Adobe (NASDAQ:ADBE) Releases Q2 2024 Earnings Guidance

Adobe (NASDAQ:ADBE) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 4.350-4.400 for the period, compared to the consensus estimate of 4.380. The company issued revenue guidance of $5.3 billion-$5.3 billion, compared to the consensus revenue estimate of $5.3 billion. Adobe also updated its Q2 guidance to $4.35-4.40 EPS.

Adobe Trading Down 0.5 %

Shares of ADBE stock traded down $3.10 during trading hours on Thursday, reaching $570.45. The company had a trading volume of 5,570,840 shares, compared to its average volume of 3,145,877. The company has a 50 day moving average of $586.09 and a 200 day moving average of $573.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market cap of $258.16 billion, a price-to-earnings ratio of 48.56, a P/E/G ratio of 2.98 and a beta of 1.29. Adobe has a 1-year low of $328.17 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 38.30% and a net margin of 27.97%. The firm’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $2.97 EPS. On average, equities research analysts anticipate that Adobe will post 14.46 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADBE shares. Citigroup raised their price objective on Adobe from $610.00 to $675.00 and gave the stock a neutral rating in a research note on Tuesday, December 12th. Piper Sandler lifted their price target on Adobe from $650.00 to $705.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Barclays raised Adobe from an equal weight rating to an overweight rating and lifted their price target for the company from $680.00 to $700.00 in a research note on Monday, December 18th. KGI Securities raised Adobe from a neutral rating to an outperform rating and set a $730.00 price target on the stock in a research note on Monday, December 4th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $615.00 price target on shares of Adobe in a research note on Thursday, December 14th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $613.14.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 32,000 shares of Adobe stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the completion of the sale, the chief executive officer now owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The disclosure for this sale can be found here. Insiders sold a total of 44,425 shares of company stock worth $26,431,673 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Adobe during the fourth quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC grew its stake in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after purchasing an additional 3,245,427 shares during the last quarter. Morgan Stanley grew its stake in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after purchasing an additional 1,471,861 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Adobe by 27.6% in the fourth quarter. Legal & General Group Plc now owns 4,109,999 shares of the software company’s stock worth $2,452,028,000 after purchasing an additional 888,760 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Adobe by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 40,266,172 shares of the software company’s stock worth $24,022,798,000 after purchasing an additional 603,302 shares during the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, 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.