Brokerages expect that Adobe Inc (NASDAQ:ADBE) will report sales of $2.72 billion for the current fiscal quarter, according to Zacks. Ten analysts have made estimates for Adobe’s earnings, with the lowest sales estimate coming in at $2.71 billion and the highest estimate coming in at $2.74 billion. Adobe posted sales of $2.20 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 23.6%. The company is scheduled to announce its next quarterly earnings results on Thursday, June 13th.
According to Zacks, analysts expect that Adobe will report full year sales of $11.15 billion for the current year, with estimates ranging from $11.12 billion to $11.15 billion. For the next year, analysts anticipate that the firm will post sales of $13.11 billion, with estimates ranging from $12.72 billion to $13.34 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Adobe.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 31.19% and a net margin of 28.69%. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter in the previous year, the business posted $1.55 earnings per share. The company’s quarterly revenue was up 24.1% compared to the same quarter last year.
Several research analysts have weighed in on the company. Nomura assumed coverage on Adobe in a research report on Thursday, November 15th. They set a “buy” rating and a $315.00 price objective on the stock. ValuEngine cut Adobe from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Zacks Investment Research cut Adobe from a “buy” rating to a “hold” rating in a research report on Monday, November 26th. Citigroup decreased their price target on Adobe from $309.00 to $300.00 and set a “buy” rating on the stock in a research report on Monday, December 10th. Finally, Credit Suisse Group restated a “buy” rating and issued a $300.00 price target on shares of Adobe in a research report on Monday, December 10th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $285.56.
NASDAQ:ADBE traded down $11.80 during mid-day trading on Tuesday, hitting $255.89. The stock had a trading volume of 349,637 shares, compared to its average volume of 2,972,077. The company has a market cap of $129.31 billion, a PE ratio of 46.05, a P/E/G ratio of 2.59 and a beta of 1.10. Adobe has a 52 week low of $204.95 and a 52 week high of $277.61. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.44.
In related news, Chairman Shantanu Narayen sold 139,834 shares of the firm’s stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $245.40, for a total transaction of $34,315,263.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $240.16, for a total value of $720,480.00. Following the completion of the sale, the chief marketing officer now directly owns 75,368 shares of the company’s stock, valued at approximately $18,100,378.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 282,344 shares of company stock valued at $69,007,648. Company insiders own 0.32% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Van Leeuwen & Company LLC lifted its position in shares of Adobe by 80.6% in the fourth quarter. Van Leeuwen & Company LLC now owns 5,519 shares of the software company’s stock valued at $1,249,000 after acquiring an additional 2,463 shares in the last quarter. MUFG Securities EMEA plc lifted its position in shares of Adobe by 290.5% in the fourth quarter. MUFG Securities EMEA plc now owns 188,500 shares of the software company’s stock worth $42,646,000 after buying an additional 140,225 shares in the last quarter. Sowell Financial Services LLC lifted its position in shares of Adobe by 2.1% in the fourth quarter. Sowell Financial Services LLC now owns 3,384 shares of the software company’s stock worth $766,000 after buying an additional 71 shares in the last quarter. Norges Bank bought a new stake in Adobe during the fourth quarter worth approximately $981,259,000. Finally, Actinver Wealth Management Inc. bought a new stake in Adobe during the fourth quarter worth approximately $652,000. 85.88% of the stock is owned by institutional investors.
Adobe Company Profile
Adobe Inc 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. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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