Wall Street brokerages forecast that Adobe Systems (NASDAQ:ADBE) will report $2.15 billion in sales for the current quarter, Zacks reports. Eight analysts have provided estimates for Adobe Systems’ earnings, with the lowest sales estimate coming in at $2.15 billion and the highest estimate coming in at $2.16 billion. Adobe Systems reported sales of $1.77 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 21.5%. The business is expected to issue its next earnings report on Tuesday, June 19th.
According to Zacks, analysts expect that Adobe Systems will report full year sales of $2.15 billion for the current fiscal year, with estimates ranging from $8.73 billion to $8.90 billion. For the next year, analysts forecast that the firm will post sales of $10.35 billion per share, with estimates ranging from $10.07 billion to $10.53 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 15th. The software company reported $1.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.11. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The company had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the business posted ($0.43) EPS. Adobe Systems’s quarterly revenue was up 23.6% on a year-over-year basis.
A number of research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, March 20th. Morgan Stanley reiterated an “equal weight” rating and issued a $235.00 target price (up from $193.00) on shares of Adobe Systems in a research note on Friday, March 16th. JPMorgan Chase reiterated a “neutral” rating and issued a $235.00 target price (up from $210.00) on shares of Adobe Systems in a research note on Friday, March 16th. Credit Suisse Group raised their target price on shares of Adobe Systems from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, March 16th. Finally, Citigroup raised their target price on shares of Adobe Systems to $250.00 and gave the company a “buy” rating in a research note on Friday, March 16th. Ten analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $217.88.
In other news, EVP Ann Lewnes sold 2,940 shares of the firm’s stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $223.86, for a total transaction of $658,148.40. Following the completion of the transaction, the executive vice president now directly owns 76,201 shares of the company’s stock, valued at approximately $17,058,355.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Donna Morris sold 29,404 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $197.62, for a total transaction of $5,810,818.48. The disclosure for this sale can be found here. Insiders have sold a total of 302,586 shares of company stock valued at $59,197,995 over the last ninety days. 0.33% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in ADBE. New York State Common Retirement Fund lifted its holdings in shares of Adobe Systems by 5.0% during the 3rd quarter. New York State Common Retirement Fund now owns 1,471,148 shares of the software company’s stock worth $219,466,000 after acquiring an additional 70,650 shares during the period. Achmea Investment Management B.V. lifted its holdings in Adobe Systems by 29.7% during the 3rd quarter. Achmea Investment Management B.V. now owns 13,875 shares of the software company’s stock valued at $2,069,000 after purchasing an additional 3,181 shares during the last quarter. Commonwealth Bank of Australia lifted its holdings in Adobe Systems by 24.0% during the 3rd quarter. Commonwealth Bank of Australia now owns 11,088 shares of the software company’s stock valued at $1,648,000 after purchasing an additional 2,144 shares during the last quarter. Tiedemann Wealth Management LLC lifted its holdings in Adobe Systems by 5.7% during the 3rd quarter. Tiedemann Wealth Management LLC now owns 7,844 shares of the software company’s stock valued at $710,000 after purchasing an additional 425 shares during the last quarter. Finally, BB&T Securities LLC lifted its holdings in Adobe Systems by 8.5% during the 3rd quarter. BB&T Securities LLC now owns 18,252 shares of the software company’s stock valued at $2,722,000 after purchasing an additional 1,427 shares during the last quarter. 87.03% of the stock is owned by institutional investors.
NASDAQ:ADBE traded down $5.29 during midday trading on Friday, reaching $210.79. The stock had a trading volume of 984,467 shares, compared to its average volume of 3,033,688. Adobe Systems has a 1-year low of $128.21 and a 1-year high of $231.34. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $106,412.98, a PE ratio of 59.30, a PEG ratio of 2.49 and a beta of 1.04.
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Adobe Systems Company Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. This segment's flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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