Adobe (NASDAQ:ADBE) Releases Q4 Earnings Guidance

Adobe (NASDAQ:ADBE) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $4.10-4.15 for the period, compared to the consensus estimate of $4.06. The company issued revenue guidance of $4.975-5025, compared to the consensus revenue estimate of $5.00 billion. Adobe also updated its Q4 2023 guidance to $4.10-$4.15 EPS.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Bank of America increased their price objective on shares of Adobe from $630.00 to $660.00 in a research report on Friday. Citigroup raised their price target on shares of Adobe from $544.00 to $570.00 and gave the stock a neutral rating in a research report on Wednesday. StockNews.com initiated coverage on shares of Adobe in a research report on Thursday, August 17th. They set a buy rating for the company. Deutsche Bank Aktiengesellschaft raised their price target on shares of Adobe from $500.00 to $550.00 in a research report on Friday, June 16th. Finally, Robert W. Baird raised their price target on shares of Adobe from $500.00 to $540.00 in a research report on Friday. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $560.39.

Adobe Stock Down 0.3 %

ADBE opened at $552.16 on Friday. The business has a 50 day moving average price of $527.79 and a 200 day moving average price of $439.90. Adobe has a twelve month low of $274.73 and a twelve month high of $570.24. The firm has a market cap of $251.67 billion, a P/E ratio of 52.69, a price-to-earnings-growth ratio of 3.36 and a beta of 1.33. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16.

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

Insiders Place Their Bets

In other news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently modified their holdings of the business. Resurgent Financial Advisors LLC bought a new stake in shares of Adobe in the first quarter worth about $202,000. State of Wyoming increased its holdings in shares of Adobe by 58,600.0% in the fourth quarter. State of Wyoming now owns 587 shares of the software company’s stock worth $198,000 after acquiring an additional 586 shares in the last quarter. Harbour Investments Inc. increased its holdings in shares of Adobe by 11.5% in the first quarter. Harbour Investments Inc. now owns 514 shares of the software company’s stock worth $198,000 after acquiring an additional 53 shares in the last quarter. Milestone Investment Advisors LLC bought a new position in shares of Adobe during the first quarter worth about $183,000. Finally, First Capital Advisors Group LLC. bought a new position in shares of Adobe during the second quarter worth about $170,000. 80.00% of the stock is currently owned by institutional investors.

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.