Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Estimates By $0.14 EPS

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

Adobe Trading Up 0.5 %

NASDAQ:ADBE traded up $2.88 on Wednesday, hitting $549.93. The stock had a trading volume of 5,265,794 shares, compared to its average volume of 3,132,886. The company has a fifty day moving average price of $505.69 and a two-hundred day moving average price of $523.17. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $242.08 billion, a price-to-earnings ratio of 46.42, a PEG ratio of 2.52 and a beta of 1.29.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Citigroup reduced their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday. Finally, Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $600.79.

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.