Adobe (NASDAQ:ADBE) updated its first quarter 2019 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.60-1.60 for the period, compared to the Thomson Reuters consensus estimate of $1.88. The company issued revenue guidance of $2.54-2.54 billion, compared to the consensus revenue estimate of $2.52 billion.Adobe also updated its FY 2019 guidance to $7.75-7.75 EPS.
Several research analysts have commented on the stock. BidaskClub raised shares of Adobe from a hold rating to a buy rating in a research note on Saturday, August 25th. Nomura set a $315.00 price objective on shares of Adobe and gave the stock a buy rating in a research note on Friday. Morgan Stanley reaffirmed an equal weight rating and set a $255.00 price objective on shares of Adobe in a research note on Friday. Pivotal Research reaffirmed a hold rating and set a $252.00 price objective (down from $254.00) on shares of Adobe in a research note on Friday. Finally, BMO Capital Markets lifted their price objective on shares of Adobe from $295.00 to $300.00 and gave the stock an outperform rating in a research note on Friday. Ten investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe has an average rating of Buy and a consensus target price of $273.89.
NASDAQ:ADBE opened at $230.00 on Friday. Adobe has a twelve month low of $172.92 and a twelve month high of $277.61. The firm has a market cap of $121.10 billion, a PE ratio of 41.44, a price-to-earnings-growth ratio of 2.30 and a beta of 1.14. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.
In other news, EVP Bradley Rencher sold 12,000 shares of Adobe stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the sale, the executive vice president now directly owns 68,071 shares in the company, valued at $16,697,816.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,955 shares of Adobe stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total value of $665,997.90. Following the completion of the sale, the executive vice president now owns 52,692 shares of the company’s stock, valued at $11,875,722.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,806 shares of company stock valued at $5,167,142. Corporate insiders own 0.33% of the company’s stock.
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Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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