Please select the second broker

Author: Alan LittleDate: 2021-06-21

Adobe (ADBE) +2.58% on Q2 beats, analyst price target upgrades

Computer software company Adobe (ADBE) closed 2.58% higher on Friday after analysts praised a “very positive” Q2 report that included earnings and revenue beats.

Before the start of the final session of the week, Adobe posted $3.03 earnings per share and $3.84bn revenue versus the $2.81 and $3.73bn Wall Street consensus.

Revenue jumped 23% from a year ago as Adobe’s products thrived across a range of different markets and customer segments.

Adobe’s CFO John Murphy noted: “Adobe delivered strong Digital Media annualized recurring revenue and Digital Experience bookings, as well as record cash flows from operations in Q2.”

The San Jose-based company has now guided for $3.88bn revenues and $3 earnings per share for fiscal Q3, which is better than the $3.83bn and $2.89 estimates from analysts.

Reaction to Adobe’s latest report was positive, with RBC Capital Markets among those to raise their price targets.

Analyst Matthew Hedberg, who added $75 to a new $650 price target, believes that Adobe can benefit from the digital transformation trend for a long while yet.

BMO Capital Markets’ Keith Bachman said that new recurring revenue is increasing “meaningfully” as he went from $585 to $630 and reiterated an outperform rating.

Morgan Stanley hiked its price target to $610 after stating that the report was a testament to Adobe’s leading position in its “growth at a reasonable price” list for software stocks.

Adobe is on a roll this year as it posted a 26% rise in revenue ($3.91bn) in Q1 back in March alongside earnings beats.

ADBE traded up all day on Friday and eventually finished 2.58% higher at $565.59.


Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.