Equities Analysts Set Expectations for Adobe Inc.’s FY2024 Earnings (NASDAQ:ADBE)

Adobe Inc. (NASDAQ:ADBE) – Analysts at DA Davidson boosted their FY2024 EPS estimates for Adobe in a report released on Friday, September 13th. DA Davidson analyst G. Luria now expects that the software company will post earnings of $14.83 per share for the year, up from their previous 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.

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

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. TD Cowen lowered their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Mizuho restated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.58.

Adobe Trading Down 2.9 %

NASDAQ ADBE opened at $521.50 on Monday. Adobe has a twelve month low of $433.97 and a twelve month 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 market cap of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The firm’s 50 day moving average price is $552.68 and its two-hundred day moving average price is $519.46.

Institutional Trading of Adobe

Several hedge funds have recently modified their holdings of the company. Tradewinds Capital Management LLC boosted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter worth $33,000. Lynx Investment Advisory acquired a new stake in Adobe in the second quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the second quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of the company’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 completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,259 shares of company stock valued at $14,855,543. Insiders own 0.15% of the company’s stock.

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.