Adobe (NASDAQ:ADBE) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Adobe (NASDAQ:ADBE) announced its earnings results on Thursday. The software company reported $2.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.26 by $0.03, RTT News reports. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. Adobe’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.83 earnings per share.

Shares of ADBE traded up $2.22 during mid-day trading on Thursday, hitting $305.96. The stock had a trading volume of 3,100,072 shares, compared to its average volume of 2,675,618. The firm has a market cap of $148.64 billion, a P/E ratio of 55.13, a PEG ratio of 2.34 and a beta of 1.11. The business has a fifty day moving average price of $293.34 and a 200-day moving average price of $288.17. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. Adobe has a 52 week low of $204.95 and a 52 week high of $313.11.

In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total value of $823,020.00. Following the sale, the chief marketing officer now directly owns 52,398 shares in the company, valued at $14,374,867.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 9,000 shares of company stock worth $2,533,770. Corporate insiders own 0.32% of the company’s stock.

Several brokerages recently issued reports on ADBE. Stifel Nicolaus reaffirmed a “neutral” rating and set a $325.00 target price on shares of Adobe in a research report on Wednesday, September 18th. Royal Bank of Canada lifted their target price on Adobe to $345.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. JMP Securities reaffirmed a “hold” rating on shares of Adobe in a research report on Wednesday, September 18th. Griffin Securities lifted their target price on Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Finally, Credit Suisse Group set a $325.00 price objective on Adobe and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $307.92.

Adobe Company Profile

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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