Adobe (NASDAQ:ADBE) Issues Q4 Earnings Guidance

Adobe (NASDAQ:ADBE) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.63-4.68 for the period, compared to the consensus 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 Stock Performance

Shares of NASDAQ:ADBE traded up $6.17 on Thursday, hitting $586.55. The company’s stock had a trading volume of 4,373,267 shares, compared to its average volume of 3,164,797. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50-day moving average is $554.26 and its two-hundred day moving average is $519.89. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $260.08 billion, a price-to-earnings ratio of 51.79, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $3.26 EPS. On average, equities research analysts forecast that Adobe will post 14.69 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. TD Cowen decreased their price target on Adobe from $640.00 to $625.00 and set a buy rating for the company in a research note on Monday, June 10th. Oppenheimer lifted their target price on Adobe from $580.00 to $625.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. Sanford C. Bernstein boosted their price target on shares of Adobe from $653.00 to $660.00 and gave the stock an outperform rating in a research report on Monday, June 17th. Melius lowered shares of Adobe from a buy rating to a hold rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a neutral rating to an overweight rating and boosted their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $606.86.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction 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 owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

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.