Adobe (NASDAQ:ADBE) Issues Quarterly Earnings Results

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Adobe (NASDAQ:ADBE) announced its earnings results on Tuesday. The software company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $1.97 by $0.08, RTT News reports. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a return on equity of 30.90% and a net margin of 26.10%. The firm’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.73 EPS. Adobe updated its Q4 2019 guidance to $2.25-2.25 EPS and its Q4 guidance to $2.25 EPS.

Shares of Adobe stock opened at $281.26 on Friday. The stock’s fifty day moving average is $286.17 and its 200-day moving average is $281.75. The firm has a market capitalization of $138.20 billion, a PE ratio of 50.68, a price-to-earnings-growth ratio of 2.58 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. Adobe has a 12-month low of $204.95 and a 12-month high of $313.11.

Several analysts have weighed in on ADBE shares. KeyCorp reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Nomura cut their target price on Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research note on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating and set a $310.00 target price (down previously from $315.00) on shares of Adobe in a research note on Wednesday. Barclays lifted their target price on Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, June 19th. Finally, Citigroup dropped their price objective on Adobe from $335.00 to $322.00 and set a “buy” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $301.64.

In other news, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles M. Geschke sold 13,795 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total value of $3,999,998.20. The disclosure for this sale can be found here. Insiders have sold 22,627 shares of company stock worth $6,648,464 over the last ninety days. 0.32% of the stock is owned by insiders.

About Adobe

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 customer to download and access the latest versions of its creative products.

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Earnings History for Adobe (NASDAQ:ADBE)

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