Shares of Adobe Inc (NASDAQ: ADBE) dipped nearly 5% Friday following the company's third-quarter earnings beat issued after market close on Thursday.
By The Numbers: The San Jose, California-based tech giant posted earnings of $4.09 per share, beating a Street estimate of $3.98 by 2.76%. The earnings beat came in 20.29% higher than the $3.40 earnings per share from the same quarter last year.
The company reported quarterly sales of $4.89 billion, slightly edging out the analyst consensus estimate of $4.87 billion by 0.41%. Revenues represent a 10.31% increase from sales of $4.43 billion during the same period last year.
What do analysts think?
The Goldman Sachs Analyst: Kash Rangan reiterated a Buy rating on Adobe, raising the price target from $550 to $625.
The Goldman Takeaways: Despite a strong third-quarter performance and a share price that’s up 12% since its last report, the delay in issuing full-year 2024 guidance might ...