Adobe (NASDAQ:ADBE) issued an update on its first quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.23 for the period, compared to the Thomson Reuters consensus estimate of $2.23. The company issued revenue guidance of $3.04 billion, compared to the consensus revenue estimate of $3.09 billion.Adobe also updated its FY 2020
After-Hours guidance to 9.75-9.75 EPS.
Adobe stock traded up $2.22 during midday trading on Thursday, reaching $305.96. 3,100,072 shares of the company’s stock were exchanged, compared to its average volume of 2,675,618. Adobe has a 52 week low of $204.95 and a 52 week high of $313.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $148.64 billion, a price-to-earnings ratio of 55.13, a P/E/G ratio of 2.34 and a beta of 1.11. The stock’s 50-day simple moving average is $293.34 and its 200 day simple moving average is $288.17.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter last year, the company posted $1.83 earnings per share. Adobe’s quarterly revenue was up 21.4% on a year-over-year basis. Research analysts forecast that Adobe will post 6.39 earnings per share for the current year.
A number of equities analysts recently commented on ADBE shares. Jefferies Financial Group lifted their price target on Adobe from $340.00 to $350.00 in a report on Tuesday, November 5th. Nomura reduced their price objective on Adobe from $315.00 to $310.00 and set a buy rating for the company in a report on Wednesday, September 18th. BidaskClub upgraded Adobe from a strong sell rating to a sell rating in a report on Tuesday, November 19th. Canaccord Genuity set a $320.00 price objective on Adobe and gave the stock a buy rating in a report on Wednesday, September 18th. Finally, Cowen restated a buy rating and set a $305.00 price objective (up previously from $295.00) on shares of Adobe in a report on Wednesday. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the stock. Adobe has an average rating of Hold and an average target price of $307.92.
In related news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $269.71, for a total value of $809,130.00. Following the completion of the sale, the chief marketing officer now directly owns 49,148 shares in the company, valued at $13,255,707.08. The sale was disclosed in a filing with the SEC, which is available at this link. Over the last quarter, insiders sold 9,000 shares of company stock valued at $2,533,770. 0.32% of the stock is currently owned by corporate insiders.
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.
Further Reading: What is the price-to-earnings growth (PEG) ratio?
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