Adobe (ADBE) Set to Announce Quarterly Earnings on Thursday

Posted by Defense World Staff on Jun 8th, 2023

Adobe (NASDAQ:ADBE – Get Rating) is set to release its earnings data after the market closes on Thursday, June 15th. Analysts expect Adobe to post earnings of $3.78 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Wednesday, March 15th. The software company reported $3.80 EPS for the quarter, beating the consensus estimate of $3.68 by $0.12. The business had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.62 billion. Adobe had a return on equity of 36.53% and a net margin of 26.32%. Adobe’s revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.84 earnings per share. On average, analysts expect Adobe to post $12 EPS for the current fiscal year and $14 EPS for the next fiscal year.

Adobe Trading Down 3.4 %

Shares of ADBE opened at $418.32 on Thursday. The business’s 50-day moving average price is $377.55 and its 200 day moving average price is $358.26. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $191.88 billion, a P/E ratio of 41.21, a P/E/G ratio of 2.65 and a beta of 1.30. Adobe has a 1-year low of $274.73 and a 1-year high of $451.15.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Credit Suisse Group boosted their price target on shares of Adobe from $325.00 to $350.00 and gave the company a “neutral” rating in a report on Friday, March 17th. Piper Sandler restated an “overweight” rating and issued a $415.00 target price on shares of Adobe in a report on Wednesday, March 22nd. Wolfe Research lowered their price target on Adobe from $440.00 to $420.00 in a report on Thursday, March 16th. Bank of America increased their price objective on Adobe from $400.00 to $480.00 in a research note on Friday, June 2nd. Finally, Wells Fargo & Company lifted their target price on Adobe from $350.00 to $360.00 and gave the company an “equal weight” rating in a research note on Thursday, March 16th. Sixteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $398.00.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 3,000 shares of Adobe stock in a transaction that occurred on Tuesday, May 2nd. The shares were sold at an average price of $374.56, for a total value of $1,123,680.00. Following the transaction, the executive vice president now owns 24,683 shares of the company’s stock, valued at $9,245,264.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $374.56, for a total value of $1,123,680.00. Following the sale, the executive vice president now directly owns 24,683 shares of the company’s stock, valued at $9,245,264.48. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction dated Friday, March 17th. The stock was sold at an average price of $354.78, for a total value of $46,830.96. Following the transaction, the chief accounting officer now directly owns 3,610 shares of the company’s stock, valued at approximately $1,280,755.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 8,304 shares of company stock worth $3,055,314. 0.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Smith Anglin Financial LLC acquired a new stake in Adobe in the 4th quarter worth $211,000. Xcel Wealth Management LLC bought a new position in Adobe during the fourth quarter valued at about $211,000. Private Capital Management LLC acquired a new position in Adobe in the 2nd quarter valued at approximately $209,000. Resurgent Financial Advisors LLC bought a new stake in shares of Adobe in the 1st quarter worth approximately $202,000. Finally, State of Wyoming grew its holdings in shares of Adobe by 58,600.0% during the 4th quarter. State of Wyoming now owns 587 shares of the software company’s stock worth $198,000 after purchasing an additional 586 shares in the last quarter. Institutional investors and hedge funds own 79.36% of the company’s stock.

About Adobe

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. 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 Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Earnings History for Adobe (NASDAQ:ADBE)

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