Adobe (NASDAQ:ADBE) Releases Q3 2022 Earnings Guidance

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.

A number of brokerages recently commented on ADBE. Argus lowered their target price on shares of Adobe from $764.00 to $575.00 and set a buy rating for the company in a research note on Monday, March 28th. Cowen decreased their price objective on shares of Adobe from $600.00 to $550.00 and set an outperform rating for the company in a research note on Thursday, June 9th. BNP Paribas assumed coverage on shares of Adobe in a research note on Tuesday, March 29th. They issued an outperform rating and a $570.00 price objective for the company. The Goldman Sachs Group reduced their target price on shares of Adobe from $710.00 to $605.00 and set a buy rating for the company in a report on Thursday, March 24th. Finally, Royal Bank of Canada reduced their target price on shares of Adobe from $600.00 to $500.00 and set an outperform rating for the company in a report on Tuesday. Seven analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of Buy and a consensus price target of $560.04.

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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