Adobe (NASDAQ:ADBE) Updates Q2 2024 Earnings Guidance

Adobe (NASDAQ:ADBE) issued an update on its second quarter 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 4.350-4.400 for the period, compared to the consensus EPS 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 Price Performance

NASDAQ ADBE traded down $3.10 during trading hours on Thursday, reaching $570.45. 5,570,840 shares of the stock traded hands, compared to its average volume of 3,145,877. The stock has a 50 day simple moving average of $586.09 and a two-hundred day simple moving average of $573.91. Adobe has a 1 year low of $328.17 and a 1 year high of $638.25. 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 company has a market cap of $258.16 billion, a price-to-earnings ratio of 48.56, a price-to-earnings-growth ratio of 2.98 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released 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 firm 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 company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.97 earnings per share. On average, analysts predict that Adobe will post 14.46 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $625.00 and gave the company a buy rating in a research report on Thursday, December 14th. Citigroup boosted their price target on Adobe from $610.00 to $675.00 and gave the stock a neutral rating in a research report on Tuesday, December 12th. Royal Bank of Canada reissued an outperform rating and issued a $615.00 price target on shares of Adobe in a research report on Thursday, December 14th. Piper Sandler boosted their price target on Adobe from $650.00 to $705.00 and gave the stock an overweight rating in a research report on Tuesday, January 2nd. Finally, BMO Capital Markets boosted their price target on Adobe from $670.00 to $690.00 and gave the stock an outperform rating in a research report on Friday, December 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $613.14.

Insider Buying and Selling at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 263 shares of Adobe stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $591.80, for a total value of $155,643.40. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,399,749. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 44,425 shares of company stock valued at $26,431,673 in the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. Garner Asset Management Corp bought a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Aspect Partners LLC bought a new position in Adobe in the fourth quarter worth about $33,000. Hobbs Group Advisors LLC bought a new position in Adobe in the fourth quarter worth about $42,000. O Dell Group LLC bought a new position in Adobe in the fourth quarter worth about $45,000. Finally, Financial Freedom LLC bought a new position in Adobe in the fourth quarter worth about $29,000. 80.00% of the stock is currently owned by institutional investors.

About Adobe

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.