Adobe (NASDAQ:ADBE) Releases FY24 Earnings Guidance

Adobe (NASDAQ:ADBEGet Free Report) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $18.00-18.20 for the period, compared to the consensus earnings per share estimate of $18.00. The company issued revenue guidance of $21.40-21.50 billion, compared to the consensus revenue estimate of $21.47 billion. Adobe also updated its FY 2024 guidance to 18.000-18.200 EPS.

Analysts Set New Price Targets

ADBE has been the subject of several analyst reports. Citigroup decreased their price objective on Adobe from $554.00 to $529.00 and set a neutral rating for the company in a report on Monday, June 10th. Mizuho restated a buy rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. TheStreet downgraded shares of Adobe from a b- rating to a c+ rating in a research report on Tuesday, March 19th. Piper Sandler reiterated an overweight rating and set a $700.00 price objective on shares of Adobe in a research note on Friday. Finally, BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the company an outperform rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of Moderate Buy and a consensus price target of $604.35.

Read Our Latest Research Report on ADBE

Adobe Stock Up 14.5 %

Shares of ADBE opened at $525.31 on Friday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $474.63 and a two-hundred day simple moving average of $540.63. The company has a market capitalization of $235.34 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 2.48 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts forecast that Adobe will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

About Adobe

(Get Free Report)

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.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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