FY2024 EPS Estimates for Adobe Inc. Increased by DA Davidson (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBE) – DA Davidson increased their FY2024 earnings per share estimates for Adobe in a report released on Friday, September 13th. DA Davidson analyst G. Luria now anticipates that the software company will post earnings per share of $14.83 for the year, up from their prior estimate of $14.72. The consensus estimate for Adobe’s current full-year earnings is $14.69 per share. DA Davidson also issued estimates for Adobe’s Q4 2024 earnings at $3.82 EPS and FY2025 earnings at $16.87 EPS.

A number of other research analysts also recently commented on ADBE. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $606.58.

Adobe Price Performance

ADBE stock opened at $515.03 on Monday. The firm has a market cap of $228.36 billion, a P/E ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50-day simple moving average of $551.66 and a 200-day simple moving average of $519.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently modified their holdings of the company. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the second quarter worth approximately $33,000. Steph & Co. grew its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by company insiders.

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.