Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results

Adobe (NASDAQ:ADBE) released its quarterly earnings results on Tuesday. The software company reported $3.11 earnings per share for the quarter, beating the consensus estimate of $3.01 by $0.10, MarketWatch Earnings reports. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.94 billion for the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter last year, the firm posted $2.12 EPS. The company’s revenue was up 22.0% compared to the same quarter last year. Adobe updated its Q4 2021 guidance to $3.180-$3.180 EPS and its Q4 guidance to $3.18 EPS.

Shares of ADBE stock traded up $4.60 during trading hours on Tuesday, reaching $645.89. The company’s stock had a trading volume of 2,355,608 shares, compared to its average volume of 2,209,240. The stock has a market capitalization of $307.70 billion, a P/E ratio of 55.97, a P/E/G ratio of 3.42 and a beta of 0.97. Adobe has a one year low of $420.78 and a one year high of $673.88. The firm’s fifty day simple moving average is $638.74 and its 200 day simple moving average is $555.67. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30.

Several analysts have weighed in on the company. BMO Capital Markets raised their price target on Adobe from $630.00 to $730.00 and gave the company an “outperform” rating in a report on Thursday, September 16th. JPMorgan Chase & Co. raised their price objective on Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a report on Friday, June 18th. Argus raised their price objective on Adobe from $650.00 to $764.00 and gave the company a “buy” rating in a report on Friday, September 3rd. Mizuho reissued a “buy” rating and set a $695.00 price objective (up from $640.00) on shares of Adobe in a report on Friday. Finally, Royal Bank of Canada raised their price objective on Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a report on Friday, June 18th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Buy” and a consensus price target of $655.09.

In related news, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total transaction of $27,704.46. Following the sale, the executive vice president now directly owns 11,831 shares in the company, valued at $7,804,082.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $582.71, for a total value of $1,602,452.50. Following the sale, the executive vice president now owns 25,665 shares in the company, valued at $14,955,252.15. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,530 shares of company stock worth $2,705,892. Corporate insiders own 0.23% of the company’s stock.

An institutional investor recently bought a new position in Adobe stock. OLD Mission Capital LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 443 shares of the software company’s stock, valued at approximately $217,000. 81.67% of the stock is currently owned by institutional investors and hedge funds.

Adobe Company Profile

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 Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Earnings History for Adobe (NASDAQ:ADBE)

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