Jefferies Financial Group Comments on Adobe Inc.’s Q3 2022 Earnings (NASDAQ:ADBE)


Adobe Inc. (NASDAQ:ADBEGet Rating) – Research analysts at Jefferies Financial Group decreased their Q3 2022 EPS estimates for shares of Adobe in a research note issued on Sunday, May 22nd. Jefferies Financial Group analyst B. Thill now anticipates that the software company will post earnings per share of $2.54 for the quarter, down from their prior estimate of $2.55. Jefferies Financial Group also issued estimates for Adobe’s Q4 2022 earnings at $2.67 EPS.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.07. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.24 billion. Adobe had a return on equity of 36.47% and a net margin of 29.90%. Adobe’s revenue was up 9.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.64 earnings per share.

ADBE has been the subject of a number of other research reports. Morgan Stanley lowered their target price on Adobe from $652.00 to $591.00 and set an “overweight” rating for the company in a report on Wednesday, March 23rd. BNP Paribas started coverage on Adobe in a research report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target on the stock. TheStreet downgraded Adobe from a “b” rating to a “c+” rating in a research report on Thursday, February 17th. Argus reduced their price target on Adobe from $764.00 to $575.00 and set a “buy” rating on the stock in a research report on Monday, March 28th. Finally, Exane BNP Paribas initiated coverage on Adobe in a research report on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $583.79.

Adobe stock opened at $406.76 on Tuesday. The business has a fifty day moving average of $424.22 and a two-hundred day moving average of $505.70. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. The firm has a market cap of $192.19 billion, a P/E ratio of 40.39, a P/E/G ratio of 2.04 and a beta of 1.09. Adobe has a twelve month low of $370.27 and a twelve month high of $699.54.

A number of hedge funds have recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. increased its holdings in shares of Adobe by 2,350.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock worth $28,000 after buying an additional 47 shares during the last quarter. Ulland Investment Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Clear Investment Research LLC increased its holdings in shares of Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock worth $31,000 after buying an additional 30 shares during the last quarter. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $33,000. Finally, Benjamin Edwards Inc. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $35,000. Institutional investors own 82.54% of the company’s stock.

In other Adobe news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $425.79, for a total value of $197,140.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of the stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock worth $4,793,387 over the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

Further Reading

Earnings History and Estimates for Adobe (NASDAQ:ADBE)



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Jefferies Financial Group Comments on Adobe Inc.’s Q3 2022 Earnings (NASDAQ:ADBE)

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