Adobe Inc. to Post Q3 2022 Earnings of $2.63 Per Share, Oppenheimer Forecasts (NASDAQ:ADBE)

Posted by on Jun 20th, 2022

Adobe Inc. (NASDAQ:ADBE – Get Rating) – Investment analysts at Oppenheimer decreased their Q3 2022 EPS estimates for Adobe in a research note issued to investors on Friday, June 17th. Oppenheimer analyst B. Schwartz now forecasts that the software company will earn $2.63 per share for the quarter, down from their prior estimate of $2.66. Oppenheimer has a “Outperform” rating and a $400.00 price target on the stock. The consensus estimate for Adobe’s current full-year earnings is $11.09 per share.

Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.48%. During the same quarter in the previous year, the business earned $2.56 earnings per share.

Several other equities research analysts have also recently weighed in on ADBE. Mizuho reduced their target price on shares of Adobe from $530.00 to $480.00 and set a “buy” rating for the company in a research note on Friday. Piper Sandler dropped their price objective on shares of Adobe from $545.00 to $430.00 and set an “overweight” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Adobe from $575.00 to $500.00 in a report on Friday. Wolfe Research dropped their price objective on shares of Adobe from $500.00 to $400.00 and set an “outperform” rating for the company in a report on Friday. Finally, Wells Fargo & Company decreased their price target on shares of Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a research note on Friday. Six research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $498.12.

NASDAQ ADBE opened at $360.79 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50-day simple moving average of $407.60 and a 200 day simple moving average of $470.93. Adobe has a twelve month low of $338.00 and a twelve month high of $699.54. The stock has a market cap of $170.47 billion, a PE ratio of 35.23, a PEG ratio of 1.87 and a beta of 1.08.

In other Adobe news, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John E. Warnock sold 5,000 shares of the business’s stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now directly owns 405,165 shares of the company’s stock, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. Insiders have sold 11,538 shares of company stock valued at $4,793,387 over the last ninety days. 0.23% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Investment Research & Advisory Group Inc. lifted its holdings in Adobe by 2,350.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock worth $28,000 after buying an additional 47 shares during the last quarter. Ulland Investment Advisors LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $28,000. Clear Investment Research LLC raised its stake in Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock valued at $31,000 after acquiring an additional 30 shares during the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new stake in Adobe during the 1st quarter valued at approximately $31,000. Finally, Blue Bell Private Wealth Management LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $33,000. 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.

Further Reading

Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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