Adobe (NASDAQ:ADBE) Issues Q4 Earnings Guidance

Adobe (NASDAQ:ADBE) updated its fourth quarter earnings guidance on Thursday. The company provided EPS guidance of $4.63-4.68 for the period, compared to the consensus EPS estimate of $4.67. The company issued revenue guidance of $5.50-5.55 billion, compared to the consensus revenue estimate of $5.60 billion. Adobe also updated its Q4 2024 guidance to 4.630-4.680 EPS.

Adobe Stock Down 8.5 %

ADBE stock opened at $536.87 on Friday. The stock has a market cap of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s 50-day simple moving average is $553.76 and its 200 day simple moving average is $519.96. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe will post 14.69 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Oppenheimer reissued an outperform rating and issued a $625.00 price target on shares of Adobe in a research note on Friday. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the company a buy rating in a research note on Friday, September 6th. JPMorgan Chase & Co. raised shares of Adobe from a neutral rating to an overweight rating and upped their price target for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. JMP Securities reiterated a market perform rating on shares of Adobe in a research note on Friday. Finally, UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a neutral rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $608.83.

Insider Activity

In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

About Adobe

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.