Adobe (NASDAQ:ADBE) Updates Q4 2022 Earnings Guidance

Adobe (NASDAQ:ADBEGet Rating) issued an update on its fourth quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $3.50-$3.50 for the period, compared to the consensus earnings per share estimate of $3.45. The company issued revenue guidance of $4.52 billion-$4.52 billion, compared to the consensus revenue estimate of $4.58 billion.

Adobe Stock Performance

NASDAQ:ADBE traded up $0.54 during midday trading on Thursday, reaching $286.84. The stock had a trading volume of 317,446 shares, compared to its average volume of 4,860,130. The firm has a fifty day simple moving average of $391.67 and a two-hundred day simple moving average of $404.69. Adobe has a 12-month low of $286.22 and a 12-month high of $699.54. The company has a quick ratio of 1.07, a current ratio of 1.14 and a debt-to-equity ratio of 0.25. The stock has a market cap of $134.24 billion, a P/E ratio of 28.31, a P/E/G ratio of 1.95 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, September 15th. The software company reported $3.40 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.07. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The company had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter last year, the company earned $2.65 earnings per share. Adobe’s quarterly revenue was up 12.6% compared to the same quarter last year. On average, equities analysts expect that Adobe will post 11.1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. Cowen reduced their target price on Adobe from $520.00 to $400.00 and set an outperform rating for the company in a report on Friday, September 16th. Moffett Nathanson began coverage on Adobe in a report on Thursday. They issued a hold rating and a $354.00 target price for the company. Morgan Stanley reduced their target price on Adobe from $362.00 to $337.00 and set an equal weight rating for the company in a report on Friday, September 16th. Bank of America downgraded Adobe from a buy rating to a neutral rating and cut their price target for the stock from $450.00 to $350.00 in a research note on Friday, September 16th. Finally, Royal Bank of Canada cut their price target on Adobe from $500.00 to $425.00 and set an outperform rating for the company in a research note on Friday, September 16th. Seventeen analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of Hold and a consensus price target of $427.11.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $294.54, for a total value of $38,879.28. Following the sale, the chief accounting officer now owns 2,596 shares of the company’s stock, valued at approximately $764,625.84. The disclosure for this sale can be found here. Insiders sold 3,769 shares of company stock worth $1,477,562 in the last 90 days. 0.23% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently bought and sold shares of ADBE. Worth Asset Management LLC acquired a new position in shares of Adobe in the 1st quarter valued at approximately $101,000. Resurgent Financial Advisors LLC acquired a new position in shares of Adobe in the 1st quarter valued at approximately $202,000. Delphia USA Inc. raised its position in shares of Adobe by 34.4% in the 1st quarter. Delphia USA Inc. now owns 586 shares of the software company’s stock valued at $267,000 after purchasing an additional 150 shares in the last quarter. Plancorp LLC raised its position in shares of Adobe by 9.4% in the 1st quarter. Plancorp LLC now owns 643 shares of the software company’s stock valued at $293,000 after purchasing an additional 55 shares in the last quarter. Finally, Interchange Capital Partners LLC raised its position in shares of Adobe by 44.1% in the 1st quarter. Interchange Capital Partners LLC now owns 817 shares of the software company’s stock valued at $372,000 after purchasing an additional 250 shares in the last quarter. 80.75% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

(Get Rating)

Adobe Inc 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.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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