Adobe (NASDAQ:ADBE) announced its quarterly earnings results on Thursday. The software company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03, RTT News reports. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The business’s revenue was up 21.4% compared to the same quarter last year.
Shares of ADBE stock traded up $2.22 during trading on Thursday, hitting $305.96. The company had a trading volume of 3,100,072 shares, compared to its average volume of 2,675,618. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market capitalization of $148.64 billion, a P/E ratio of 55.13, a price-to-earnings-growth ratio of 2.34 and a beta of 1.11. The stock’s 50-day moving average price is $293.34 and its 200 day moving average price is $288.17. Adobe has a one year low of $204.95 and a one year high of $313.11.
In related news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $269.71, for a total value of $809,130.00. Following the completion of the sale, the chief marketing officer now directly owns 49,148 shares in the company, valued at $13,255,707.08. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 9,000 shares of company stock valued at $2,533,770. 0.32% of the stock is currently owned by corporate insiders.
A number of equities research analysts have recently issued reports on the company. Cowen restated a “buy” rating and set a $305.00 price objective (up previously from $295.00) on shares of Adobe in a report on Wednesday. ValuEngine cut Adobe from a “hold” rating to a “sell” rating in a report on Monday, November 4th. JMP Securities restated a “hold” rating on shares of Adobe in a report on Wednesday, September 18th. Nomura reduced their price objective on Adobe from $315.00 to $310.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Finally, Cleveland Research assumed coverage on Adobe in a report on Tuesday, October 15th. They set a “neutral” rating and a $283.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average 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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