Adobe (NASDAQ:ADBE) posted its quarterly earnings results on Thursday. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.25), Morningstar.com reports. The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. The company’s revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.55 earnings per share.
ADBE stock opened at $257.09 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 1.13. Adobe has a 1-year low of $204.95 and a 1-year high of $277.61. The firm has a market cap of $129.31 billion, a price-to-earnings ratio of 46.32, a price-to-earnings-growth ratio of 2.59 and a beta of 1.10.
In other news, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $258.13, for a total transaction of $774,390.00. Following the completion of the transaction, the executive vice president now owns 72,368 shares in the company, valued at $18,680,351.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Shantanu Narayen sold 139,834 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $245.40, for a total transaction of $34,315,263.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 282,344 shares of company stock valued at $69,007,648. 0.32% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Van Leeuwen & Company LLC grew its position in shares of Adobe by 80.6% during the fourth quarter. Van Leeuwen & Company LLC now owns 5,519 shares of the software company’s stock worth $1,249,000 after acquiring an additional 2,463 shares during the last quarter. MUFG Securities EMEA plc grew its position in shares of Adobe by 290.5% during the fourth quarter. MUFG Securities EMEA plc now owns 188,500 shares of the software company’s stock worth $42,646,000 after acquiring an additional 140,225 shares during the last quarter. Sowell Financial Services LLC grew its position in shares of Adobe by 2.1% during the fourth quarter. Sowell Financial Services LLC now owns 3,384 shares of the software company’s stock worth $766,000 after acquiring an additional 71 shares during the last quarter. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth about $981,259,000. Finally, Actinver Wealth Management Inc. bought a new position in shares of Adobe during the fourth quarter worth about $652,000. Institutional investors and hedge funds own 85.88% of the company’s stock.
ADBE has been the topic of several recent analyst reports. ValuEngine cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, November 20th. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Monday, November 26th. Citigroup cut their price target on shares of Adobe from $309.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, December 10th. Credit Suisse Group reaffirmed a “buy” rating and issued a $300.00 price target on shares of Adobe in a report on Monday, December 10th. Finally, BMO Capital Markets upped their price target on shares of Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, December 14th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $285.56.
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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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