Adobe (NASDAQ:ADBE – Get Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $3.33-$3.33 for the period, compared to the consensus estimate of $3.40. The company issued revenue guidance of $4.43 billion-$4.43 billion, compared to the consensus revenue estimate of $4.51 billion. Adobe also updated its FY 2022 guidance to $13.50-$13.50 EPS.
NASDAQ ADBE traded down $29.45 on Thursday, reaching $347.47. The stock had a trading volume of 245,304 shares, compared to its average volume of 3,625,553. The firm has a market capitalization of $164.18 billion, a price-to-earnings ratio of 36.32, a P/E/G ratio of 2.04 and a beta of 1.08. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe has a 12-month low of $367.31 and a 12-month high of $699.54. The stock has a fifty day moving average price of $411.04 and a two-hundred day moving average price of $478.00.
Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.77 by $0.07. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.24 billion. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.64 earnings per share. Sell-side analysts forecast that Adobe will post 11.09 earnings per share for the current fiscal year.
In other news, Director John E. Warnock sold 5,000 shares of the business’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total value of $2,021,500.00. Following the completion of the sale, the director now directly owns 405,165 shares in the company, valued at $163,808,209.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,710 shares of the business’s stock in a transaction on Monday, April 25th. The stock was sold at an average price of $410.18, for a total transaction of $1,111,587.80. Following the completion of the sale, the executive vice president now owns 27,917 shares of the company’s stock, valued at $11,450,995.06. The disclosure for this sale can be found here. Insiders sold 11,538 shares of company stock valued at $4,793,387 over the last three months. Insiders own 0.23% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Gamco Investors INC. ET AL increased its holdings in Adobe by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 14,517 shares of the software company’s stock valued at $6,614,000 after buying an additional 41 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in Adobe by 68.8% during the 1st quarter. Worldquant Millennium Advisors LLC now owns 77,345 shares of the software company’s stock worth $35,240,000 after acquiring an additional 31,538 shares during the last quarter. Willis Investment Counsel acquired a new position in Adobe during the 1st quarter valued at about $7,959,000. Continuum Advisory LLC lifted its position in Adobe by 35.9% during the 1st quarter. Continuum Advisory LLC now owns 4,880 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 1,289 shares during the period. Finally, Avalon Investment & Advisory raised its position in shares of Adobe by 38.0% in the 1st quarter. Avalon Investment & Advisory now owns 8,991 shares of the software company’s stock valued at $4,096,000 after acquiring an additional 2,478 shares during the period. 82.54% of the stock is currently owned by hedge funds and other institutional investors.
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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