FY2024 EPS Estimates for Adobe Inc. Increased by DA Davidson (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBE) – Equities researchers at DA Davidson raised their FY2024 earnings per share estimates for Adobe in a report issued on Friday, September 13th. DA Davidson analyst G. Luria now anticipates that the software company will post earnings of $14.83 per share for the year, up from their prior estimate of $14.72. The consensus estimate for Adobe’s current full-year earnings is $14.69 per share. DA Davidson also issued estimates for Adobe’s Q4 2024 earnings at $3.82 EPS and FY2025 earnings at $16.87 EPS.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year.

A number of other research firms also recently weighed in on ADBE. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.58.

Adobe Stock Down 1.2 %

Adobe stock opened at $515.03 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $228.36 billion, a PE ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The stock’s 50 day moving average price is $551.66 and its 200 day moving average price is $519.07.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Wellington Management Group LLP increased its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new stake in Adobe during the first quarter worth about $621,179,000. Longview Partners Guernsey LTD acquired a new stake in Adobe during the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD increased its stake in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its stake in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by insiders.

About Adobe

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.