Adobe (NASDAQ:ADBE) Posts Earnings Results, Beats Expectations By $0.04 EPS

Posted by on Jun 17th, 2022

Adobe (NASDAQ:ADBE – Get Rating) released its quarterly earnings data on Thursday. The software company reported $3.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04, RTT News reports. Adobe had a return on equity of 36.47% and a net margin of 29.90%. During the same quarter last year, the business posted $2.56 EPS. Adobe updated its FY 2022 guidance to $13.50-$13.50 EPS and its Q3 2022 guidance to $3.33-$3.33 EPS.

Shares of ADBE stock opened at $365.08 on Friday. The stock has a market capitalization of $172.50 billion, a PE ratio of 36.25, a P/E/G ratio of 1.95 and a beta of 1.08. Adobe has a 1-year low of $360.90 and a 1-year high of $699.54. The business has a 50-day moving average of $409.29 and a 200 day moving average of $475.76. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04.

Several research firms recently commented on ADBE. Cowen reduced their target price on Adobe from $600.00 to $550.00 in a research report on Thursday, June 9th. JPMorgan Chase & Co. reduced their target price on Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Wells Fargo & Company reduced their target price on Adobe from $600.00 to $525.00 and set an “overweight” rating for the company in a research report on Wednesday, May 18th. Cowen reduced their target price on Adobe from $600.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, June 9th. Finally, TheStreet cut Adobe from a “b” rating to a “c+” rating in a research report on Thursday, February 17th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, Adobe presently has a consensus rating of “Buy” and a consensus price target of $516.33.

In other Adobe news, CAO Mark S. Garfield sold 463 shares of the company’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total transaction of $197,140.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,538 shares of company stock valued at $4,793,387 over the last 90 days. 0.23% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jaffetilchin Investment Partners LLC raised its position in Adobe by 2.8% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 1,271 shares of the software company’s stock valued at $494,000 after purchasing an additional 35 shares during the last quarter. Gamco Investors INC. ET AL raised its position in Adobe by 0.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 14,517 shares of the software company’s stock valued at $6,614,000 after purchasing an additional 41 shares during the last quarter. Lumature Wealth Partners LLC raised its position in Adobe by 2.7% during the 1st quarter. Lumature Wealth Partners LLC now owns 1,627 shares of the software company’s stock valued at $741,000 after purchasing an additional 43 shares during the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Finally, Plancorp LLC raised its position in shares of Adobe by 9.4% in the 1st quarter. Plancorp LLC now owns 643 shares of the software company’s stock worth $293,000 after acquiring an additional 55 shares in the last quarter. 82.54% of the stock is owned by institutional investors and hedge funds.

About Adobe (Get Rating)

Adobe Inc 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.

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Earnings History for Adobe (NASDAQ:ADBE)

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