of 2.06 and a beta of 1.27. The stock has a fifty day simple moving average of $352.23 and a two-hundred day simple moving average of $334.17. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction on Monday, December 19th. The stock was sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the sale, the chief accounting officer now directly owns 3,271 shares in the company, valued at approximately $1,105,598. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the transaction, the chief accounting officer now directly owns 3,271 shares of the company’s stock, valued at $1,105,598. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 15,000 shares of the company’s stock in a transaction dated Friday, January 20th. The stock was sold at an average price of $346.61, for a total value of $5,199,150.00. Following the completion of the sale, the chief executive officer now owns 408,866 shares in the company, valued at approximately $141,717,044.26. The disclosure for this sale can be found here. Insiders sold 26,265 shares of company stock worth $9,067,344 in the last three months. 0.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the company. Resurgent Financial Advisors LLC acquired a new stake in Adobe during the fourth quarter worth $257,000. Aspen Grove Capital LLC acquired a new stake in shares of Adobe in the fourth quarter valued at $248,000. Chilton Investment Co. Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $232,000. Smith Anglin Financial LLC purchased a new position in Adobe in the fourth quarter valued at $211,000. Finally, Xcel Wealth Management LLC purchased a new stake in Adobe during the 4th quarter worth about $211,000. Hedge funds and other institutional investors own 79.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $395.00 target price on shares of Adobe in a research note on Monday. Morgan Stanley upped their target price on Adobe from $337.00 to $382.00 and gave the stock an “equal weight” rating in a research note on Friday, December 16th. William Blair started coverage on Adobe in a research note on Tuesday, January 17th. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft increased their price objective on Adobe from $400.00 to $430.00 and gave the company a “buy” rating in a research note on Friday, December 16th. Finally, DA Davidson started coverage on Adobe in a research note on Tuesday, January 17th. They set a “neutral” rating and a $350.00 price objective for the company. Fifteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $418.56.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.