Adobe (NASDAQ:ADBE) Announces Earnings Results

Adobe (NASDAQ:ADBE) issued its earnings results on Thursday. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12, RTT News reports. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Adobe updated its Q4 guidance to $4.63-4.68 EPS and its Q4 2024 guidance to 4.630-4.680 EPS.

Adobe Stock Performance

Shares of ADBE opened at $536.87 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. The stock has a 50 day moving average of $553.76 and a 200 day moving average of $520.19. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on ADBE shares. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday. KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Finally, Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $608.83.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by 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.