Adobe Inc. Forecasted to Earn Q1 2023 Earnings of $2.96 Per Share (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBEGet Rating) – Investment analysts at William Blair issued their Q1 2023 earnings per share (EPS) estimates for shares of Adobe in a research report issued to clients and investors on Tuesday, January 17th. William Blair analyst J. Roberge expects that the software company will post earnings per share of $2.96 for the quarter. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Adobe’s current full-year earnings is $12.17 per share. William Blair also issued estimates for Adobe’s Q2 2023 earnings at $2.99 EPS, Q3 2023 earnings at $3.04 EPS, Q4 2023 earnings at $3.25 EPS, FY2023 earnings at $12.22 EPS, Q1 2024 earnings at $3.35 EPS, Q2 2024 earnings at $3.41 EPS, Q3 2024 earnings at $3.49 EPS, Q4 2024 earnings at $3.72 EPS and FY2024 earnings at $13.95 EPS.

ADBE has been the topic of several other reports. Evercore ISI lifted their price target on shares of Adobe from $350.00 to $425.00 in a report on Friday, December 16th. DA Davidson initiated coverage on Adobe in a research note on Tuesday. They issued a “neutral” rating and a $350.00 price target for the company. Credit Suisse Group lowered their target price on Adobe from $350.00 to $325.00 and set a “neutral” rating for the company in a report on Wednesday, October 19th. Wells Fargo & Company lifted their price target on Adobe from $310.00 to $340.00 in a research note on Wednesday, December 14th. Finally, Morgan Stanley upped their price objective on Adobe from $337.00 to $382.00 and gave the company an “equal weight” rating in a research note on Friday, December 16th. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Hold” and a consensus price target of $412.81.

Adobe Stock Performance

Adobe stock opened at $356.38 on Friday. The stock has a market cap of $163.15 billion, a PE ratio of 35.29, a P/E/G ratio of 2.15 and a beta of 1.24. The company has a quick ratio of 1.14, a current ratio of 1.11 and a debt-to-equity ratio of 0.26. Adobe has a 12-month low of $274.73 and a 12-month high of $540.46. The business’s 50-day moving average price is $337.16 and its two-hundred day moving average price is $348.31.

Institutional Investors Weigh In On Adobe

Large investors have recently made changes to their positions in the business. Aspiriant LLC lifted its stake in shares of Adobe by 13.7% during the 2nd quarter. Aspiriant LLC now owns 2,798 shares of the software company’s stock valued at $1,024,000 after buying an additional 337 shares in the last quarter. Aries Wealth Management grew its position in shares of Adobe by 24.9% during the 3rd quarter. Aries Wealth Management now owns 747 shares of the software company’s stock valued at $238,000 after purchasing an additional 149 shares in the last quarter. Core Alternative Capital raised its holdings in shares of Adobe by 22.1% in the 2nd quarter. Core Alternative Capital now owns 232 shares of the software company’s stock valued at $85,000 after acquiring an additional 42 shares in the last quarter. US Bancorp DE raised its stake in Adobe by 8.3% in the third quarter. US Bancorp DE now owns 166,196 shares of the software company’s stock valued at $45,737,000 after purchasing an additional 12,676 shares in the last quarter. Finally, 1900 Wealth Management LLC lifted its position in Adobe by 7.5% during the second quarter. 1900 Wealth Management LLC now owns 1,430 shares of the software company’s stock valued at $523,000 after purchasing an additional 100 shares during the last quarter. 79.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, Director John E. Warnock sold 3,000 shares of Adobe stock in a transaction that occurred on Thursday, January 12th. The stock was sold at an average price of $341.91, for a total transaction of $1,025,730.00. Following the transaction, the director now owns 380,465 shares of the company’s stock, valued at $130,084,788.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, Director John E. Warnock sold 17,000 shares of the company’s stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $319.60, for a total value of $5,433,200.00. Following the completion of the sale, the director now directly owns 383,465 shares of the company’s stock, valued at approximately $122,555,414. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 3,000 shares of the stock in a transaction that occurred on Thursday, January 12th. The shares were sold at an average price of $341.91, for a total value of $1,025,730.00. Following the sale, the director now directly owns 380,465 shares of the company’s stock, valued at $130,084,788.15. The disclosure for this sale can be found here. Insiders sold a total of 27,861 shares of company stock valued at $9,059,395 over the last three months. Corporate insiders own 0.23% of the company’s stock.

About Adobe

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

See Also

Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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