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

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

Adobe Price Performance

ADBE stock opened at $536.87 on Friday. The stock has a 50-day simple moving average of $553.76 and a 200-day simple moving average of $520.19. The firm has a market cap of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last 90 days. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on ADBE shares. 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 report on Friday, September 6th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. KeyCorp increased their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, UBS Group reduced their target price on shares of 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 assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

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.