Adobe (NASDAQ:ADBE) Announces Earnings Results

Adobe (NASDAQ:ADBE) issued its earnings results on Wednesday. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14, Briefing.com reports. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share.

Adobe Trading Up 0.5 %

ADBE stock traded up $2.88 during trading on Wednesday, hitting $549.93. 5,265,794 shares of the company traded hands, compared to its average volume of 3,132,886. The company has a 50-day moving average of $505.69 and a 200-day moving average of $523.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $242.08 billion, a PE ratio of 46.42, a P/E/G ratio of 2.52 and a beta of 1.29.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. BMO Capital Markets boosted their price target on shares of Adobe from $580.00 to $600.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Thursday, December 5th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $600.79.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock valued at $18,069,669 over the last three months. 0.15% of the stock is owned by company insiders.

Adobe Company Profile

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.