Analysts Set Expectations for Adobe Inc.’s FY2024 Earnings (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBEFree Report) – Research analysts at DA Davidson increased their FY2024 earnings per share estimates for shares of Adobe in a report released on Monday, March 18th. DA Davidson analyst G. Luria now anticipates that the software company will post earnings per share of $14.49 for the year, up from their prior forecast of $14.40. DA Davidson currently has a “Buy” rating and a $685.00 target price on the stock. The consensus estimate for Adobe’s current full-year earnings is $14.46 per share.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.97 earnings per share.

Other research analysts have also recently issued reports about the company. Piper Sandler lowered their price objective on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Robert W. Baird reduced their price objective on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Evercore ISI decreased their price objective on shares of Adobe from $700.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. Finally, BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $627.00.

Read Our Latest Analysis on ADBE

Adobe Price Performance

NASDAQ ADBE opened at $521.19 on Wednesday. The business’s fifty day moving average is $582.08 and its 200 day moving average is $573.44. Adobe has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05. The company has a market capitalization of $235.86 billion, a PE ratio of 49.83, a price-to-earnings-growth ratio of 2.61 and a beta of 1.29.

Hedge Funds Weigh In On Adobe

A number of large investors have recently bought and sold shares of ADBE. One Charles Private Wealth Services LLC lifted its holdings in shares of Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after purchasing an additional 17 shares during the last quarter. Invst LLC raised its position in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after purchasing an additional 17 shares during the last quarter. Raleigh Capital Management Inc. raised its position in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after purchasing an additional 17 shares during the last quarter. Lantz Financial LLC grew its position in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after purchasing an additional 17 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its holdings in shares of Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares during the last quarter. Institutional investors own 80.00% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,162 shares of company stock worth $26,276,030. Insiders own 0.15% of the company’s stock.

About Adobe

(Get Free Report)

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.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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