Why Adobe Stock Is Moving Higher Thursday

Adobe Inc ADBE shares are on the move Thursday after the company reported better-than-expected financial results and issued upbeat guidance. Several analysts took price targets up following the company's quarterly results.

• Q1 Revenue: $4.66 billion beat estimates of $4.62 billion
• Q1 EPS: $3.80 beat estimates of $3.68

Adobe said first-quarter revenue increased 9% on a year-over-year basis. Cash flows from operations totaled $1.69 billion, and the company repurchased approximately 5 million shares during the quarter.

Outlook: Adobe sees second-quarter revenue in a range of $4.75 billion to $4.78 billion versus estimates of $4.76 billion. Second-quarter earnings are expected to be between $3.75 and $3.80 per share.

The software company sees full-year 2023 adjusted earnings in a range of $15.30 to $15.60 per share versus estimates of $15.31 per share.

"Our strong engine of innovation combined with world-class operational rigor drove profitable growth in Q1, setting us up to deliver another strong fiscal year. Adobe is better positioned today than we've ever been to serve our customers globally," said Dan Durn, executive vice president and CFO of Adobe.

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Analyst Adjustments:

• Piper Sandler analyst Brent Bracelin reiterated Adobe with an Overweight and a $415 price target.
• JP Morgan analyst Mark Murphy maintained Adobe with a Neutral and raised the price target from $365 to $380.
• Morgan Stanley analyst Keith Weiss maintained Adobe with an Equal-Weight and raised the price target from $382 to $385.
• BMO Capital analyst Keith Bachman maintained Adobe with a Market Perform and raised the price target from $395 to $400.

ABDE Price Action: Adobe has a 52-week range of $274.80-$473.22

The stock was up 4.76% at $349.49 at the time of publication, according to Benzinga Pro.

Photo: Pexels from Pixabay.