Adobe (NASDAQ:ADBE) Issues Q4 2023 Earnings Guidance

Adobe (NASDAQ:ADBE) issued an update on its fourth quarter 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $4.10-$4.15 for the period, compared to the consensus EPS estimate of $4.06. The company issued revenue guidance of $4.97 billion-$5.03 billion, compared to the consensus revenue estimate of $5.00 billion. Adobe also updated its Q4 guidance to $4.10-4.15 EPS.

Adobe Trading Down 0.3 %

Shares of Adobe stock opened at $552.16 on Friday. Adobe has a 1 year low of $274.73 and a 1 year high of $570.24. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $251.67 billion, a P/E ratio of 52.69, a PEG ratio of 3.36 and a beta of 1.33. The company’s fifty day moving average is $527.79 and its two-hundred day moving average is $439.90.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the firm posted $2.63 EPS. Adobe’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts forecast that Adobe will post 12.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Sanford C. Bernstein lifted their target price on shares of Adobe from $431.00 to $585.00 in a report on Monday, June 19th. Barclays lifted their target price on shares of Adobe from $620.00 to $640.00 in a report on Friday. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Adobe from $500.00 to $550.00 in a report on Friday, June 16th. Royal Bank of Canada lifted their target price on shares of Adobe from $460.00 to $555.00 in a report on Friday, June 16th. Finally, Jefferies Financial Group lifted their target price on shares of Adobe from $600.00 to $660.00 and gave the company a buy rating in a report on Monday. Ten investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $560.39.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the transaction, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the transaction, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,089 shares of company stock worth $20,720,115. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently modified their holdings of the company. Wambolt & Associates LLC raised its position in shares of Adobe by 7.5% in the second quarter. Wambolt & Associates LLC now owns 1,802 shares of the software company’s stock valued at $881,000 after buying an additional 126 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Adobe in the second quarter valued at approximately $673,000. Equitable Holdings Inc. raised its position in shares of Adobe by 12.0% in the second quarter. Equitable Holdings Inc. now owns 2,650 shares of the software company’s stock valued at $1,296,000 after buying an additional 283 shares during the last quarter. Invesco LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $1,409,000. Finally, Imprint Wealth LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $2,200,000. Institutional investors and hedge funds own 80.00% 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.