Adobe (NASDAQ:ADBE) Announces Earnings Results

Adobe (NASDAQ:ADBE) posted its earnings results on Wednesday. The software company reported $4.28 earnings per share for the quarter, missing the consensus estimate of $4.97 by ($0.69), Zacks reports. Adobe had a net margin of 25.85% and a return on equity of 45.87%.

Adobe Stock Up 1.1 %

Shares of ADBE stock traded up $4.94 on Wednesday, reaching $438.60. 4,818,528 shares of the stock were exchanged, compared to its average volume of 3,394,629. The company has a market capitalization of $190.97 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The business’s 50 day moving average price is $439.13 and its 200 day moving average price is $484.86. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a twelve month low of $403.75 and a twelve month high of $587.75.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A hedge fund recently raised its stake in Adobe stock. Brighton Jones LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,068 shares of the software company’s stock after acquiring an additional 167 shares during the quarter. Brighton Jones LLC’s holdings in Adobe were worth $3,588,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADBE. Mizuho decreased their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Barclays decreased their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, BMO Capital Markets set a $515.00 price target on shares of Adobe and gave the company an “outperform” rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $563.96.

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.