What Analysts Are Saying After Adobe’s Record Report

By Chris Lange Updated Jan 11, 5:52PM EST · Published Sep 15, 7:25AM EDT

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Adobe Systems Inc. (NASDAQ: ADBE) shares reached an all-time high in Friday’s session following a record earnings report. Everything seemed to go right in this report, with revenues hitting a record level. Analysts and investors alike cheered this report.

24/7 Wall St. has included some highlights from the report, as well as what analysts said about Adobe after the fact.

The company posted $1.73 in earnings per share (EPS) and $2.29 billion in revenue. That compared with consensus estimates of $1.69 in EPS and $2.25 billion in revenue, as well as the $1.10 per share and $1.84 billion reported in the year-ago period

During the quarter, the Digital Media segment revenue was $1.61 billion, with Creative revenue growing to $1.36 billion and Document Cloud achieving record revenue of $249 million, representing 21% year-over-year growth.

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Separately, Digital Media annualized recurring revenue (ARR) grew to $6.40 billion exiting the quarter, a quarter-over-quarter increase of $339 million. Creative ARR grew to $5.66 billion, and Document Cloud ARR grew to $744 million.

Here’s what analysts had to say following the report:

Baird reiterated an Outperform rating and raised its price target to $290 from $280.
Jefferies reiterated a Buy rating and raised its price target to $315.
Credit Suisse reiterated it at Outperform and raised its target to $300 from $275.
BMO Capital reiterated an Outperform rating and raised its target to $295 from $278.
Citigroup reiterated a Buy rating and raised its target price to $309 from $260.
Stifel reiterated a Buy rating and raised its price target from $275 to $325.
KeyBanc reiterated an Overweight rating and raised its target to $286 from $276.
Merrill Lynch reiterated a Buy rating with a $308 price objective.

Shares of Adobe traded Friday at $276.70, with a consensus analyst price target of $273.46 and a 52-week trading range of $143.95 to $277.61.

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About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.