Adobe (NASDAQ:ADBE – Get Rating) released an update to its earnings guidance for the second quarter of 2022 on Tuesday morning. The company provided earnings per share (EPS) guidance of $3,300 to $3,300 for the period, compared to Thomson Reuters consensus estimate of $3,350. The company released a revenue forecast of $4.34 billion to $4.34 billion, versus a consensus revenue estimate of $4.41 billion.
ADBE opened at $425.47 on Tuesday. Adobe has a 52-week low of $407.94 and a 52-week high of $699.54. The company has a market capitalization of $201.03 billion, a PE ratio of 42.25, a PEG ratio of 2.18 and a beta of 1.05. The company has a debt ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50-day simple moving average is $450.14 and its 200-day simple moving average is $543.64.
Adobe (NASDAQ:ADBE – Get Rating) last released its results on Tuesday, March 22. The software company reported earnings per share (EPS) of $3.37 for the quarter, beating the consensus estimate of $3.34 by $0.03. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The company posted revenue of $4.26 billion for the quarter, versus analyst estimates of $4.24 billion. In the same quarter a year earlier, the company posted earnings per share of $2.64. Adobe revenue grew 9.1% year over year. On average, research analysts expect Adobe to post earnings per share of 11.09 for the current year.
Several analysts have published reports on the company. Guggenheim rephrased a holding note on Adobe stock in a Monday, Dec. 20 research note. Goldman Sachs Group lowered its price target on Adobe from $710.00 to $605.00 and set a buy rating on the stock in a Thursday, March 24 research note. BMO Capital Markets assumed coverage from Adobe in a Wednesday, March 23 research note. They issued a buy rating and price target of $535.00 on the stock. Stifel Nicolaus lowered his price target on Adobe from $700.00 to $600.00 and set a buy rating on the stock in a Wednesday, March 16 research note. Finally, Exane BNP Paribas assumed coverage of Adobe in a research note of Tuesday March 29. They issued an outperform rating and a price target of $570.00 on the stock. Seven research analysts gave the stock a hold rating and twenty-one gave the company’s stock a buy rating. According to MarketBeat.com, the stock currently has a consensus buy rating and an average target price of $590.24.
In other Adobe news, CMO Ann Lewnes sold 10,004 shares of the company in a trade on Tuesday, January 25. The stock was sold at an average price of $507.63, for a total transaction of $5,078,330.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, director John E. Warnock sold 615 shares of the company in a trade on Thursday, April 14. The stock was sold at an average price of $432.03, for a total value of $265,698.45. Following the sale, the director now owns 410,165 shares of the company, valued at $177,203,584.95. The disclosure of this sale can be found here. Insiders have sold 23,132 shares of the company worth $11,501,975 in the past three months. 0.23% of the shares are currently held by insiders of the company.
Several institutional investors and hedge funds have recently changed their positions in the company. Ulland Investment Advisors LLC acquired a new position in Adobe in Q4 worth approximately $28,000. Monolith Advisors bought a new stake in Adobe stock during the fourth quarter worth about $77,000. Raleigh Capital Management Inc. acquired a new position in Adobe stock in the fourth quarter valued at approximately $186,000. OLD Mission Capital LLC acquired a new position in Adobe stock in the third quarter worth approximately $217,000. Finally, Lombard Odier Asset Management USA Corp increased its stake in Adobe shares by 24.8% in the fourth quarter. Lombard Odier Asset Management USA Corp now owns 603 shares of the software company valued at $342,000 after buying an additional 120 shares during the period. Institutional investors hold 82.70% of the company’s shares.
Adobe Company Profile (Get a rating)
Adobe Inc operates as a diversified software company around the world. 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 businesses to create, publish and promote content; and Document Cloud, a unified cloud-based document services platform.
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